by The Patient Mechanical Lift Handling Equipment Market is estimated to be valued at US$ 1,843.8 Mn or Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Patient mechanical lift handling equipment are used in hospitals, nursing homes, and other healthcare facilities to move or transfer patients from one place to another. Some common products associated with this market are ceiling lifts, stair lifts, sit-to-stand lifts, portable lifts, and slings. These products help in reducing manual lifting of patients by caregivers and prevent lifting injuries among healthcare workers. They provide safer lifting and transfer of patients and enhance patient safety and care.
Market Dynamics:
The growing geriatric population and rising prevalence of disabilities globally is a key driver of this market. According to the World Health Organization (WHO), by 2050, the number of people aged 60 years and older is expected to reach 2 billion. Also, more than 1 billion people worldwide live with some form of disability. This large base of elderly and disabled population is more prone to injuries from manual handling and requires assistance devices like patient lifts. Furthermore, increasing awareness about hospital acquired injuries among healthcare workers is also propelling the demand for patient lift equipment. According to some estimates, hospital workers in the US suffer more than 80,000 injuries annually from improper patient lifting techniques. Growing need to curb such injuries is anticipated to fuel the adoption of patient lifts.
Segment Analysis
The global patient mechanical lift handling equipment market is dominated by ceiling lifts which accounts for more than 40% of market share. Ceiling lifts are preferred by healthcare facilities as they are more efficient than floor lifts and reduce risks of injuries while handling heavy patients. They easily install mount to the ceiling of patient rooms to provide full body support and mobility.
PEST Analysis
Political: Regulations around patient safety and handling have increased in various countries which is driving the adoption of mechanical lift handling equipment in healthcare facilities.
Economic: Rising healthcare spending coupled with increasing geriatric population suffering from disabilities is positively impacting the market growth.
Social: Growing focus on home healthcare is boosting demand for portable patient lift equipment.
Technological: Manufacturers are investing in innovations like battery operated lifts, lightweight designs, and artificial intelligence (AI) enabled lifts to improve efficiency and outcomes.
Key Takeaways
The global Patient Mechanical Lift Handling Equipment Market Growth is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing focus on safety of patients and caregivers. The North American region currently dominates the market holding over 30% share due to presence of enhanced healthcare infrastructure and growing elderly population. Europe is the second largest regional market driven by supportive regulations and rising demand for home healthcare solutions.
Key players operating in the patient mechanical lift handling equipment market are ARJO, Etac AB, Medline Industries Inc., Guldmann Inc., Sunrise Medical Inc., Stryker Corporation, Winncare Group (Mangar Health), Joerns Healthcare Inc., Invacare Corporation, Baxter (Hill Rom Holding Inc.), Gainsborough Healthcare Group, and Savaria Corporation (Handicare Group AB), among others. ARJO is the leading player in the market with widest product portfolio including overhead lift systems, slings, and floor lifts used in hospitals, clinics, and home settings.
Regional analysis
The North America region currently dominates the global market for patient mechanical lift handling equipment due to favorable government support towards disability products, presence of key market players, and increasing prevalence of disabilities among geriatric population in the US and Canada. Europe is expected to witness fastest growth during the forecast period owing to rising healthcare expenditures, focus on safe patient handling, launch of innovative products by European manufacturers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
