Patient Lifting Equipment Market Outlook 2030:
The global patient mechanical lift handling equipment market size was valued at $1,241.04 million in 2020, and is projected to reach $2,676.16 million by 2030, registering a CAGR of 8.5% from 2021 to 2030. Patient mechanical lift is a device that is used to assist with transfers and movement of individuals who require support for mobility. This support is needed beyond the manual support provided by caregivers for the transport and mobility of the patient. Patient mechanical lift handling equipment include floor lifts, sit-stand lifts, and ceiling track lift systems. A safety check should be completed in accordance with the manufacturer’s guidelines and agency protocol. It is important to ensure the equipment is in good working order before using the mechanical lift equipment.
Patient lifts are designed to lift and transfer patients from one place to another and should not be misunderstood with stairway chair lifts or elevators. It may be operated manually or with the use of a power source. The powered models require the use of a rechargeable battery and the manual equipment are operated using hydraulics. A patient lift has the advantage of reduced risk of injury to patients and caregivers when properly used. Improper use of the equipment may lead to the severe patient injuries, including head traumas, fractures, and deaths.
The growth of the patient mechanical lift handling equipment market is driven by increase in bariatric & geriatric population, rise in incidence of musculoskeletal injuries, and increase the demand for mechanical lift handling equipment. Moreover, increase in number of accidents and disabilities contribute toward the growth of the market. However, cost associated with the equipment, lack of awareness among patients, and inaccessibility to quality healthcare services in developing economies are expected to hinder the market growth. Conversely, rise in the demand for home healthcare services is expected to offer lucrative growth opportunities for the market.
Impact Of Covid-19 On Patient Lifting Equipment Market (Pre And Post Analysis)
Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans. Amidst the initial outbreak of COVID-19, the outlook for the patient mechanical lift handling equipment industry has changed significantly. The COVID-19 pandemic led to the significant rise in the demand for patient mechanical lift handling equipment to handle various patients admitted in the hospitals. increase in the number of patients who got admitted to the hospital resulted in increased use of patient handling equipment. For instance, according to the data of Centers for Disease Control and Prevention, in March 2020, the rate of population hospitalized between the age group of 65 and above was approximately 13.8 per 100,000 population.
This impacted the market by increase in demand for patient handling products. Moreover, rise in number of cases of COVID-19 patients across the globe increased the use of patient mechanical lift handling equipment. Overall, the impact of COVID-19 on the patient mechanical lift handling equipment market was recorded to be fairly positive. This was attributed to increase in demand for patient mechanical lift handling equipment to handle patients. Moreover, market players have increased investment in materials and resources, owing to increase in manufacturing demand for devices in all regions.
The patient mechanical lift handling equipment market is segmented on the basis of product, end user, and region. Depending on product, the market is categorized into stand up & raising lifts/aids, overhead/ceiling lifts, floor-based lifts, gantry lifts, powered sit-to-stand lifts, bath patient lifters, and others. By end user, it is classified into homecare, hospitals, elderly care homes, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Product Segment Review
By product type, the global patient mechanical lift handling equipment market is classified into stand up & raising lifts/aids, overhead/ceiling lifts, floor-based lifts, gantry lifts, powered sit-to-stand lifts, bath patient lifters, and others. Powered sit-to-stand lifts segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period due to technological advancements in the patient handling devices, increase in adoption of patient handling devices, rise in incidence rate of chronic diseases, and increase in number of advanced & effective product launches.
By Product
Powered Sit To Stand Lifts segment is projected as one of the most lucrative segment.
End User Segment Review
As per end user, the global patient mechanical lift handling equipment market is classified into homecare, hospitals, elderly care homes, and others. Hospitals segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period, due to increase in healthcare awareness, rise in incidence of chronic diseases, rise in the incidence of musculoskeletal injuries, and growth in geriatric & bariatric population.
By End User
Homecare segment is projected as one of the most lucrative segment.
Region Segment Review
North America accounted for major share of the global patient mechanical lift handling equipment market share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to increase in number of accidents and disabilities, surge in demand for patient handling devices, availability of advanced healthcare facilities with trained medical professionals, rise in number of R&D activities along with huge presence of key players, and surge in investment made by governments in the healthcare system. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period. Moreover, Japan and China are expected to grow at high CAGR in Asia-Pacific patient mechanical lift handling equipment market majorly due to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced instruments, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of patient handling.
By Region
Asia-Pacific would exhibit the highest CAGR of 10.5% during 2020-2030.
Key benefits for stakeholders
- This report provides a detailed quantitative analysis of the current patient lifting equipment market trends and forecast estimations from 2021 to 2030, which assists to identify the prevailing market opportunities.
- An in-depth market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of factors that drive and restrain the growth of the global the patient mechanical lift handling equipment market is provided.
- The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2030, in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the Patient Lifting Equipment Market are profiled in this report and their strategies are analyzed thoroughly, which help in understanding competitive outlook of the market.
Patient Mechanical Lift Handling Equipment Market Report Highlights
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Analyst Review
Customers in patient lift market prefer using lifts with automated lifting with higher comfort and better reliability in terms of weight bearing capacity. Earlier, caregivers manually moved patients with restricted mobility. However, there is an ongoing trend of using mechanical lifts to improve the quality of life of caregivers and improve patient comfort and safety. Furthermore, dearth of caregivers in most of the regions due to their reluctance and concerns about injuries has aggravated the situation. These factors have increased the need for mechanization or automation of routine activities.
China and India are expected to offer lucrative opportunities to market players, owing to the high demand and rise in awareness for patient mechanical lifts. The global patient mechanical lift handling equipment market is driven by rise in the number of obese patients and increase in geriatric population.
The market is projected to gain traction in the developing economies such as Asia-Pacific, Africa, and Latin America. Large geriatric & bariatric patient population, urbanization, rise in disposable incomes, improvement in government funding toward healthcare, and surge in awareness about the benefits of mechanical lifts supplement the market growth. However, high cost of these equipment could hamper the market, especially in underdeveloped and developing countries.
The total market value of Patient Mechanical Lift Handling Equipment market is $2,676.16 million in 2030.
Top companies such as Baxter International Inc., Getinge AB, Invacare Corporation, Savaria Corporation, Stryker Corporation, Gainsborough Specialist Bathrooms held a high market position in 2020. These key players held a high market postion owing to the strong geographical foothold in different regions.
Powered Sit To Stand Lifts segment is the most influencing segment owing technological advancements in the Patient Mechanical Lift Handling Equipment devices, increase in adoption of these devices.
The forecast period for Patient Mechanical Lift Handling Equipment market is 2020 to 2030
The market value of Patient Mechanical Lift Handling Equipment market in 2020 is $1,241.04 million.
The base year is 2020 in Patient Mechanical Lift Handling Equipment market
The increase in bariatric & geriatric population, rise in incidence of musculoskeletal injuries, and increase the demand for mechanical lift handling equipment are the key trends in the Patient Mechanical Lift Handling Equipment market report.
Asia-Pacific has the highest growth rate of 10.5% in the market which is growing due to presence of large patient population, strong presence of key players, increase in number of hospitals equipped with advanced Patient Mechanical Lift Handling Equipment devices.
Yes, the Patient Mechanical Lift Handling Equipment market companies are profiled in the report.
Yes, the Patient Mechanical Lift Handling Equipment market report provides PORTER Analysis
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