The Global Hospital Stretchers Industry is experiencing a significant upswing, fueled by rising demand in healthcare facilities worldwide. According to Future Market Insights (FMI), a leading market research firm, the market hit a record-breaking valuation of US$2.6 billion in 2021. This momentum is expected to continue, with an impressive Compound Annual Growth Rate (CAGR) of 5.7% projected for the period 2022-2032. Notably, this growth rate surpasses previous market performance, signifying a promising future for the hospital stretcher industry.
The evolving healthcare needs of a changing demographic landscape serve as the cornerstone for the Hospital Stretchers industry’s robust growth. The sector is strategically poised to meet the escalating demand for healthcare infrastructure and patient care services, aligning seamlessly with the evolving requirements of modern healthcare.
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The prevalence, the sedentary lifestyles, and the prevalence of alcohol and smoking consumption are all linked to the probability of people suffering from chronic diseases. One of the chief causes of death globally is cardiovascular disease. According to the WHO, CVDs take the lives of approximately 17.9 million people every year. According to the Centers for Disease Control and Prevention, 0.8 million Americans have a heart attack per year, and approximately 0.6 million die because of this.
According to Future Market Insights’ recently published Hospital Stretchers market analysis report, the market for these products had global sales of US$ 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 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.
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.
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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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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 clients face 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 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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