PATIENT LIFT PENDANT MARKET ANALYSIS

The patient lift pendant is used to move the patients from one place to another. The patients which are suffering from paralysis or any spinal injuries are unable to move on their own. To move such patients lift pendants are used. In earlier days shifting patient was quit risky, due to overweight of patients, it could harm patient as well as the persons carrying them. Patient lift pendant are of various types, which includes ceiling/ overhead lift, stair lift, mobile/ floor lift, sit to stand lift, bath & pool lift, and lifting slings. Patient lift pendants are majorly used in intensive care unit (ICU) in hospitals, home care, and elderly care facilities. Increasing number of spinal cord injuries is expected to boost the growth of global patient lift pendant market. For instance, according to a Australian Institute of Health and Welfare (AIHW) report of Spinal Cord injuries Australia, During 2017-18, 318 new cases of spinal cord injury (SCI) were reported to the Australian Spinal Cord Injury Register (ASCIR) with 131 of these resulting from non-traumatic causes such as vascular disorders, infectious conditions, spinal canal stenosis, disc herniation, myelopathy, and cancer. The total number of new cases incurring SCI from traumatic causes, and over the age of 15, was 187.

The global patient lift pendant market is estimated to be valued at US$ 1,420.1 million in 2021 and is expected to exhibit a CAGR of 9.28% during the forecast period (2021-2028).

Figure 1. Global Patient Lift Pendant Market Share (%) By Type, 2021 and 2028

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Increasing number product launches is the major factor driving the market growth over the forecast period.

Increasing number of product launches is expected to drive the growth of global patient lift pendant market. For instance, in January 2021, Handicare, a global leader in mobility and accessibility solutions, announced the launch of the AP-Series Portable Ceiling Lifts in North America. Representing the next generation in portable ceiling lift technology, the AP-Series offers industry first features benefitting people with disabilities and their caregivers making their home more accessible while creating a safer care environment.

Increasing inorganic growth strategies by key market players are expected to drive growth of global patient lift pendant market.  

Market key players are focused on inorganic strategies such as buying major stake in other company in order to acquire the company in near future. For instance, in July 2019, Arjo, global medical technology company acquired the equity stake in Atlas Lift tech., a mobility solutions provider.

Global Patient Lift Pendant Market – Restraints

Growth of the global patient lift pendant market is expected to be hampered over the forecast period, owing to product recalls by Food and Drug Administration. For instance, in February 2021, US Food and Drug Administration announced that they are recalling Hillrom's overhead patient lift as a Class I event, citing the potential for serious harm, it was also linked to two deaths.

Global Patient Lift Pendant Market- Regional Analysis

On the basis of region, the global smart hospitals market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

North America is expected to hold a dominant position in the global patient lift pendant market, owing to high number of overweight and obese adults.

For instance, in June 2019 according to a report published in Statistics Canada, in 2018, 26.8% of Canadians aged 18 and older (roughly 7.3 million adults) reported height and weight that classified them as obese. 9.9 million adults (36.3%) were classified as overweight. This led to 63.1% out of total population were in health risk due to excess weight. The proportion of adults who were overweight or obese was higher among males (69.4%) than among females (56.7%).

Figure 2. Global Patient Lift Pendant Market Value (US$ Mn) by Region, 2020

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Global Patient Lift Pendant Market - Competitive Landscape

Key players operating in the global patient lift pendant market include Arjo, DJO Global, Drive DeVilbiss healthcare, ETAC, GF Health Products, Guldmann, Handicare, Hill-Rom Holdings, Inc., Invacare, Joerns Healthcare, Medline Industries, and Prism Medical UK.