The ambulance stretchers market is expected to register a CAGR of nearly 3.2% over the forecast period (2021 - 2026).
The impact of the COVID-19 pandemic on the ambulance stretchers market is minimal. With the surge of COVID-19 cases, globally, healthcare services were diverted toward emergency cases. Thus, this led to an increase in demand for ambulance services for emergency transport of COVID-19 patients. In March 2020, as a regional office for the Americas of the World Health Organization, Pan American Health Organization had issued a detailed COVID-19 recommendations draft for Prehospital Emergency Medical Services (EMS) to prepare and respond to COVID-19. It lists out the processes and protective measures to be followed at each stage to ensure decontamination of ambulances and types of equipment included for workers' safety. The demand for ambulance services during the pandemic ensured the optimum supply of stretchers.
An increase in chronic illness diseases is considered to be the key factor for the growth of the ambulance stretchers market. The rise in the aging population is associated with a higher chance of developing health disorders, such as cardiovascular diseases, chronic kidney diseases, and respiratory diseases, requiring non-emergency and emergency services. Moreover, an increase in road accidents and deaths may require immediate attention and ambulance services. According to the World Health Organization, approximately 1.35 million die each year in road accidents. This is more prevalent in the younger generation below 29 years and widespread in low and middle-income countries.
Furthermore, COVID-19 has provided the opportunity for companies to capitalize through ambulance services. In 2020, Cardiff-based Excelerate Technology and O&H Vehicle Technology partnered together to launch UK's first integrated smart ambulance in NHS. The rise in the number of people with chronic diseases requiring emergency care and innovation in the ambulance with smart technology may drive the growth of the ambulance stretchers market, globally.
The recent development is observed in the ambulance market with the introduction of air ambulances. Although air ambulances are feasible for reducing the time for transport, they are not very cost-effective for patients. A recent study published in Health Affairs researched a large national insurance plan in the United States between 2013 and 2017. According to the study, nearly 71% of all ambulance rides involved an additional bill of USD 450 for the ground ambulance and USD 21,698 for air transportation. Working for healthcare emergency services requires a specific set of skills and training, which may lead to serious consequences if not fulfilled. According to the US FDA's Manufacturer and User Facility Device Experience (MAUDE) database, 51 reported adverse events associated with a wheeled stretcher between 2017 to date, among which malfunction was reported in 8 cases, 40 reported injury, and 3 reported deaths. Thus, increasing costs and the possibility of adverse events may restrict the growth of the market.
Key Market Trends
Transport Stretchers are Expected to Occupy Major Share of Market over the Forecast Period
Due to the COVID-19 pandemic, all elective procedures were postponed with prioritizing services for COVID-19 patients. The rising number of COVID-19 patients resulted in a state of emergency needing immediate transfer of patients to hospitals. Rising demand in ambulance services to offer emergency care to patients may have minimal impact on the ambulance stretchers market.
Transport stretchers are the most frequently used ambulance stretchers. Age is an important factor for developing cardiovascular and metabolic diseases. Due to this, the elderly population is more prone to develop recurring ailments. Therefore, increasing chronic conditions, such as Ischemic heart disease, stroke, chronic obstructive pulmonary disease, and chronic kidney disease, in geriatric patients may require more care. According to the WHO Mortality Data 2017, based on country-wise cardiovascular deaths, 63% in the United States, 71% in Canada, and 81% in Germany included older people aged above 75 years. The COVID-19 led to increasing demand for ambulance services. Hence, there has been the introduction of new transport ambulances to increase accessibility. In 2021, Ford has announced plans to launch transit ambulances for the United Kingdom under Project Siren. Therefore, the increasing aging population with growing chronic conditions and the increase in ambulance services are expected to cause a rise in the demand for emergency ambulance services, resulting in a higher market share.
North America is Expected to Dominate the Ambulance Stretchers Market
The United States was highly impacted due to COVID-19. The healthcare services had to be directed toward COVID-19 patient management and treatment development. Guiding committees and regulatory bodies provided guidelines to be followed for patients and physicians. Elective procedures were postponed, and only emergency procedures got high priority. Recovery of these backlog procedures may take place gradually, considering the pandemic and resurgence of the disease.
However, North America is expected to dominate the ambulance stretchers market over the forecast period, due to the rise in the geriatric population and increasing health expenditure. CDC estimates a rise in the population who are 65 and above to 71 million by 2030 and 98 million in 2060, representing nearly 25% of the overall population from 15% in 2016. Furthermore, according to the World Economic Outlook 2021 by IMF, real GDP is expected to witness a growth of 6.4% in the United States.
Similarly, the GDP growth for Canada is projected at 5%. In 2019, according to Statistics Canada, neoplasms, heart diseases, and cerebrovascular diseases are among the top causes of mortality in older patients. In addition, favorable reimbursement policies in the United States and Canada covering emergency and non-emergency ambulance services are likely to contribute to the ambulance stretchers market.
The ambulance stretchers market remains moderately competitive, with the presence of regional players. However, with the rise in the number of road accidents and injuries, the market is expected to create opportunities for companies to capitalize. Major players include Stryker Corporation, Hill-Rom Services Inc., Fu Shun Hsing Technology Co. Ltd, Ferno-Washington Inc., Dragon Industry (ZJG) Co. Ltd, Narang Medical Limited, ROYAX, Arjo, and GF Health Products.
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TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Increase in Chronic Disease with Age
- 4.2.2 Rising Number of Road Accidents
- 4.2.3 Rise in Number of Advanced Ambulances
- 4.3 Market Restraints
- 4.3.1 High Cost of Ambulance Rides
- 4.3.2 Adverse Events Associated with Ambulance Stretchers
- 4.4 Industry Attractiveness - Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Buyers/Consumers
- 4.4.2 Bargaining Power of Suppliers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Product
- 5.1.1 Transport Stretchers
- 5.1.2 Emergency Stretchers
- 5.2 By Technology
- 5.2.1 Manual Stretchers
- 5.2.2 Electric Powered Stretchers
- 5.2.3 Pneumatic Stretchers
- 5.2.4 Other Technologies
- 5.3 By End User
- 5.3.1 Clinics/Hospitals
- 5.3.2 Ambulatory Surgical Centers
- 5.3.3 Other End Users
- 5.4 By Geography
- 5.4.1 North America
- 188.8.131.52 United States
- 184.108.40.206 Canada
- 220.127.116.11 Mexico
- 5.4.2 Europe
- 18.104.22.168 Germany
- 22.214.171.124 United Kingdom
- 126.96.36.199 France
- 188.8.131.52 Italy
- 184.108.40.206 Spain
- 220.127.116.11 Rest of Europe
- 5.4.3 Asia-Pacific
- 18.104.22.168 China
- 22.214.171.124 Japan
- 126.96.36.199 India
- 188.8.131.52 Australia
- 184.108.40.206 South Korea
- 220.127.116.11 Rest of Asia-Pacific
- 5.4.4 Rest of the World
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Stryker Corporation
- 6.1.2 Hill-Rom Services Inc.
- 6.1.3 Fu Shun Hsing Technology Co. Ltd
- 6.1.4 Ferno-Washington Inc.
- 6.1.5 Dragon Industry (ZJG) Co. Ltd
- 6.1.6 Narang Medical Limited
- 6.1.7 ROYAX
- 6.1.8 Arjo
- 6.1.9 GF Health Product Inc.
- 6.1.10 Jiangsu Rixin Medical Equipment Co. Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS