The Patient Mechanical Lift Handling Equipment Market Is Estimated To Witness High Growth Owing To Growing Geriatric Population
The patient mechanical lift handling equipment market is estimated to be valued at US$ 1,843.8 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:
The patient mechanical lift handling equipment market involves various medical devices used to lift and transfer patients from one surface to another in healthcare settings. This includes slings, sling bars, sling rings, and other accessories used along with patient lifts. Patient lifts help to transfer patients between beds, wheelchairs, showers or tubs, and more, thereby reducing injuries among caregivers.
Market Dynamics:
Growing geriatric population: The global geriatric population is growing rapidly owing to increasing life expectancy. As per the United Nations, the global population aged 60 years and older is expected to double from 12% to 22% between 2015 and 2050. Lifting and transferring elderly patients manually can lead to injuries among caregivers. Patient mechanical lifts help to handle elderly patients safely, thereby driving the market growth.
Increasing incidence of disabilities: According to the World Health Organization, more than 1 billion people worldwide live with some form of disability. Many patients living with disabilities require assistance for transferring from one surface to another. Patient mechanical lifts reduce the chances of injuries to both caregivers and patients during transfer, thus fueling the market growth.
SWOT Analysis
Strength: Patient Mechanical Lift Handling Equipment has high demand in healthcare industry as it reduces physical strain on caregivers. It provides safe transfer of patients and prevents injuries. These equipment are designed ergonomically to handle patients effortlessly.
Weakness: High initial investment requirements for purchasing mechanical lift equipment deters some end users. Lack of training on operation and maintenance of sophisticated lift equipment also poses safety issues.
Opportunity: Rapid growth of geriatric population globally increases the target population base requiring lift assistance. Increasing prevalence of disabilities also drives the need for safe patient transfer equipment.
Threats: Alternatives methods for patient transfers without equipment poses competition risk. Stringent regulatory approval process for new product launches delays time to market.
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 prevalence of disabilities, mobility issues and chronic diseases among geriatric population. Rapid urbanization and growing healthcare expenditure in developing economies also supplement the market growth.
Regional analysis North America dominates the global patient mechanical lift handling equipment market and is expected to continue its dominance over the forecast period. This is attributed to presence of major players, advanced healthcare infrastructure, availability of skilled workforce and technological advancements in the region. Asia Pacific exhibits the fastest growth due to increasing healthcare investments, expanding medical tourism industry and rising medical device companies in the region.
Key players operating in the Patient Mechanical Lift Handling Equipment 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. Key players focus on new product launches, mergers and acquisitions to strengthen their market presence.
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