The global patient mechanical lift handling equipment market is expected to garner $1.62 billion by 2022, registering a CAGR of 9.4% through 2022. The research also highlights that the powered sit-to-stand lifts segment is projected to maintain its dominance in the market, contributing to nearly one-third of the total market share in 2015. The report is a helpful source of guidance for market players, stakeholders, investors, and new entrants to gain competitive edge and strong position in the industry.
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Powered sit-to-stand lifts segment is expected to be the most lucrative segment for investment for new as well as existing players. This is because these lifts can lift the patients by themselves, thereby reducing the dependency of patients on healthcare workers. These lifts are also more reliable and comfortable as compared to manual/traditional lifts. The high cost associated with these lifts currently limits their use. However, emergence of advanced lifts, increasing disposable incomes in developing regions, and growing dearth of healthcare workers promise a bright future for this segment.
Rise in the number of accidents, surge in incidence of disabilities, increase in geriatric population, and growth in musculoskeletal injury cases among healthcare workers would drive the growth in the market. On the other hand, budgetary limits and lack of awareness in developing and under-developing countries restrain the market growth.
The powered sit-to-stand lifts segment would maintain its lead position during the forecast period, owing to the creation of automated lifts that offer enhanced safety and comfort levels to patients. As advanced and costly mechanical lifts are utilized in hospitals majorly, they contributed major market share, with nearly two-fifths share in terms of revenue in 2015 and is expected to maintain its leadership status during the forecast period.
North America and Europe provide new opportunities to market players, owing to surge in aging and obese population, rise in incidence of musculoskeletal injuries, and streamlined government policies and reimbursement regulations. However, the market would gain momentum in the developing countries of Asia-Pacific and Latin America, owing to the surge in urbanization, rise in disposable income, surge in awareness about patient lifts, and huge obese and elderly patient population.
Key findings of the report:
- Among product types, the powered sit-to-stand lifts segment is expected to register a CAGR of 10.2% during the forecast period.
- The U.S. garnered the highest revenue in 2015 and is expected to maintain its leadership position by 2022.
- The homecare segment is estimated to register the highest CAGR throughout the forecast period.
- In Asia-Pacific region, the powered sit-to-stand lifts segment is expected to be the highest growing segment during the forecast period.
- The patient mechanical lift handling equipment market in China is anticipated to register a CAGR of 15.1% from 2014 to 2022.
The key players analyzed in the report are Stryker Corporation, Invacare Corporation, Hill-Rom Holdings Inc., Getinge Group, Guldmann Inc., Gainsborough Specialist Bathing, Handicare Group AB, Mangar International, Inc., Joerns Healthcare, Inc., and Prism Medical. These market players have adopted various strategies including expansion, mergers & acquisitions, partnerships, collaborations, and others to gain a strong position in the market.
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