Press release
Patient Lifting Equipment Market | Ongoing Trends and Recent Developments | Major Key Players like Arjo (Sweden), Hill-Rom (US), Invacare (US), Handicare (Sweden)
Patient Lifting Equipment Market
What the Market Looks Like?
Predicted to grow at a CAGR of 12.7% during the forecast period, the global Patient Lifting Equipment Market is estimated to reach USD 5.4 billion by the end of 2024. North America to witness the highest growth in the hospital segment market during the forecast period
Based on product, the 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.
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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.
What Drives the Market?
The growth of the global market for Patient Lifting Equipment is primarily influenced by the following factors:
• Rising Geriatric and Bariatric Populations
• High Risk of Injuries to Caregivers During the Manual Handling of Patients
• Implementation of Regulations Ensuring the Safety of Healthcare Personnel Against Manual Lifting
• Growing Patient Volume in Nursing Homes and Rising Demand for Home Healthcare
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Geographical growth scenario of Patient Lifting Equipment Market:
Geographically, the market has been studied for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. 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 Market.
Leading market players and strategies adopted:
The prominent players in the Patient Lifting Equipment Market 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. These players have adopted various growth strategies such as product launches & product upgrades, acquisitions, partnerships & collaborations, and expansion to increase their presence in the global patient lifting equipment industry.
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Hill Rom (US) was one of the major players operating in the market in the year 2018. The company has a wide range of product offerings in this market. To maintain its market position, the company mainly focuses on new developments by making significant investments in R&D. In 2018, the company invested about USD 0.4 billion in R&D, which accounted for (4.8%) of its total revenue. The company mainly focuses on new product developments, which enabled them for product innovation and ultimately helped to enhance its product offerings for the Patient Lifting Equipment Market.
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