July 20, 2024

Patient Mechanical Lift Handling Equipment Market Is Expected To Be Flourished By Growing Geriatric Population

Patient mechanical lift handling equipment are medical devices designed to facilitate safe patient handling and mobility. This equipment helps reduce the physical strain and risks associated with manual lifting and transferring of patients. Some common types of patient mechanical lift handling equipment include ceiling lifts, stair lifts, sit-to-stand lifts, slings, stretchers, wheelchairs, and bathing equipment. With the growing geriatric population worldwide prone to mobility issues and injuries, the demand for such equipment is on the rise. For instance, patient lifts are extensively used in nursing homes, assisted living facilities, and hospitals to lift and transfer immobile or less mobile patients between beds and wheelchairs. They are also used for bathing or changing a patient’s position.

The global Patient Mechanical Lift Handling Equipment Market is estimated to be valued at US$ 1,843.8 Million 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 growing global geriatric population, which is more prone to disabilities and injuries, is a major driver boosting the patient mechanical lift handling equipment market. As per the United Nations, the number of people aged 65 years and above is expected to grow from 703 million in 2019 to 1.5 billion by 2050. Additionally, the increasing incidences of disabilities worldwide are also fueling the demand for assistive devices for safe patient handling and mobility. For instance, according to the World Health Organization, over 1 billion people, representing about 15% of the world’s population, currently live with some form of disability. Moreover, increasing awareness regarding work-related musculoskeletal disorders (MSDs) among healthcare workers and stringent regulations mandating the use of lift equipment in healthcare facilities are further propelling the market growth. Furthermore, technological advancements facilitating easy, safe, and dignified transfer of patients are expected to provide lucrative opportunities over the forecast period.

Segment Analysis

Patient Mechanical Lift Handling Equipment Market is segmented into products, end-user and regions. In terms of product the market is segmented into stair & wheelchair lifts, mobile lifts, sit-to-stand lifts, bath & pool lifts among others. Bath & pool lifts are currently dominating the market owing to rising geriatric population suffering from disabilities who require assistance during bathing and transferring from bed to bath.

PEST Analysis

Political: Governments across the world are undertaking various initiatives to promote accessibility and safety for disabled people. They have introduced various regulations pertaining to adoption of lift handling equipment in healthcare facilities.

Economic: Rising healthcare expenditures, growing geriatric population, and increasing income levels are driving demand for advanced mobility equipment. Rapid economic growth in developing regions is positively impacting the market.

Social: Changing social trends indicate greater willingness to care for disabled people at home rather than institutions. Also greater social acceptance of people with disabilities has boosted the market.

Technological: Integration of technologies such as internet of things and artificial intelligence in equipment is allowing remote monitoring and automation. Materials like carbon fiber are making equipment lighter and easier to use.

Key Takeaways

The global Patient Mechanical Lift Handling Equipment Market is expected to witness high growth over the forecast period owing to rising geriatric population globally suffering from limited mobility. The North America region currently dominates the market due to presence of major players, rising healthcare expenditure and increasing disabilities.

Key players operating in the patient mechanical lift handling equipment market are ARJO, Etac AB, Medline Industries Inc. among others. ARJO is a prominent player with wide range of lift handling solutions for homes as well as healthcare facilities. It is investing heavily in R&D to develop robotic lifts using IoT.

The market is witnessing consolidation activities with large players acquiring regional small players to expand their geographical footprint. Innovation is key focus area for players to develop specialized bariatric handling equipment, ceiling lifts and smart lifts. Growing home healthcare and rising disabilities due to lifestyle diseases will provide opportunities for players in future.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it