Patient Lifting Equipment Market
Patient Lifting Equipment Market Analysis 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 and By Region - Global Market Insights 2022 to 2027
Patient Lifting Equipment Market Outlook (2022-2027)
Worldwide demand for patient lifting equipment is anticipated to increase at a high-value CAGR of 7.3% from 2022 to 2027. Currently, the global patient lifting equipment market stands at a valuation of US$ 1.5 billion and is predicted to reach US$ 2.3 billion by the end of 2027.
Rising incidence of accidents resulting in severe injuries and increasing disability among the general population, especially the elderly, are expected to be prominent factors driving global sales of patient lifting equipment over the years to come.
Patient Lifting Equipment Market Size (2022E)
US$ 1.5 Billion
Forecasted Market Value (2027F)
US$ 2.3 Billion
Global Market Growth Rate (2022-2027)
China Market Growth Rate (2022-2027)
Key Companies Profiled
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Patient Lifting Equipment Sales Analysis (2017-2021) in Comparison to Market Forecasts (2022-2027)
Patient lifting equipment is used to transfer patients from one place to another safely and securely and has been witnessing a rise in demand owing to the increasing rate of hospitalization over the past few years. The rising geriatric and bariatric population across the world is expected to majorly drive demand for mobility equipment.
An increasing number of accidents and a rising incidence of musculoskeletal injuries are also projected to favor the overall patient lifting equipment market potential throughout the forecast period.
Rising investments in healthcare infrastructure by governments across the world, imposition of strict patient safety mandates, and rising prevalence of chronic diseases are other factors that could favor patient lifting equipment market potential.
The emergence of the COVID-19 pandemic in 2020 also boosted the demand for patient handling equipment and favored sales of medical lifts, patient slings, hydraulic patient lifts, etc.
However, the high costs of patient handling equipment and the lack of trained caregivers to operate patient lifting systems are expected to have a hindering effect on the global patient lifting equipment shipments through 2027.
The patient lifting equipment market is slated to rise at a CAGR of 7.3% from 2022 to 2027.
What’s Majorly Driving Patient Lifting Equipment Demand?
“Rising Geriatric Population across the World”
The world is witnessing a notable increase in its geriatric population and this trend is expected to frequent across the forecast period as well. Elderly people require more time to recover from their injuries and require assistance to move and function while in recovery which drives demand for patient handling equipment.
China and the United States are prime countries where the geriatric population is increasing at a rapid pace and hence these countries are expected to provide rewarding opportunities for patient lifting equipment suppliers over the years to come.
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What Could Restrict Patient Lifting Equipment Industry Progress Going Forward?
“Lack of Trained Caregivers”
Caregivers play a crucial role in the treatment of patients and caregivers need to be skilled in operating essential treatment equipment and medication.
Patient lifting systems and devices are modern and often equipped with advanced technologies to increase their safety, efficiency, and comfort. This makes it a challenge for untrained caregivers as they are unable to operate such advanced patient lifting devices. Hence, this has a hampering effect on the overall market potential throughout the forecast period.
“High Costs of Patient Lifting Systems”
Advanced patient lifting devices are equipped with patient lifting equipment technologies to ensure maximum safety and comfort for patients. However, this increases the overall costs of the product and is not accessible to healthcare providers that run on a tight budget, resulting in a slowdown of the global patient lifting equipment marketplace.
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.
The Europe patient lifting equipment market is also projected to expand at a noteworthy CAGR over the years to come. Countries such as Germany, France, Italy, and the United Kingdom are predicted to lead market growth in this region through 2027.
Rising popularity of home care and an increasing number of elderly care facilities in this region are expected to positively drive patient lifting equipment market potential.
Rising focus on healthcare infrastructure development and increasing investments from governments are expected to propel the demand for patient lifting devices in the MEA region and Latin America region. Patient lifting system manufacturers can enter these regions and benefit from the untapped potential that these markets have to offer through 2027.
The patient lifting equipment market study by analysts at Fact.MR, a market research and competitive intelligence provider, has assessed an intricate regional analysis while listing all the trends, opportunities, and restraints specific to different regions.
Is China an Investment-worthy Market for Patient Lifting System Manufacturers?
“Increasing Investments by Government to Advance Healthcare Infrastructure”
The market for patient lifting equipment in China is expected to be majorly driven by rising investments from the government to bolster its healthcare infrastructure. An increasing number of people with disabilities, a growing geriatric population, and rising adoption of advanced patient handling equipment are prime factors that are expected to provide rewarding opportunities for patient lifting equipment suppliers in the country.
Increasing medical tourism in the country is also expected to favor patient lifting equipment demand in the country over the coming years and is expected to attract new investments by the end of the forecast period.
Should Patient Lifting Equipment Manufacturers Focus on the United States?
“Increasing Geriatric Population Providing New Opportunities for Patient Lifting Device Suppliers”
Rising prevalence of chronic diseases had led to an increased rate of hospitalization and increased disabilities among people in the United States. This factor is expected to significantly drive patient lifting equipment market potential over the forecast period.
The United States is witnessing a substantial increase in its geriatric population and this is predicted to provide new opportunities for patient lifting equipment manufacturers as they develop and launch products aimed at the geriatric population.
Increasing investments by the government to bolster healthcare facilities, the rising popularity of the home care trend, the growing availability of advanced patient lifting devices, and the presence of key patient lifting equipment suppliers in the nation are expected to further propel market growth over the years to come.
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Which End Use Segment will Spearhead Patient Lifting Equipment Sales?
“Hospitals to Witness High Demand for Patient Lifting Equipment”
The global patient lifting equipment market, based on end users, is segmented into hospitals, home care, elderly care facilities, and other end uses.
Incidence of chronic diseases has risen substantially over the past few years and this has led to an increased number of people being hospitalized hence increasing the load on hospitals. An increasing number of patients requiring critical care has led to high demand for patient handling equipment such as hoyer lifts, stand-to-assist lifts, and patient hoists in hospital settings.
Rising popularity of home care is anticipated to drive demand for hoyer lifts and other lifting equipment at a rapid pace over the forecast period in this segment. Patient lifts for home care settings are expected to witness a sharp increase in sales through 2027.
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.
Patient lifting system suppliers can also target mergers, acquisitions, partnerships, and collaborations to drive their market presence and increase their overall market share.
- In June 2019, Savaria Corporation, a global leader in the accessibility industry, announced the acquisition of Silvalea, a leading patient transfer sling and accessory manufacturer, along with its sister organization D-ansermed Ltd.
Key Segments in Patient Lifting Equipment Industry Research
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 :
- Home Care
- Elderly Care Facilities
- Other End Uses
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
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