The Patient Mechanical Lift Handling Equipment Market Is Estimated...

The Patient Mechanical Lift Handling Equipment Market Is Estimated To Witness High Growth Owing To Rising Geriatric Population

Posted 2023-12-19 06:20:38

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Patient mechanical lift handling equipment refers to devices that help in lifting and transferring patients from one surface to another such as beds, stretchers, wheelchairs etc. These equipment minimize manual lifting of patients and prevent injuries to caregivers. They include slings, stretchers, lifts and accessories that support patients with limited mobility. These products are largely used in hospitals, nursing homes and homecare settings.

The global 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 Dynamics:

The patient mechanical lift handling equipment market is witnessing high growth owing to rising geriatric population globally who are more prone to limited mobility and injuries. As per UN estimates, the population aged 60 years and above is expected to more than double, from 962 million globally in 2017 to 2.1 billion by 2050. This is increasing the risk of chronic diseases and injuries among the elderly, thereby fueling demand for patient lift equipment that support safe transfer and mobility. Additionally, growing cases of work-related musculoskeletal injuries among caregivers while lifting patients manually is prompting healthcare facilities to adopt lift equipment, further boosting market revenue growth over the forecast period.

SWOT Analysis

Strength: Patient mechanical lift handling equipment are designed to safely move patients and reduce manual lifting which minimizes the risk of injuries to healthcare workers. They offer improved patient safety, mobility and comfort. They help healthcare facilities comply with safety regulations and guidelines.

Weakness: High initial costs associated with purchasing patient lift equipment can be prohibitive for some smaller healthcare facilities and organizations. Equipment maintenance and repairs also add to operation costs over the long term. Training of healthcare staff is required to safely operate mechanical lift devices.

Opportunity: Growing geriatric population vulnerable to disabilities and limited mobility in major markets present significant growth opportunities. Increasing awareness about risks from improper patient handling among care providers boosts adoption. Stringent safety norms mandate use of lifting aids in developed countries.

Threats: Economic downturns may impact investments in non-critical capital equipment. Rising utility and energy costs increase operating expenses. Technological advancements in powered exoskeletons pose threat of product substitution in the long run.

Key Takeaways

The global Patient Mechanical Lift Handling Equipment market is expected to witness high growth. Regional analysis related content comprises the North American region currently dominates the market and is expected to maintain its leading position over the forecast period. Growth in the region is driven by high healthcare spending, strict regulations regarding patient safety, and increasing elderly population requiring long-term healthcare.

Key players related content comprises 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.

The global Patient Mechanical Lift Handling Equipment market size was valued at US$ 1,843.8 Mn in 2023 and is anticipated to reach US$ 3,252.6 Mn by 2030, expanding at a CAGR of 7.9% during the forecast period from 2023 to 2030. Demand is driven by growing geriatric population suffering limited mobility, increasing focus on patient safety, and rising healthcare costs which encourage adoption of labor-saving aids.