The global Hospital Stretchers market gathered revenue around USD 3,430.1 million in 2021 and market is set to grow USD 7.2 billion by the end of 2030 and is estimated to expand at a modest CAGR of 6.9% during the prediction period 2022 to 2030.
The increasing prevalence of chronic disorders, growing geriatric population, rising hospitalization, and technological advancements are major driving factors for the growth of this market. Moreover, a rise in surgical and medical procedures performed is also projected to drive the product demand over the forecast period. The increasing incidence of chronic diseases, such as diabetes, cardiovascular disorders, cancer, respiratory disease, and other autoimmune diseases, across the globe, is a key factor driving the market growth.
Hospital stretchers have a well-established market across the globe, as they are a basic necessity for any healthcare facility. An upsurge in the number of ambulance facilities is projected to stimulate market growth. Large-scale hospital facilities require intra-hospital transport for patients, this, in turn, creates a highly favorable environment for market growth. Furthermore, the rapid growth of the global healthcare sector is contributing to the increasing product demand. As per the WHO report 2020, global healthcare expenditure reached USD 8.9 trillion or 10.1% of global GDP in 2018.
In addition, the COVID-19 pandemic has led to a rise in demand for ambulance services. Therefore, the introduction of novel transport ambulances for better accessibility will stimulate market growth. For instance, in February 2021, Ford announced plans to re-establish its presence in the U.K. ambulance market, with an inventive novel Transit ambulance, under project Siren. It is intended to enhance patient treatment and ease of use for paramedics. Such developments will accelerate market growth.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Hospital Stretchers market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Hospital Stretchers market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USDby 2030|
|CAGR of% From 2022 to 2030|
|Companies Mentioned||Hill-Rom Holdings; Stryker; Mac Medical; TransMotion Medical Inc.; Fu Shun Hsing Technology; Narang Medical Ltd.; ROYAX; Advanced Instrumentations|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Hospital Stretchers market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
North America held the largest revenue share of 42.8% of the global market in 2021. A rise in the geriatric population is a key factor responsible for market growth in this region. According to the U.S. Census Bureau, population projections, the number of Americans aged 65 years and above is estimated to reach nearly 95.7 million by 2060 from 52.2 million in 2018. Moreover, the total share of the age group of 65 years and above is estimated to rise from 16.1% to 23.2%.
Furthermore, increasing healthcare expenditure and rising adoption of advanced healthcare facilities are factors driving the market. For instance, according to the statistics published in CMS.gov, the U.S. healthcare expenditure raised by 4.7% in 2019, reaching USD 3.9 trillion per person that accounted for a 17.9% share of the nation’s GDP. In addition, advantageous reimbursement policies in the U.S. and Canada for emergency and non-emergency medical services, are likely to contribute to the market growth. For instance, Part B of Medicare covers 80.2% of the Medicare sanctioned amount for medically essential emergency ambulance services and, in limited cases, non-emergency ambulance services.
The Asia Pacific regional market is majorly driven by China, India Japan, South Korea, and Australia. An increasing number of hospitals and escalating hospital admission for emergency care are key factors fueling the market growth in this region. Moreover, increasing cases of road traffic accidents resulting in a rising patient population is another key driver for market growth. For instance, according to the World Bank Report, India accounts for 11.2% of the global deaths in road accidents. The country accounts for around 4.6 lakh road crashes each year, of which, 1.6 lakh people die.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Hospital Stretchers Market include: Hill-Rom Holdings; Stryker; Mac Medical; TransMotion Medical Inc.; Fu Shun Hsing Technology; Narang Medical Ltd.; ROYAX; Advanced Instrumentations
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
Middle East & Africa (MEA)
Highlights of the Report:
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Hospital Stretchers market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Hospital Stretchers market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Hospital Stretchers markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Hospital Stretchers Market Study: