The Patient Mechanical Lift Handling Equipment Market is estimated to be valued at US$ 1,843.8 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Patient mechanical lift handling equipment includes a variety of medical devices like mobile/ceiling lifts, slings, stand up hoists, and others that are designed to assist patients and caregivers in lifting and transferring tasks. These equipment reduce the risk of injury during patient lifting and enables comfortable movement of patients. They provide hands-free lifting for safe patient handling, preventing musculoskeletal disorders in caregivers.
Market key trends:
Rising geriatric population suffering from disabilities and chronic illnesses is a key growth driver for the patient mechanical lift handling equipment market. According to the United Nations, the number of people aged 65 years and above is estimated to be more than double, growing from 703 million in 2019 to 1.5 billion in 2050 worldwide. Also, increasing prevalence of disabilities requiring assisted lifting and occurrence of injuries during manual lifting of patients are prompting healthcare facilities to adopt safe patient handling equipment and boosting the market growth. Furthermore, technological advancements like powered lifting, positioning sensors, and ceiling lifts with enhanced mobility have augmented the adoption of mechanical lift handling equipment.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand loyalty lowers the threat of new entrants. However, presence of large players pose barrier.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and less switching costs.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternatives in market and established buyer-supplier relationships.
Threat of new substitutes: Substitutes like manual patient lifting pose minimal threat due to technological advancements and safety benefits.
Competitive rivalry: High due to presence of large established players differentiating through innovative product portfolio.
SWOT Analysis
Strength: Technological advancements leading to safer, efficient handling equipment. Growing patient pools requiring assisted lifting aid growth.
Weakness: High costs associated may limit adoption in budget constrained settings. Maintenance and training requirements.
Opportunity: Rising geriatric population driven increase in chronic disorders boosts demand. Untapped regions offer scope.
Threats: Stringent regulatory approvals delay product launches. Economic slowdowns impact healthcare investments.
Key Takeaways
The global Patient Mechanical Lift Handling Equipment Market Growth is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing chronic disorders among aging population. North America domintaes currently holding over 30% share driven by presence of major players and healthcare reforms.
Asia Pacific region is fastest growing region expected to grow at around 9.5% CAGR through 2030 with growing medical tourism sector in countries like India and China supplementing regional growth.
Key players operating in the Patient Mechanical Lift Handling Equipment include 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. These established players are focusing on new product launches and mergers to strengthen their market presence.