Increased research into global elderly and bariatric populations, the increased risk of caregiver injuries during physical handling of patients, and the introduction of rules protecting the safety of healthcare staff during manual lifting are all driving market expansion. During the projection period, however, the lack of training provided to caregivers for the proper functioning of patient handling equipment is likely to limit market growth.
[132 PAGES] The patient lifting equipment market is expected to grow at a CAGR of 12.7 percent from USD 3.0 billion in 2019 to USD 5.4 billion in 2024.
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During the forecast period, the mobile lifts segment of the patient lifting equipment market is predicted to develop at a faster rate than the overall market. In the foreseeable period, mobile lifts are expected to expand the most. Mobile lifts are sling-based and allow for the cost-effective and simple transport of heavy patients from one location to another without the need for expert uninstallation and reinstallation, like ceiling lifts do. These benefits encourage the use of mobile elevators, particularly in home care and elderly care facilities.
The home care settings sector is the fastest increasing by end-user. Because of the increased focus on lowering healthcare costs and government initiatives to encourage home healthcare, the home care settings sector is expected to grow at the fastest rate throughout the projection period. The demand for patient lifting equipment is predicted to rise as the global home healthcare market expands.
During the projection period, North America is expected to hold the biggest market share. Europe, North America, Asia Pacific, and the Rest of the World are the four major regions in which patient lifting equipment is sold (RoW). Europe held the greatest share of the global market in 2018, closely followed by North America. During the projected period, North America is expected to increase at the fastest rate. Major factors supporting the growth of the North American patient lifting equipment market include the growing geriatric and bariatric population in the United States and Canada, the growth of the North American home healthcare industry, and the growing patient volume in nursing homes and elderly care facilities.
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Key Market Players
The major companies in the patient lifting equipment market include 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.
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