The United States has emerged as the dominant force in the North American Hospital Stretchers Industry, with an anticipated value of USD US$1.78 billion by 2032. This meteoric rise is propelled by a confluence of factors, making it a prime investment opportunity.
Aging Population Steers Industry Growth
One of the primary drivers of this economic boom is the growing number of elderly Americans. According to the latest data from the Census Bureau, the elderly population, aged 65 and up, is expected to soar from 52 million in 2018 to nearly 95 million by 2060. In parallel, the proportion of individuals in this age group is projected to increase from 16% to 23% over the same period, underscoring the need for advanced medical care and hospital infrastructure.
Elevated Healthcare Spending and Medical Tourism Surge
The rising healthcare spending in the USA is another vital force behind the growth of the medical tourism industry. Data from the Centers for Medicare & Medicaid Services (CMS) reveals a 4.6% increase in federal healthcare spending by the U.S. government in 2019 compared to the previous year. This surge catapulted the overall spending from US$3.8 trillion to US$3.9 trillion, highlighting the nation’s commitment to healthcare.
Medicare Programs Fuel Market Expansion
The USA further accelerates market expansion through the enhancement of services and procedures covered by the Part A and Part B Medicare programs. Within the Part B section of Medicare, for instance, a substantial 80% coverage for Medicare-authorized amounts has been extended to medically necessary emergency ambulance services and non-emergency ambulance services, creating a supportive environment for the healthcare industry.
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In a recent report by Future Market Insights, the global Hospital Stretchers industry has reached a significant milestone, recording US$ 2.6 billion in sales in 2021. The market is poised for a remarkable growth journey, with a projected compound annual growth rate (CAGR) of 5.7% from 2022 to 2032, surpassing historical growth rates.
This surge is attributed to an absolute dollar opportunity of US$ 2.1 billion, driven by the increasing prevalence of chronic diseases, a growing geriatric population, and a rise in hospitalizations. These key factors are propelling the expansion of the Hospital Stretchers market.
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 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 ageing population, and an increase in hospitalisation, which are all key contributors in the industry’s growth, the total dollar opportunity for the Hospital Stretchers market 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.
Competitive Landscape
Product commercialization and partnership tactics are expected to be profitable for the hospital stretchers industry 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 hospital stretchers markets 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 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
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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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