Patient Mechanical Lift Handling Equipment Market

Wheelchair is the largest segment driving the growth of Patient Mechanical Lift Handling Equipment Market

by

The global Patient Mechanical Lift Handling Equipment Market is estimated to be valued at US$ 1,843.8 Mn or Bn 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 to safely move patients from one place to another such as beds, wheelchairs etc. These equipment helps in reducing repetitive strain injuries during patient handling.

Market key trends:
One of the key trends in the patient mechanical lift handling equipment market is rising number of spinal cord and neurological injuries. Spinal cord and neurological injuries can limit mobility and require mechanical patient lifts for movement and positioning. According to World Health Organization, Globally around 250,000 to 500,000 people suffer a spinal cord injury each year. This growing prevalence of spinal cord and neurological injuries is expected to drive demand for patient mechanical lift handling equipment. Introduction of innovative and user friendly lift equipment with features like remote control, battery operated etc. is another key trend witnessed in the market.
Market key trends:
One of the key trends in the patient mechanical lift handling equipment market is the development of technologically advanced lifting devices equipped with artificial intelligence (AI) and internet of things (IoT). Major players are focusing on integrating AI and IoT functionalities in patient lifts to make lifting process more efficient, accurate and safe. For instance, lifts equipped with IoT sensors can automatically detect the weight of the patient and adjust the lifting height accordingly. AI enabled lifts can also generate reports and alerts to track patients lifting patterns and schedule maintenance to prevent accidents.

SWOT Analysis
Strength: The growing geriatric population prone to disabilities and chronic diseases increases the demand for patient lifting equipment for safe transfer of immobile patients.
Weakness: High costs associated with technologically advanced lifts limits their adoption in budget constrained settings.
Opportunity: Integration of IoT and AI capabilities in lifts opens up opportunities for remote monitoring and predictive maintenance of equipment.
Threats: Stringent regulatory approval process and quality standards for medical equipment delays product launch and increases compliance costs.

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 requiring lifting assistance. The market size for 2023 is estimated to be US$ 1,843.8 Mn.

Regional analysis:
North America dominated the market with over 30% revenue share in 2023 owing to presence of large patient pool, favorable reimbursements and regulatory environment for lift equipment in countries like the US and Canada. Asia Pacific is anticipated to be the fastest growing region during the forecast period supported by rising healthcare expenditure, developing healthcare infrastructure and growing medical tourism in countries like China and India.

Key players:
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 and Invacare Corporation collectively account for over 20% of the global market share.

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

Ravina
+ posts

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.