Ambulance Stretchers Market to Show Profitable Growth During the Forecast Period
The global ambulance stretchers market was worth US$ 208.5 million in 2017 and is expected to be worth US$ 262.4 million by the end of 2026. An ambulance stretcher is a medical transport device used in the extensive care of a seriously injured patient. Worldwide, growing healthcare infrastructure and expenditure, an increase in emergency services, a rise in accidental cases, sports injuries, injuries at the workplace, and advancements in new transportable ambulance stretchers in bariatric and critical care are anticipated to foster the overall market’s growth over the forecast period. Furthermore, technological advancements in ambulance stretchers, as well as government funding to emergency service providers in various developing countries, will drive the overall growth of the ambulance stretchers market.
Organizations in this industry assist with patient transport by ground or air and give emergency or other therapeutic care. Most of the population does not have a decent approach to vehicle ambulance transport or emergency trauma cases. Worldwide organizations such as the World Health Organization (WHO), as well as smaller organizations such as Trek Medics International, are attempting to improve or establish emergency medical services frameworks in developing countries where prehospital care could reduce casualty rates. The U.S. emergency ambulance services industry consists of around 5,000 foundations with a consolidated yearly revenue of around $14 billion. Increments in migration, birth rates, life expectancies, morbidity rates, and, in addition, emergency medical occasions drive the overall demand for ambulance stretchers. Multinational organizations have focal points of scale in contract transactions, service abilities, innovation, and geographic scope. Smaller organizations can contend successfully by providing superior administration and emergency services in particular areas locally.
New technology assessments in pneumatic and hydraulic-based ambulance stretchers are boosting demand in North America and Europe. Transportable stretchers, such as pneumatic stretchers, hydraulic stretchers, and electric-powered stretchers, are gaining more traction among emergency service providers and hospitals. To quote an example, the POWERFlexx+ Powered Ambulance Cot (Ferno-Washington, Inc.) delivers 700 lbs. of unassisted lift capacity and is equipped with a hydraulic actuator and dual lifting cylinders, a multi-position foot-end lift bar, and other top-end features.
The Transportable Ambulance Stretcher is expected to register higher growth by the end of 2026.
Transportable ambulance stretchers are gaining traction across the globe and are primarily used at emergency service centers. Cost-effective services 24*7, easy-to-use ambulance stretchers that maintain a high level of safety, comfort, and patient-centered care are likely to witness faster adoption among end users.
Transportable stretchers offer faster and uninterrupted care to patients. New hybrid devices are also being utilized that coordinate the usefulness of a stretcher, a chair seat, and a treatment or procedural table into one piece of equipment. For example, powered and hybrid system stretchers manufactured by Stryker have enhanced features and mobility. In a few areas, the ambulance market is seeing a new trend of renting out stretchers for short periods of time, allowing hospitals to operate more efficiently with the funding they receive throughout the year.
With the new compact design of ambulance stretchers and efficient workflow along with patient safety, manufacturers are proposing new products in the developing world to acquire more market share. Newly manufactured ambulance stretchers show improved adherence to conventional manufacturing guidelines.
On the basis of product type, the emergency stretchers segment is forecast to command the market from 2018 to 2026.
Owing to a surge in the geriatric population, rising emergency trauma or accidental cases, sports injuries, growing medical tourism, and rising awareness among the general public about emergency services across the world, the adoption of emergency ambulance stretchers is on the rise and is expected to continue its dominance over the forecast period. For instance, U.S. employers reported over 3,000 workplace injuries in 2015. Work-related injuries are common in emergency services, and about half the on-the-job injuries sustained by EMS providers occur while lifting and moving patients. In addition, patient transfer operations through the new emergency stretchers are smooth and dynamic even in the presence of crowds. The majority of emergency stretchers are inexpensive and may not require skilled caregivers to handle patients.
The Hospitals & Clinics segment is the most important contributor to the overall growth of the Ambulance Stretcher Market.
Emergency vehicle transport and prehospital care could minimize casualty rates from mortality, for example, from traffic-related wounds, self-perpetrated injuries, relational violence, burns, and others, which are all among the main worldwide reasons for injury-related deaths; as indicated by the WHO, more than 5 million individuals pass away every year due to these injuries. According to an independent source, in 2018, there were more than 145,000 hospitals across the globe. A worldwide surge in the number of hospitals and clinics coupled with comparatively higher adoption of ambulance stretchers during emergencies is supporting the dominance of the hospital segment for higher adoption of emergency stretchers, which contributes to maximizing patient safety with improved adherence. Additionally, increasing instances of accidental cases, cardiovascular-related emergency cases, injuries at the workplace, and sports injury rates may increase the demand for ambulance stretchers in the developing world. Catastrophic events or natural disasters increase the demand for emergency care services and transportation administrations.
The rising burden of trauma and accidental cases and the presence of top manufacturers hold North America in a dominant position.
North America contributed the maximum revenue share in the ambulance stretchers market in 2017, due to the presence of huge and well-structured emergency service providers in the U.S., along with the growing adoption of top-end, advanced ambulance stretchers for better and faster management of providing medical services. Also, rising concerns about safety among clinical staff and the elderly population and the progress of novel ambulance stretchers are driving market growth in the North American region. Most US ambulance service providers are local businesses. Around 60% of the U.S. ambulance service providers are part of single-site organizations.
The states with the most ambulance service companies are Pennsylvania, Texas, California, and New York. Demand for ambulance services will grow as the US population ages and increases. About 20% of the U.S. population will be age 65 or older in 2030, up from around 13% in 2010. According to the Federal Emergency Management Agency, EMS (Emergency Medical Service) providers in the United States are connecting with hospital EHRs (electronic health records), and EMS organizations in states such as California, New York, and Texas are piloting systems that allow for information exchange with other health providers. Asia Pacific is expected to register a comparatively higher CAGR over the forecast period due to the rising number of trauma cases, expanded emergency care services, increased healthcare expenditure, government funding for emergency care, and growing awareness among end users about new ambulance care and services in the remote and local regions.
Market penetration for emerging players is difficult due to the dominance of established multinational players with strong product portfolios.
Major players in this space are Stryker Corporation, Hill-Rom Holdings Inc., Fu Shun Hsing Technology Co., Ltd., Getinge Group, Medline Medical Equipment Inc., Ferno-Washington, Inc., Omega Surgical Industries, Zhangjiagang New Fellow Med Co., Ltd., Dragon Industry (ZJG) Co., Ltd., CI Healthcare, and others. These market participants are adopting growth strategies such as new product launches, mergers and acquisitions, partnerships, and collaborations to gain a competitive advantage.
Periods of History and Forecast
This study report includes an analysis for each segment from 2016 to 2026, with 2017 as the base year. The compound annual growth rate (CAGR) for each of the respective segments is estimated for the forecast period from 2018 to 2026.
Report Scope by Segments
The ambulance stretcher market encompasses current and future market dynamics along with quantitative and qualitative analysis of the global market. The report describes thorough worldwide information about the global ambulance stretchers market by segmenting the market in terms of product type, end-use, and geography. This global report would guide emergency service providers, medical care providers, other healthcare professionals, and key market participants to understand the overall growth of the market along with market positioning and decision-making.
The current report also encompasses qualitative market assessment factors such as market trends, key market drivers, restraints, and opportunities that give a better understanding of the overall ambulance stretcher market. Furthermore, the report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolios, and business strengths.
Key questions are answered in this report.
- What are the current market trends and dynamics in the ambulance stretcher market, and what are the valuable opportunities for emerging players?
- Which company contributed the most revenue in 2017?
- Which segment accounts for the fastest CAGR during the forecast period?
- Which product type held the major market share in 2017?
- Which end-user holds a larger market share and why?
- What is the impact of high-cost equipment on the ambulance stretcher market?
- Are low- and middle-income economies investing in the ambulance stretcher market?
- What are the market trends and dynamics in emerging markets such as Japan, Latin America, the Middle East, and Africa?