Patient Lifting Equipment Market Growth Statistics, Industry Share, Latest Trends, Overview, Business Plans, Cost Analysis, Revenue, Growth Drivers, Size and Forecast till 2024
Patient Lifting Equipment Market Overview:
The Patient Lifting Equipment Market size is expected to grow from USD 3.0 billion in 2019 to USD 5.4 billion by 2024, at a CAGR of 12.7% during the forecast period. The growth of this market is driven primarily by factors such as the rising global geriatric & bariatric populations, the high risk of injuries to caregivers during the manual handling of patients, and the implementation of regulations ensuring the safety of healthcare personnel during manual lifting.
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North America to witness the highest growth in the hospital segment market during the forecast period
North America is estimated to grow at the highest CAGR during the forecast period. Factors such as the increasing geriatric & bariatric population in the US & Canada, the growth of the North American home healthcare industry, and the growing patient volume in nursing homes and elderly care facilities are the major factors supporting the growth of the North American patient lifting equipment market.
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Market Segmentation:
By product, the mobile lifts segment is expected to witness above-average growth in the patient lifting equipment market during the forecast period.
Mobile lifts are expected to show the highest growth in the forecast period. Mobile lifts are sling-based and promote a cost-effective and effortless transfer of heavy patients from one place to another without the need for professional uninstallation and reinstallation, as required for ceiling lifts. These advantages promote the adoption of mobile lifts, especially in home care settings and elderly care facilities.
By end-user, the home care settings segment is growing at the highest rate.
The home care settings segment is projected to register the highest growth rate during the forecast period due to the increasing focus on reducing healthcare costs and government initiatives to promote home healthcare. The growth of the global home healthcare market is expected to subsequently drive the demand for patient lifting equipment.
Ceiling lifts to account for the largest share of the global patient lifting equipment market in 2019
Based on product, the patient lifting equipment market is segmented into ceiling lifts, stair & wheelchair lifts, mobile lifts, sit-to-stand lifts, bath & pool lifts, lifting slings, and lifting accessories. Ceiling lifts are expected to account for the largest share of the patient lifting equipment market in 2019, owing to the factors such as the growing adoption of ceiling lifts in bariatric patient handling practices coupled with an increase in the installation of ceiling lifts in hospitals as well as expanding bariatric population pool.
Hospital projected to account for the largest end-user of the market in 2019
Based on end-user, the patient lifting equipment market is segmented into hospitals, home care settings, elderly care facilities, and other end-users (including emergency medical services, long-term acute care centers, trauma centers, and nursing homes). The hospital segment is expected to dominate the market in 2019. The growing patient population, increase in geriatric population, rising number of disabled people, an increasing number of injuries caused during the patient handling process, growing preference of patient lifts over manual handling in hospitals, and improvements in the healthcare infrastructure are expected to drive the demand and adoption of patient lifting equipment in hospitals.
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Key Players:
The major companies in the patient lifting equipment market include Arjo (Sweden), DJO global (US), Drive DeVilbiss healthcare (US), ETAC (Sweden), GF Health Products (US), Guldmann (US), Handicare (Sweden), Hill-Rom Holdings, Inc. (US), Invacare (US), Joerns Healthcare (US), Medline Industries (US), Prism Medical UK.
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