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United States, Rockville MD, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Currently, the global patient lifting equipment market accounts for a valuation of US$ 1.5 billion and is predicted to rise at a 7.3% CAGR through 2027. These insights have been listed in the latest report by analysts at Fact.MR, a market research and competitive intelligence provider.
Focus on patient safety has increased exponentially over the past few years and this has resulted in an increased demand for patient lifting equipment in various establishments. The rising geriatric population is also anticipated to favor patient lifting equipment market growth potential over the years to come. Increasing investments in infrastructure development and rising incidence of musculoskeletal injuries are other factors that are positively supplementing market growth.
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Patient lifting equipment manufacturers are investing in product development to fast-track product launches and increase their sales potential across regions.
- In January 2021, Handicare, a leading provider of accessibility and mobility solutions, announced the launch of its new line of ceiling lifts. AP-Series Portable Ceiling Lifts were launched in North America and enabled caregivers to safely lift patients and ensure a safe home environment for them.
Which Region Exhibits Attractive Opportunities for Patient Lifting Equipment Vendors?
“North America to Remain Lucrative Market for Patient Lifting Equipment Companies”
The North America patient lifting equipment market is anticipated to be the most lucrative one in the global landscape owing to the presence of developed healthcare infrastructure and the rising geriatric population.
Rising number of accidents and people with disabilities in this region are also expected to drive demand for lifting equipment such as patient hoists, electric patient lifts, and medical lift slings across the forecast period. High investments in the healthcare industry by governments and increasing research and development activities are also predicted to favor patient lifting equipment sales in North America.
The market for patient lifting equipment in the Asia Pacific region is expected to witness growth at a high CAGR over the coming years owing to increasing investments to improve healthcare infrastructure and technological advancements in the patient handling equipment industry.
Increasing focus on healthcare in economies such as China, India, and Japan in this region is expected to bolster patient lifting equipment demand over the years to come. The market for patient lifting equipment in China is predicted to increase at an impressive CAGR of around 11% throughout the forecast period.
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Key Segments Covered in the Patient Lifting Equipment Industry Survey
- By Product Type :
- Ceiling/Overhead Lifts
- Stair Lifts
- Mobile/Floor Lifts
- Powered Sit-to-Stand Lifts
- Bath & Pool Lifts
- Lifting Slings
- Lifting Accessories
- By End Use :
- Hospitals
- Home Care
- Elderly Care Facilities
- Other End Uses
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Competitive Landscape
Patient lifting equipment providers are concentrating on launching new products to increase their revenue generation capacity and gain a competitive edge over other market players.
- In May 2022, Invacare Corporation, a leading name in the patient lifting equipment industry, announced the introduction of an innovative patient lift solution for the United States market. Birdie™ Evo XPLUS is equipped with advanced patient lifting technology to ensure maximum comfort and safety when transferring the patient from the chair, floor, or bed.
- In July 2021, AmeriGlide, a leading stair lift manufacturer, announced the launch of AmeriGlide UP Stair Lift. The new stair lift is equipped with innovative features to provide utmost safety while using it.
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Key players in the Patient Lifting Equipment Market
- Baxter International Inc.
- Gainsborough Specialist Bathrooms
- Getinge AB
- Guldmann Inc.
- Invacare Corporation
- Joerns Healthcare LLC
- Savaria Corporation
Key Takeaways from Patient Lifting Equipment Market Study
- Sales of patient lifting equipment are expected to increase at a CAGR of 7.3% from 2022 to 2027.
- The patient lifting equipment market is anticipated to reach US$ 2.3 billion by 2027.
- Increasing incidence of chronic diseases, rising number of elderly people, growing bariatric population, and technological advancements in the patient handling industry are expected to drive market growth.
- High costs of patient lifting systems and lack of skilled caregivers are major factors that are constraining patient lifting equipment market growth.
- The China patient lifting equipment market is anticipated to expand at an impressive CAGR of 11% from 2022 to 2027.
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