Patient Lifting Equipment Market

Patient Lifting Equipment Market Size (2023 to 2028)

The global patient lifting equipment market is estimated to be worth USD 7.92 billion by 2028 from USD 4.23 billion in 2023, registering a CAGR of 13.33% during the forecast period. 

The patient lifting equipment is used for patients to shift to different places. In other words, the patient lifts are used for transferring the patient from one place to another, such as from bed to bath, work, and others. The patient lifts have proven to be helpful for both disabled people and caregivers. Patient lift equipment can be operated manually or with the help of a power source. Patient lifting equipment requires charging because it has a battery, and hydraulics is utilized to manage manual lifts. However, some essential components like the mast, a spreader bar, a boom, various clips, and a sling are designed differently depending on the manufacturer.

MARKET DRIVERS:

The growing geriatric and bariatric population significantly accelerates the patient lifting equipment market development.

The aged population is more prone to various chronic diseases and musculoskeletal disorders, which require lifting equipment. Patient lifting equipment is extensively used in hospitals, homes, and other places for transporting a patient. The market for patient lifting equipment is further expected to be driven by the increasing prevalence of chronic diseases, rising musculoskeletal disorders, and growing awareness. In addition, the rising disabled population across the globe is increasing the demand for the patient lifting equipment market.  The patient lifting equipment offers various benefits, such as avoiding the risk of injury during the patient's shifting. Also, the initiatives taken by the government for the development of healthcare infrastructure and the implementation of regulations ensuring the safety of healthcare professionals against manual lifting people are encouraging market growth. 

The significant increase in infectious diseases such as the recent global pandemic Covid-19 has significantly increased the demand for patient lifting equipment. Moreover, it has uplifted the need for this equipment globally due to the disease's rapid spread. Furthermore, market strategies such as mergers, acquisitions, and collaborations are more likely to expand the growth possibilities for the market in multiple regions across the world. 

MARKET RESTRAINTS:

However, the lack of training provided to caregivers for the efficient operation of patient-handling equipment is expected to restrain the growth of the patient-lifting equipment market during the forecast period. In addition, inappropriately utilizing patient lifts poses a very high risk to public health. Any accidents on this equipment can lead to fractures, head traumas, and even death.

Impact of COVID-19 on the global patient lifting equipment market:

COVID-19 emerged as a global pandemic. Since the outbreak arrived, the different sectors of the economy have experienced a downfall in growth. It is estimated that the healthcare sector during the first initial period of 2020 witnessed a decline in terms of revenue due to the sudden implementation of lockdown and strict government regulations. As a result, the manufacturing of the patient lifting equipment was disrupted. However, with a little delay, the demand levels for patient lifting equipment were accelerated due to the high patient population worldwide. The manufacturers in the industry are producing innovative equipment to cater to the needs of the people; therefore, the market is projected to register an exponential share during the forecast period. 

REPORT COVERAGE:

This research report on the global patient lifting equipment market has been segmented and sub-segmented based on product, type of care, end-user, and region.

Global Patient Lifting Equipment Market – By Product:

• Wheelchairs
• Scooters
• Beds
• Bathroom Safety
• Mechanical
• Ambulatory

 Global Patient Lifting Equipment Market – By Type of Care:

• Bariatric
• Fall
• Critical
• Wound
• Accessory
• Lifting
• Transfer

Global Patient Lifting Equipment Market - By End-user:

• Hospitals
• Elderly Care Facilities
• Home Care
• Others

Based on the end-user, the home care segment accounted for the largest share of the market in 2022 and is estimated to record a significant share during the forecast period. The growing number of chronic diseases, growing awareness, and the increasing focus on minimizing healthcare costs drive the market. On the other hand, the initiatives by the government to promote home healthcare encourage market growth.                                                                                                                   

Global Patient Lifting Equipment Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Europe dominated the patient lifting equipment market in 2022, and it is anticipated to record a significant share of the global market during the forecast period. Increasing emphasis on lowering healthcare expenditure and emerging countries such as the UK, Germany, France, Italy, and Spain are majorly contributing to the regional market growth.  The UK is likely to grow significantly during the forecast period due to the growing geriatric population, evolving healthcare sector, and government and private investments supporting the market growth. 

The North American market is anticipated to register a substantial share of the global patient lifting equipment market during the forecast period. The well-established healthcare infrastructure, favorable reimbursement policies, and key market players are propelling the market growth. The United States held a significant share of the North American patient handling equipment market, and it is estimated to witness a substantial share in the coming period. The technological advancements in the healthcare sector, increasing patient volume in nursing homes, the growing aging population and the implementation of regulations ensuring the safety of healthcare personnel are driving the market growth. 

On the other hand, the Asia Pacific is projected to grow at a staggering pace during the forecast period. Improvements in the healthcare infrastructure, favorable reimbursement, and the presence of key emerging countries such as China, Japan, and India are significantly expanding the APAC regional market growth. China accounted for the majority share of the patient lifting market over the forecast period, and it is likely to continue its growth during the forecast period. Evolving healthcare sector, advancements in the healthcare sector, and the growing geriatric population are propelling the market growth.  Similarly, the Indian market is estimated to record a promising market share during the forecast period. The growing patient population, improving the healthcare sector, and supportive government policies contribute to market growth. 

KEY MARKET PARTICIPANTS:

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 are a few of the prominent companies operating in the global patient lifting equipment market profiled in this report.

Recent Happenings in This Market:

• Guldmann introduced a redesigned sling strap with smart loop technology in February 2020. The company's product line was expanded with the launch of this product. Since introducing the new sling strap with "smart loop" technology, Guldmann is again pushing industry standards to greater levels. When the "smart loop" sling strap is made with modern weaving processes, the product becomes more uniform and robust, as tolerances are improved by making the wide sling strap and loops in one piece.
• GF Health products introduced Lumex pro-battery-powered floor lift in the mobile left segment In August 2016. Lumex floor lifts are designed to provide safer and more secure transfers of patients by caregivers. In addition, Lumex lifts are very sturdy and easy to use.
• Etac introduced two new products in the Sit to Stand sector in October 2018, the Molift Raiser pro and the Molift Raiser. The Molift Raiser Pro lets users use their muscle force during a transfer. The user's natural movement pattern is encouraged, and the ergonomic design keeps them safe during the transfer. Furthermore, Molift Raiser Pro is user-friendly, making it simple to learn and operate.