PATIENT MECHANICAL LIFT HANDLING EQUIPMENT MARKET ANALYSIS

The global patient mechanical lift handling equipment market was valued at US$ 1,716.7 Mn in 2022 and is forecast to reach a value of US$ 3,140.6 Mn by 2030 at a CAGR of 7.9% between 2023 and 2030. The global patient mechanical lift handling equipment market is experiencing strong growth due to the rise in prevalence of chronic diseases and growing geriatric population around the world. Moreover, rise in demand for patient mechanical lift handling equipment and stringent safety regulations/guidelines by government organizations is expected to boost the growth of the market. However, factors such as high costs of the equipment and massive storage requirement are expected to hamper the growth of the market.

Global Patient Mechanical Lift Handling Equipment Market: Regional Insights

Based on geography, the global patient mechanical lift handling equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the rising prevalence of chronic diseases, growing geriatric population, and rise in adoption of safety guidelines in the region. For instance, chronic diseases are among the leading causes of death in the United States. According to the National Council on Aging (NCOA), older adults are disproportionately affected by chronic conditions. Around 95% adults in the U.S. have at least one chronic condition, and around 80% of have two or more chronic condition. This in turn is expected to increase demand for patient mechanical lift handling equipment.

Moreover, Europe and Asia Pacific are also expected to witness robust growth in the global patient mechanical lift handling equipment market due to the rise in burden of chronic diseases, growing geriatric population, and rise in adoption or demand for patient mechanical lift handling equipment in these regions. For instance, according to the European Chronic Disease Alliance, cardiovascular disease (CVD) causes 3.9 million deaths each year in Europe and around 1.8 million deaths in the European Union. In 2021, 35.2% of the EU population aged 16 years and over reported having a long-standing illness or health problem.

Figure 1. Global Patient Mechanical Lift Handling Equipment Market Share (%), by Region, 2023

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Global Patient Mechanical Lift Handling Equipment Market Drivers:

Rise in burden of chronic diseases to augment market growth

One of the key factors expected to augment growth of the global patient mechanical lift handling equipment market over the forecast period is the rise in prevalence of chronic diseases worldwide. Chronic diseases are the leading causes of death and disability worldwide. Such a high burden of chronic diseases leads to an increase in demand for patient mechanical lift handling equipment. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are one of the leading cause of death across the globe, taking an estimated 17.9 million lives each year. This in turn is expected to drive growth of the market.

Growing geriatric population to underpin market growth

Another factor which is driving growth of the global patient mechanical lift handling equipment market is the growing geriatric population around the world. For instance, people age 65 and older are more likely than younger people to suffer from chronic conditions. The geriatric population is significantly more likely to suffer from chronic diseases such as heart diseases, cancer, orthopedic diseases, and other age-related diseases. Globally, around one in three adults suffer from multiple chronic conditions. Moreover, according to WHO, by 2050, the world's population of people aged 60 years and older will double (2.1 billion).

Global Patient Mechanical Lift Handling Equipment Market Opportunities:

Rise in demand for patient mechanical lift handling equipment is expected to provide significant growth opportunities for players in the global patient mechanical lift handling equipment market. For instance, with the rise in burden of chronic diseases and growing geriatric population, demand for patient handling equipment is also increasing. In July 2021, AmeriGlide announced the launch of a brand-new stair lift, the AmeriGlide UP Stair Lift. It is designed with top of the line innovative features that provide the utmost safety and comfort when going up or down the stairs. This in turn is expected to propel the growth of the market.

Stringent safety regulations/guidelines by government organizations is expected to offer lucrative growth opportunities for players in the global patient mechanical lift handling equipment market. For instance, regulations or guidelines laid down by the government bodies, such as the National Institute of Occupational Safety & Health (NIOSH), ensure the effective handling of patients and minimize the risk of injuries to caregivers. Moreover, guidelines by the U.S. Centers for Disease Control and Prevention (CDC) and European Agency for Safety & Health at Work (EU-OSHA) are further expected to increase the use of patient handling equipment.

Global Patient Mechanical Lift Handling Equipment Market Trends:

High demand for overhead/ceiling lifts is a recent trend

Overhead/ceiling lift applies mechanical force to assist in transferring or repositioning the patient. The system allows hospital staff to safely mobilize the patient earlier by carefully lifting them into and out of bed with minimal effort and help mitigate complications from immobility. These types of lifts are important for nurses, for whom lift-strain injuries are quite common. Overhead/ceiling lifts are expected to remain very popular during the forecast period, and this trend is expected to continue over the forecast period, driving the market growth.

Introduction of novel devices/lifts is another trend

Players in the market are focusing on developing or launching novel patient handling equipment in the market. Over the years, novel mechanical devices have been developed to assist in patient-handling tasks, and there is a concentrated effort to move toward a "no manual lift" environment. People need more lifting equipment as they move patients between locations for medical reasons and for other purposes, and R&D is needed to make them more efficient and safer than ever. This trend is also expected to continue over the forecast period.

Global Patient Mechanical Lift Handling Equipment Market Restraints:

High costs of the equipment to hinder market growth

One of the key factors expected to hamper the growth of the global patient mechanical lift handling equipment market is the high costs of the equipment. Patient mechanical lift handling equipment is an essential device to transport patients and has transformed dramatically over the past few years with respect to high technology and high cost. The high capital costs thus include the costs related to the purchase, installation, and maintenance of this equipment in healthcare settings. Thus, novel technologies being introduced in these equipment are expected to hinder the market growth.

Massive storage requirement to hamper market growth

Another factor which is hampering growth of the global patient mechanical lift handling equipment market is the massive storage requirement. For instance, the use of floor lifts is high in the market, but these patient mechanical lift handling equipment generally require massive storage. Flooring attributes, such as flooring materials and thresholds, have an impact on the ease of use of this type of rolling device. Furthermore, lack of trained or skilled caregivers for efficient handling of patient handling equipment is expected to hamper the market growth.

Figure 2. Global Patient Mechanical Lift Handling Equipment Market Share (%), By Product, 2023

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Global Patient Mechanical Lift Handling Equipment Market Segmentation:

The global patient mechanical lift handling equipment market report is segmented into Product, End User, and Geography.

Based on Product, the patient mechanical lift handling equipment market is segmented into Bath Patient Lifters, Floor-based Lifts, Overhead/Ceiling Lifts, Powered Sit-To-Stand Lifts, Stand-up and Raising Lifts, and Other Products. Out of which, Floor-based Lifts Segment is expected to dominate the market over the forecast period and this is attributed to the increase in prevalence of chronic disease and growing geriatric population.

Overhead/Ceiling Lifts Segment is also expected to witness significant growth in the near future and this is owing to the increase in use or adoption of overhead/ceiling lifts.

Based on End User, the market is segmented into Hospitals, Home Healthcare, and Other End Users. Out of which, Hospitals Segment is expected to dominate the market over the forecast period and this is attributed to the increase in adoption of patient handling equipment.

Home Healthcare Segment is also expected to witness significant growth in the near future and this is owing to rise in demand for home healthcare services or devices.

Global Patient Mechanical Lift Handling Equipment Market: Key Developments

In January 2022, Stiltz Homelifts and Podplan, a subscription service that offers support for elderly parents and simplifies elder care solutions. This partnership offers an opportunity for Stiltz to reach out to, and engage with, a growing audience of decision influencers in the age-proofing process.

In May 2022, Invacare Corporation announced the U.S. introduction of its Birdie Evo XPLUS, an innovative patient lift solution for the post-acute care setting. With its sleek and modern design, the Birdie Evo XPLUS provides innovative technology that helps maximize comfort and security when lifting/transferring a patient to or from a bed, chair, or floor.

In December 2021, Baxter acquired Hillrom, accelerating the company's vision for transforming healthcare and advancing patient care worldwide from the hospital to the home.

Global Patient Mechanical Lift Handling Equipment Market: Key Companies Insights

The patient mechanical lift handling equipment market is highly competitive. This is attributed to the increase in prevalence of chronic disease and growing geriatric population, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global 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.

*Definition: Patient handling equipment are assistive devices that allow patients in hospitals and nursing homes and people receiving home healthcare to be transferred between a bed and a chair or other similar resting places. Patient mechanical lift handling equipment are used to transport a patient from one place to another place.