Industry Insights, Market Size, CAGR, High-Level Analysis: Ambulance Stretchers Market
The global ambulance stretchers market size was valued at USD 634.2 million in 2018 and is expected to grow at a CAGR of 3.3% over the forecast period. Demand for ambulance stretchers is on a rise owing to increasing prevalence of cardiovascular diseases, rising medical tourism, and favorable reimbursement policies.
Presence of a large population pool over 60 years, which typically has a lower immunity level and are prone to neurological diseases, cardiac problems, cancer, and spinal injuries, is expected to be a high impact rendering driver for growth of ambulance stretchers market. As per WHO, globally, the number of people aged 65 or older is anticipated to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050. The geriatric population are highly susceptible to diseases such as arthritis, heart attacks, stroke, osteoporosis, and obesity. Patients suffering from such diseases may require emergency as well as non-emergency ambulance services. Hence, increasing geriatric population is likely to result in growth of ambulance stretchers market.
Road accidents are rapidly increasing, requiring immediate medical attention and ambulance services. According to the Association for Safe International Road Travel (ASIRT), approximately 1.3 million fatalities occur in road crashes every year and additionally 20-50 million get injured or disabled. Road traffic accidents accounts as the 9th leading cause of deaths worldwide. ASIRT also reported that in the U.S., over 37,000 people die in road accidents every year and an additional 2.35 million get injured or disabled.
As per the Ministry of Road Transport & Highways Transport Research Wing, Government of India, road accidents have increased by 2.5%, and deaths from road accidents have increased by 4.6% from 2014 to 2015. The Ministry also reported that approximately 400 deaths occur every day on Indian roads. In 2015, states that recorded highest number of road accidents were, Tamil Nadu (69,059), Maharashtra (63,805), and Madhya Pradesh (54,947).
Road accidents victims need immediate medical attention and ambulance services to transport the casualties to hospitals. Rising incidence of road accidents is therefore highly likely to drive growth of ambulance stretchers market over the forecast period.
Product Insights of Ambulance Stretchers Market
Based on products, the market has been segmented into emergency and transport stretchers. Transport stretchers held the largest market share in 2018 owing to increasing prevalence of cardiovascular diseases, growing medical tourism, and rising bariatric & geriatric population. Moreover, this segment is expected to witness a significant growth in the upcoming years due to rising initiatives taken by key players to launch technologically advanced products such as hydraulic transport stretcher and pneumatic stretchers.
Emergency stretchers are anticipated to witness fastest growth over the forecast period due to rising number of road accidents across the globe. Emergency stretchers are used to immediate transfer of patients from accident site to the hospital. Some of the key companies offering emergency stretchers are Stryker Corporation, Narang Medical Limited, and ROYAX.
Technology Insights of Ambulance Stretchers Market
Based on technology, the market has been categorized into manual, electric powered, and pneumatic stretchers. Manual stretchers held the largest market share in 2018 owing to presence of numerous products offered by key players in market. In addition, these stretchers are easy to carry within remote locations due to their light weight as compared to other types of stretchers.
Electric powered stretchers are anticipated to witness the fastest growth over the forecast period. The segments growth is attributable to increasing investment by key players to launch technologically advanced products. Key players manufacturing electric powered stretchers are Hill-Rom Services Inc. and Stryker Corporation.
End users of ambulance stretchers include hospitals, EMS service providers, ambulatory service centers, and others. Hospital segment held the largest market share in 2018 owing to increasing patient volume in hospitals, rising incidence of cardiovascular diseases and growing number of bariatric patients. As per CDC, in 2016, 36.5% of adults in the U.S. were obese and approximately 216,000 bariatric surgeries took place in the country. Such factors are increasing the demand of hospital-owned ambulance stretchers for emergency and non-emergency patient transport.
EMS service providers segment is expected to witness the fastest growth over the forecast period owing to the entry of new ambulance service providers globally. The new entrants have adopted several new & innovative ideas to gain a competitive edge in the market and strengthen their foothold. For instance, in Kenya, a start-up, Capsule, has launched an app Flare, which is an Uber for ambulances. The app allows patients to book an ambulance remotely. The app is also integrated with geolocation services and provides information about real-time location of ambulance and traffic. Such factors are anticipated to increase adoption of ambulance stretchers over the forecast period.
Regional Insights of Ambulance Stretchers Market
North America ambulance stretchers market held the largest share in 2018 owing to presence of several key players in this region, growing demand for high-quality healthcare services, well-established healthcare infrastructure, and favorable reimbursement policies & regulatory reforms in the healthcare sector. For instance, Part B of Medicare covers 80.0% of the Medicare approved amount for medically necessary non-emergency and emergency ambulance services.
Europe ambulance stretchers market is also anticipated to witness a significant growth over the forecast periodowing to high prevalence of Cardiovascular Disease (CVD) in the region, growing population, and increasing demand for quality healthcare services. As per European Heart Network (EHN), every year, 3.9 million people die of CVD in Europe, and CVD accounts for nearly 45% of all deaths in Europe. Such cases need immediate attention and care for timely recovery. Hence, high prevalence of CVD is driving ambulance stretcher market in Europe.
Ambulance Stretcher Market Share Insights
Prominent players in the ambulance stretchers market include Stryker Corporation, Hill-Rom Services Inc., Medline Industries, Inc., Fu Shun Hsing Technology Co. Ltd., Ferno-Washington, Inc., Zhangjiagang New Fellow Med Co., Ltd., Narang Medical Limited, and ROYAX.
Companies holding major share in the ambulance stretchers market are Stryker Corporation, Hill-Rom Services Inc., and Medline Industries, Inc. Moreover, the market consists of many small players operating at country-level.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Ambulance Stretchers Market Research Report
This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented ambulance stretchers market on the basis of product, technology, end use and region:
Product Outlook (Revenue, USD Million; 2019 - 2030)
- Emergency Stretchers
- Transport Stretchers
Technology Outlook (Revenue, USD Million; 2019 - 2030)
- Manual Stretchers
- Electric Powered Stretchers
- Pneumatic Stretchers
End Use Outlook (Revenue, USD Million; 2019 - 2030)
- EMS Service Providers
- Ambulatory Service Centers