Market Challenges And Opportunities

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 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.