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Tuesday, November 23, 2021

Global Patient Lifting Equipment Market to be Driven by Government Initiatives in the Forecast Period of 2021-2026

 The new report by Expert Market Research titled, ‘Global Patient Lifting Equipment Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global biosensors market, assessing the market based on its segments like product types, end use, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2016-2026)

  • Historical Market Size (2020):  USD 3.2 billion
  • Forecast CAGR (2021-2026): 12.9%

The patient lifting equipment market is being driven by the thriving overhead/ceiling lifts segment due to the increased utilisation of ceiling lifts for bariatric patient transportation, along with a rise in ceiling lift installations in hospitals amid rising incidences of musculoskeletal disorders. Furthermore, the rising adoption of the product among the rising geriatric population is likely to provide an impetus to the market because they are more susceptible to chronic disease and disabilities substantially increasing their hospital re-admission rates. Additionally, the rising investments from key players like Invacare Corporation and Joerns Healthcare towards enhancing the patient lifting equipment technology is expected to aid the market growth in the forecast period. In post-COVID days, the product is likely to witness a rise in demand, buttressed by the efforts of government.

Industry Definition and Major Segments

Patient lifting equipment are the equipment used to transport and lift patients from one location to another, further reducing manual labour. This equipment either utilises a power source or is manually operatable. Furthermore, the patient lifting equipment relying on power source has to be charged frequently because they contain a battery and use hydraulics to operate manual lifts.

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The patient lifting equipment market, on the basis of product type, can be segmented into:

  • Stand Up & Raising Lifts/Aid
  • Overhead/Ceiling Lifts
  • Floor-Based Lifts
  • Gantry Lifts
  • Powered Sit-To-Stand Lifts
  • Bath Patient Lifters
  • Others

On the basis of end-use, the market can be categorised into:

  • Homecare
  • Hospitals
  • Elderly Care Homes
  • Others

The regional markets for patient lifting equipment include:

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

Among these, North America represents the largest patient lifting equipment market.

Market Trends

The rising investments by various governments towards improving the medical infrastructure after the onset of COVID-19 is likely to aid the market as the product can swiftly transport elderly and disabled patients without significant handiwork. Furthermore, the growing incidences of accidents and musculoskeletal injuries is expected to further enhance the product demand. The increasing efforts by the governments of various nations to introduce favourable guidelines and regulations supporting the development of patient lifting equipment quality and risk prevention is likely to be another key trend bolstering the market growth in the forecast period. The rapid technological advancements and increasing investments by the key players to develop innovative solutions with latest features are also anticipated to significantly contribute to the market growth.

Key Market Players

The major players in the market are Getinge Group, Handicare Group Ab, Hill Rom Holding Inc, Invacare Corporation, Mangar International, Inc., Joerns Healthcare, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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