The global patient mechanical lift handling equipment market includes medical devices such as patient lifts, stair lifts, ceiling lifts, slings, sling belts, and other accessories used to lift and transfer patients from beds, chairs, and floors. These equipment address mobility challenges faced by the aging population and patients suffering from disabilities or chronic illnesses. Patient mechanical lifts are designed to lift, transfer and reposition patients, minimizing caregiver effort and risk of injury. Some common types of patient lifts are ceiling lifts installed on ceilings tracks for lifting patients in long-term care facilities, portable lifts for mobile assistance, stand up lifts for assisting patients to stand up from sitting position. These equipment provide patient safety, caregiver independence, and promote mobility as part of rehabilitation.
The global patient mechanical lift handling equipment market is estimated to be valued at US$ 2124.06 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
The market growth can be attributed to rising geriatric population who are more susceptible to disabilities and chronic diseases warranting assistance for movement and daily activities. According to the United Nations report, the number of people aged 65 years and above is projected to grow from 703 million in 2019 to 1.5 billion in 2050. The super aged population aged 80 years and above is the fastest growing segment worldwide. This substantiates demand for assistive devices easing mobility and monitoring health of the elderly population.
Market Dynamics:
The growth of the patient mechanical lift handling equipment can be attributed primarily to growing geriatric population globally. As per the UN report, the population aged 65 years and above is projected to reach 1.5 billion by 2050 from 703 million in 2019, driving the need for assisted mobility devices. Additionally, growing prevalence of disabilities and chronic diseases warranting mobility assistance such as arthritis, cardiovascular diseases, diabetes is further propelling the market growth. According to Centers for Disease Control and Prevention (CDC), 61 million American adults suffer from arthritis currently and by 2040, an estimated 78 million adults are projected to have doctor-diagnosed arthritis. These factors necessitate adoption of patient lifts and other assistive devices for safe transfer and positioning of patients.
Moreover, availability of innovative product variants such as ceiling lifts, powered stand up lifts providing lifting assist at doorways and thresholds, and multi functional lifts with scales and slings promoting independent mobility and monitoring health parameters are expected to support market expansion over the forecast period.
Segment Analysis
The global patient mechanical lift handling equipment market can be segmented into mobility aids, transfer devices, slings, and lifts. Among these, mobility aids dominate the market and account for over 30% share. This is because mobility aids help improve the flexibility and mobility of patients and reduce caregiver effort. They include walkers, wheelchairs, rollators, and canes.
PEST Analysis
Political: Governments across countries are developing policies to promote safe patient handling especially in healthcare settings. Various regulations mandate the use of lifters and slings for bariatric patients.
Economic: Rising geriatric population and increasing prevalence of disabilities are driving demand. However, budget constraints in many developing countries affect market growth.
Social: Rapid social trends like growing chronic disease burden and increasing preference for home healthcare are benefiting the market. Also, greater acceptance about assistive products reduces stigma.
Technological: Adoption of rechargeable batteries, bluetooth connectivity and microprocessor controls are improving product functionality. However, high costs of innovative devices remain a challenge.
Key Takeaways
The global patient mechanical lift handling equipment market is expected to witness high growth over the forecast period of 2024 to 2031. Global Patient Mechanical Lift Handling Equipment Market Demand is estimated to be valued at US$2124.06 million in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031.
Regional analysis
North America dominates the global market and accounts for over 35% share due to rapid technological advancements, availability of reimbursement, and presence of key players in the region. Asia Pacific is projected to grow at the fastest rate during the forecast period owing to increasing healthcare expenditures, rise in disposable incomes, and growing medical tourism industry in countries like India and China.
Key players
Key players operating in the patient mechanical lift handling equipment market are Smith & Nephew PLC, Mölnlycke Health Care AB, Ethicon Inc. (JOHNSON & JOHNSON), Medtronic, 3M, Beiersdorf AG, Winner Medical Group, Inc., McKesson Corporation, and Cardinal Health. Smith & Nephew and Mölnlycke Health Care are the leading players due to their wide product portfolio and global market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it