How is Growing Elderly Population Aiding in Growth of Patient Handling Equipment Market?
Added: (Tue Mar 03 2020)
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A report by the United Nations Department of Economic and Social Affairs said that the global population of people in the 60 and above age group is rising rapidly. By the end of 2050, the global share of this age group is expected to grow to 21.1% from 11.7% in 2013. Additionally, the number of people in this age group is predicted to be around 324 million in India, 437 million in China, 58 million in Brazil, and 107 million in the U.S. by 2050. One of the major contributors of the growing elderly population is the increasing life expectancy rate.
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With the improvements in modern medicine and healthcare facilities, the average lifespan of elderly people has increased from what it used to be in past decades. With age, the ability to fight infections decreases, which makes old people more susceptible to chronic as well as acute diseases. Further, they even take longer time to recover, and may even suffer from severe disability. Therefore, to assist such patients in moving around, patient handling equipment is used for supporting, transferring, or moving. A study conducted by P&S Intelligence has predicted that the patient handling equipment market would grow at a 10.5% CAGR during 2016–2022.
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Emerging economies, such as India and China have a huge potential for growth, as the improving economic condition of these countries have enabled their governments to spend more on the healthcare sector. This has resulted in the development of the healthcare sector, which is further motivating the equipment manufacturers to establish manufacturing plants in such countries. This is resulting in the manufacture of high-quality products and much lower cost, thereby resulting in their high demand. In fact, the improving economy has led governments to offer universal healthcare coverage to residents, making healthcare services accessible to everyone.