In a groundbreaking analysis report released by Future Market Insights (FMI), the Global Hospital Stretchers Industry demonstrated its robust performance by achieving sales worth US$ 2.6 billion in 2021. The industry is now on a trajectory of phenomenal growth, with an anticipated 5.7% Compound Annual Growth Rate (CAGR) between 2022 and 2032, surpassing historical benchmarks.
The market’s remarkable expansion is underlined by an unprecedented absolute dollar opportunity of US$ 2.1 billion. This surge can be attributed to several key factors, including a rise in chronic diseases, an expanding geriatric population, and heightened hospitalization rates. These elements collectively contribute to the industry’s extraordinary growth, positioning it as a key player in the global healthcare landscape.
The changing demographic landscape and the increasing healthcare needs of the population form the cornerstone of the Hospital Stretchers industry’s ascendancy. As the demand for healthcare infrastructure and patient care services continues to rise, the industry is well-positioned for substantial growth.
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The prevalence, the sedentary lifestyles, and the prevalence of alcohol and smoking consumption are all linked to the probability of people suffering from chronic diseases. One of the chief causes of death globally is cardiovascular disease. According to the WHO, CVDs take the lives of approximately 17.9 million people every year. According to the Centers for Disease Control and Prevention, 0.8 million Americans have a heart attack per year, and approximately 0.6 million die because of this.
According to Future Market Insights’ recently published Global Hospital Stretchers Industry analysis report, the market for these products had global sales of US$ 2.6 billion in 2021. The anticipated market growth from 2022 to 2032 is anticipated to be 5.7%, which is much greater than the increase in the past. Due to the rise in chronic diseases, an aging population, and an increase in hospitalization, which are all key contributors to the industry’s growth, the total dollar opportunity for the Hospital Stretchers industry will increase by US$ 2.1 billion.
The rising incidence of cancer is leading to the demand for stretchers in hospital settings. The International Agency for Research on Cancer (IARC) projects the growth of the cancer burden will reach 19.3 million cases by 2020, with 10 million deaths. Consequently, the demand for chronic diseases is among the key factors driving growth.
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More fatalities and traffic accidents have motivated increased funding for emergency medical services. The WHO estimates that each year, close to 1.35 million traffic-related deaths occur worldwide (2021). By age group, fatalities occur most commonly among people under 29 and are particularly common in low- and middle-income countries.
Global Hospital Stretchers Industry Competitive Landscape
Product commercialization and partnership tactics are expected to be profitable for the hospital stretchers market in the forthcoming years. Market players are concentrating on various business strategies such as mergers and acquisitions, partnerships, and new product launches to strengthen their market position
The key vendors in the global Hospital Stretchers industry are Hill-Rom Holdings, Stryker, Mac Medical, TransMotion Medical Inc., Fu Shun Hsing Technology, Narang Medical Limited, ROYAX, and Advanced Instrumentations.
The recent developments in the Global Hospital Stretcher Industry are:
- In October 2020, Stryker released the ProCuity Wireless Bed, which is intended to help hospitals reduce costs, reduce the number of patients’ falls, and improve nurses’ workflow.
- In September 2021, an Indian teen invented a stretcher with shock absorbers. Unlike its conventional counterparts, this stretcher is designed in such a way that the patient’s gravity point is managed using the patient’s own weight. During movement on ramps, slopes, or uneven surfaces, this is balanced on the central wheels.
- In December 2021, the Neonatal Stretcher System from Technimount won the EMS World Innovation Award 2021. The Neonatal Stretcher System which consists of a support stretcher structure and adapted mounts that allow the attachment of multiple medical devices, provides safety and autonomy to neonatal transport teams.
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Market Segments Covered in Global Hospital Stretchers Industry Analysis
By Product Type:
- Adjustable Height
- Fixed Height
- Bariatric
- Radiographic
By Technology:
- Motorized
- Non-Motorized
By Application:
- Ambulatory/Transport
- Day-care/Inpatient
- Surgery
- Emergency/Trauma
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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