Hospital Stretchers Market Size is Estimated to Witness 5.7% CAGR till 2028

The global hospital stretchers market size was valued at USD 2,319.0 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.

The global Hospital Stretchers Market size is expected to reach USD 3.60 billion by 2028, registering a CAGR of 5.7% over the forecast period, according to a new report by Grand View Research, Inc. An increasing number of daycare surgeries, a rising number of road accidents & trauma cases, and increasing cases of COVID-19 are some of the key factors driving the growth of this market.

Hospital stretchers have a well-established market across the globe, as they are a basic necessity for any healthcare facility. An upsurge in the number of ambulance facilities is projected to stimulate market growth. Large-scale hospital facilities require intra-hospital transport for patients, this, in turn, creates a highly favorable environment for market growth. Furthermore, the rapid growth of the global healthcare sector is contributing to the increasing product demand. As per the WHO report 2020, global healthcare expenditure reached USD 8.3 trillion or 10% of global GDP in 2018.

In addition, the COVID-19 pandemic has led to a rise in demand for ambulance services. Therefore, the introduction of novel transport ambulances for better accessibility will stimulate market growth. For instance, in February 2021, Ford announced plans to re-establish its presence in the U.K. ambulance market, with an inventive novel Transit ambulance, under project Siren. It is intended to enhance patient treatment and ease of use for paramedics. Such developments will accelerate market growth.

Related Press Release@ Hospital Stretchers Market Report

Hospital Stretchers Market Report Highlights

• In terms of product type, the bariatric segment accounted for the largest revenue share in 2020 due to the increased cases of obesity
• The motorized technology type segment held the largest revenue share of the global market in 2020
• This growth was credited to the high investments by key players to launch cutting-edge and innovative products in this segment
• Emergency/trauma application was the largest segment in 2020 and will expand further at a steady CAGR from 2021 to 2028 owing to the increasing cases of road accidents and workplace injuries
• North America was the largest regional market in 2020 owing to the increased prevalence of chronic diseases and high aging population