July 24, 2024
Patient Mechanical Lift Handling Equipment Market

Automation and Digital Solutions Set to Boost the Growth of Patient Mechanical Lift Handling Equipment Market

The global Patient Mechanical Lift Handling Equipment Market is estimated to be valued at US$ 1,843.8 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Patient mechanical lift handling equipment includes products used for lifting and transferring patients from one surface to another. It helps to reduce physical stress on caregivers caused by manual lifting and also prevents injuries to patients as well as caregivers. Some common types of patient mechanical lift handling equipment are ceiling lifts, stair lifts, sit-to-stand lifts, electric beds, slings, sling lifts, and portable lifts. They assist patients who have limited functional abilities to perform daily activities such as bathing, dressing, and toileting. The growing geriatric population suffering from disabilities or reduced mobility is driving the need for patient mechanical lift handling equipment.

Market key trends:
Advancing technology is a key trend gaining prominence in the patient mechanical lift handling equipment market. Manufacturers are developing automated, battery-powered, and IoT-enabled lifting equipment with features such as remote monitoring and predictive maintenance capabilities. For instance, ceiling lifts are being equipped with load sensing abilities, remote controls, fall prevention sensors, and smart alert systems. Additionally, artificial intelligence and augmented reality solutions are being integrated into lift systems to provide precise guidance and real-time risk assessments. Such technological advancements are expected to boost adoption, especially in healthcare facilities.
Porter’s Analysis

Threat of new entrants: Low capital requirements and availability of raw materials reduce entry barriers. However, established brands and need for quality certifications make entry difficult.

Bargaining power of buyers: Large healthcare facilities can negotiate lower costs due to bulk purchase. Individual buyers have limited influence over prices.

Bargaining power of suppliers: Due to specialized manufacturing requirements, suppliers have some control over component pricing. Established suppliers enjoy steady demand.

Threat of new substitutes: Technological advancements introduce new materials and methods. However, compliance standards shield existing equipment from disruptions.

Competitive rivalry: Major players compete on product features, quality, and service. Fragmented industry increases price-based competition.

Key Takeaways

The global Patient Mechanical Lift Handling Equipment Market Growth is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period, due to increasing rate of elderly population and growing incidence of disabilities.

The global market size for Patient Mechanical Lift Handling Equipment was valued at US$ 1,843.8 Mn in 2023 and is anticipated to surpass US$ 3,300 Mn by 2030. North America dominates the market currently due to presence of major players and rising awareness about benefits of patient handling equipment. Asia Pacific is expected to witness fastest growth owing to increasing healthcare infrastructure and demand for assistive devices.

Key players operating in the Patient Mechanical Lift Handling Equipment market include ARJO, Etac AB, Medline Industries Inc., Guldmann Inc., Sunrise Medical Inc., Stryker Corporation, Winncare Group (Mangar Health), Joerns Healthcare Inc., Invacare Corporation, Baxter (Hill Rom Holding Inc.), Gainsborough Healthcare Group, and Savaria Corporation (Handicare Group AB), among others. These players compete based on product features, quality, and service.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it