Patient Lifting Equipment Market by Product (Ceiling/Overhead Lift, Stair Lift, Mobile/Floor Lift, Sit to Stand Lift, Bath & Pool Lift, Lifting Slings, Lifting Accessories), End User (Hospital, Home Care, Elderly Care Facility) - global forecast to 2024
“Increasing global geriatric & bariatric populations and the implementation of regulations is expected to drive the overall growth of the patient lifting equipment market”
The patient lifting equipment market 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 patient lifting equipment industry is driven primarily by 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. However, lack of training provided to caregivers of efficient operation of patient handling equipment and existing difficulties in handling bariatric patients limiting the market growth.
“Mobile lifts segment is expected to grow at the highest CAGR during the forecast period”
Based on products, the patient lifting equipment market is segmented ceiling lifts, stair & wheelchair lifts, mobile lifts, sit-to-stand lifts, bath & pool lifts, lifting slings, and lifting accessories. Mobile lifts are projected to register the highest growth rate during the forecast period. The growth of this segment can be attributed to factors such as cost-effectiveness and ease of use.
“Home care settings to grow at the highest CAGR during the forecast period.”
The patient lifting equipment market, by the end-user, has been categorized into hospitals, home care settings, elderly care facilities, and other end users. The home care settings segment is projected to register the highest growth rate during the forecast period. The growth of this segment can be attributed to the increasing focus on reducing healthcare costs and government initiatives to promote home healthcare.
“North America to grow at the highest CAGR 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 & elderly care facilities are supporting the growth of the North American patient lifting equipment market.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the patient lifting equipment market.
By Company Type: Tier 1: 40%, Tier 2: 30%, and Tier 3: 30%
By Designation: C-level Executives: 27%, Directors: 18%, and Others: 55%
By Region: North America: 50%, Europe: 20%, APAC: 15%, and RoW: 15%
The patient lifting equipment market comprises major players such as Arjo (Sweden), Hill-Rom (US), Invacare (US), Handicare (Sweden), and Guldmann (US). The study includes an in-depth competitive analysis of these key players in the patient market, along with their company profiles, recent developments, and key market strategies.
The market study covers the patient lifting equipment market across various segments. It aims at estimating the market size and the growth potential of this market across different segments, based on the product, end-user, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants in this market and provide information on the closest approximations of the revenue numbers for the overall patient lifting equipment market and its subsegments. This report will help the stakeholders to understand the competitive landscape, to gain more insights to better position their businesses, and to plan suitable go-to-market strategies. The report will also help the stakeholders to understand the pulse of the market and provide information on key market drivers, restraints, opportunities, and challenges.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook