The size of the patient handling equipment market was USD 13,242.0 million in 2022, and the figure is set to rise at a CAGR of 4.5% from 2022 to 2030 and reach USD 18,861.8 million by the end of this decade. This growth can be credited to the growing incidence of debilities and road accidents, progressing post-treatment amenities, and increasing healthcare infrastructure.
The category of medical beds contributed approximately USD 4 billion to revenue in 2022. This can be attributed to an increasing number of patients requiring long-term nursing care, the introduction of new technologies in intensive care unit beds, rising expenditure on medical infrastructure improvements, and increases in hospital bed numbers worldwide.
Furthermore, financial liberalization, wide strategy reforms, and the rapid surge in the middle-class populace, armed with high purchasing power, are boosting the industry size in this category.
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In 2022, Europe dominated the industry with a worth of USD 5 billion. This is mainly because of the surge in the count of steps taken by the government and non-government establishments associated with the acceptance of patient-managing equipment in all types of medicinal services.
Moreover, the presence of main key companies in the continent, and their numerous strategic growths, including product introduction, mergers, acquisitions, partnerships, and collaborations are boosting the regional market development.
In the coming few years, the APAC industry is projected to witness growth with the highest CAGR, primarily because of the setup of countless medicinal amenities in the region. Furthermore, the quickly rising medical sector, armed with several government steps to provide superior products and the growing occurrence of lifestyle-related disorders, is boosting regional industry development.
Hence, the growing incidence of debilities and road accidents, progressing post-treatment amenities, and increasing healthcare infrastructure these are the major factors propelling the patient handling equipment market.
