Hospital Stretchers Market Projected to Grow at 5.7% CAGR, Reaching US$ 4.8 Billion | FMI Insights

According to a newly released hospital stretchers market analysis report by Future Market Insights, global Hospital Stretchers market sales in 2021 will be valued at US$ 2.6 Billion. The projected market growth rate between 2022 and 2032 is 5.7%, which is significantly higher than the historical rate.

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.

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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.

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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

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 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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