The newly-released market analysis report by Future Market Insights indicates that global sales of the Hospital Stretchers market were valued at approximately USD 2.6 billion in 2021. The market is expected to witness substantial growth, with a projected CAGR of 5.7% from 2022 to 2032, surpassing historical growth rates.
Key Drivers of Market Growth
Several factors are contributing to the anticipated growth of the hospital stretchers market:
- Increase in Chronic Diseases: The rising prevalence of chronic diseases is leading to an increased demand for healthcare services, thus driving the need for hospital stretchers in medical facilities.
- Growing Geriatric Population: With an aging population requiring more medical attention, the demand for hospital stretchers is expected to surge, as elderly patients often need assistance during transportation and treatment.
- Rising Hospitalization Rates: An increase in hospitalization rates due to various health concerns necessitates the use of advanced hospital stretchers, further fueling market growth.
Future Opportunities and Market Potential
- Significant Dollar Opportunity: The hospital stretchers market is projected to witness an absolute dollar opportunity of USD 2.1 billion overall growth by 2032. This potential presents a lucrative avenue for market players to innovate and expand their product offerings.
- Innovation in Design and Functionality: As healthcare facilities seek to improve patient care and operational efficiency, there is a growing demand for innovative stretcher designs that enhance safety, comfort, and mobility for patients and healthcare providers alike.
The Hospital Stretchers market is poised for impressive growth, driven by increasing healthcare needs, demographic shifts, and advancements in stretcher technology.
The absolute dollar opportunity for the Hospital Stretchers market will be US$ 2.1 Billion due to the rise in chronic diseases, a growing geriatric population, and rising hospitalization, all of which are major driving factors for the market’s expansion.
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 market 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 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.
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 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 market 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 stretcher 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.
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
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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