ALBANY, N.Y., Oct. 28, 2014 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Hospital Stretchers Market (by Types: Fixed-height, Adjustable, Bariatric, Radiographic Stretchers and by Applications: Intra-hospital Transport, Day Care Surgery Department, Emergency Department and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global hospital stretchers market was valued at USD 1.3 billion in 2012 and is expected to grow at a CAGR of 3.9% from 2013 to 2019, to reach an estimated value of USD 1.7 billion in 2019.
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Hospital stretchers market across the globe is witnessing steady transformation from conventional non-motorized stretchers to motorized stretchers. Hospital stretchers are equipment typically designed for the transportation of patients safely within a hospital or outside hospital premise. Since, past couple of years, there has been a constant growth in hospital stretchers market and this trend is expected to continue in the near future. Steady growth in the market was witnessed due to the long average life span of stretchers (7 years to 10 years), availability of refurbished equipment and lack of innovation in this field. However, growing demand for technically advanced stretchers, rising number of surgical procedures and increasing prevalence of chronic disorders are major factors anticipated to fuel the market growth. Globally, rise in elderly population is also being considered as one of the major factor that is likely to boost the demand for hospital stretchers as aged population is more susceptible to numerous disorders and require effective care.
Fixed-height stretchers, adjustable stretchers, bariatric stretchers and radiographic stretchers are various types of stretchers that are available in the market. Of these, in 2012, fixed height stretchers held the majority share of this market followed by adjustable stretchers and bariatric stretchers. Bariatric stretchers have been identified as the fastest growing segment during the forecast period due to increasing obese population and rising surgical procedures such as gastric bypass, banding operations and stomach reduction. Providing effective healthcare services to these patients remain a prime healthcare challenge hence, several manufacturers have launched stretchers that can withstand weight up to 700 pounds.
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Based on technology, electrical or motorized stretchers accounted for more than 25% revenue share of the global hospital stretchers market. Moreover, during the forecast period the technology is expected to increase its market share and emerge as the fastest growing segment, reporting a CAGR of over 7% by 2019. On the other hand, the market for non-motorized stretchers during the forecast period would be driven by demand from low budget hospitals that prefer to purchase low cost equipment. Hospital stretchers have its application in intra-hospital transport, emergency department, day care surgery department, pediatric surgery department and radiology department. Among these, day care surgery department is expected to record fastest growth rate during the forecast period.
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In 2012, North America and Europe were the largest regional players of hospital stretchers market capturing more than 65% of market share. The leadership position of these regions in the market was primarily witnessed due to increasing number of hospital admissions and aging population. Similarly, increasing number of ambulatory surgical centers, due to growing demand of elective procedures is another major factor that contributed in fueling the market of hospital stretchers in these regions. Additionally, the market growth in North America and Europe regions would also be dependent on replacement of existing stretchers with specialized stretchers. On the other hand, Asia-Pacific region is expected to increase its market share and emerge as the fastest growing segment. Rapidly emerging medical tourism industry in the Asian countries due to low cost of various surgical procedures is cited as one of the major factor driving the growth of hospital stretchers in this region. Similarly, presence of large population base which consequently gives rise to patient population, increasing number of road traffic accidents and increasing prevalence of chronic disorders remains significant growth drivers for the hospital stretchers market in Asia-Pacific market.
Hospital stretchers market is highly fragmented and comprises several big and regional players that are competing among themselves to sustain their leadership position in this market. Stryker Corporation, Hill Rom Inc., Anetic Aid, ArjoHuntleigh, Inc. and others are some of the leading players of this market.
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The global hospital stretchers market is segmented as follows:
Hospital Stretchers Market, by Product Type
- Fixed-Height Stretchers
- Adjustable Stretchers
- Bariatric Stretchers
- Radiographic Stretchers
Hospital Stretchers Market, by Technology
Hospital Stretchers Market, by Applications
- Intra-hospital transport
- Emergency Department
- Day Care Surgery Department
- Pediatric Surgery Department
- Radiology Department
Hospital Stretchers Market, by Geography
- North America
- Rest of the World (RoW)
Browse All Other Medical Industry Market Research Reports: http://www.transparencymarketresearch.com/medical-devices-market-reports-6.html
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Source:Transparency Market Research