Increase in Demand for Better Healthcare Facilities to Drive Global Market
- Patient lifts have proven to be useful for disabled persons as well as caregivers. Disabled and elderly individuals face mobility issues while performing their day-to-day tasks, even finding the process to be dangerous most of the time.
- Patient lifting equipment include bathtub lift equipment that enable the user to move in and out of the tub with ease and comfort. Invacare is a leading manufacturer of patient lifts. There are sit-to-stand varieties of patient lifts available for those who have lost muscular control to stand on their feet from the bed or a wheelchair.
- Overhead or ceiling lifts can be attached to the ceiling of the room. Other varieties of patient lifts include sling lift, which allows heavy weight or obese patients to be transferred without causing stress to the user or the caregiver extending support
- These devices have a limitation where sling lifts tend to bend and compress the body of the patient during the transfer process
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Key Drivers and Restraints of Global Patient Lifting Equipment Market
Increase in Disabled Population Globally
- Geriatric population is usually prone to various physical disabilities such as loss of neuromuscular control and immobility. The annual report on Disability Statistics, 2017 published by the University of New Hampshire pointed out that disability rate increases with age. In 2016, less than 1% of the U.S. population aged 5 years and under suffered from disability, whereas 36.6% population aged 65 years and above suffered from disability.
- People suffering from disabilities will increasingly require mobility devices or lifting devices to conduct their day-to-day activities, as geriatric disorders often co-exist with obesity and disability
- Improving health care in major countries, such as the U.S., Japan, and China, have led to increased life expectancy of the population. According to the data released by the WHO SAGE publication group, Brazil, Thailand, South Korea, and China are expected to have a large geriatric population in a short span of time.
- Japan, the U.S., and the U.K. are also expected to follow a similar pattern. Growth in geriatric population is likely to lead to an increase in disabilities. This will drive the demand for various mobility devices.
- The ‘Convention on the Rights of Persons with Disabilities (CRPD)’ promotes access to mobility devices and assistive technologies among its member countries in a bid to provide these devices at affordable cost. This convention also facilitates training people with disabilities to use patient lifting devices apart from professionals working in facilitation and rehabilitation services.
Lifting Slings Product Segment to Dominate Global Market
- In terms of product, the global patient lifting equipment market can be segmented into fixed lifting slings, ceiling hoist, floor hoist, standing hoist, and others
- The lifting sling segment can be categorized into general purpose slings, pivot slings, amputee slings, rehabilitation slings, pediatric slings, and others
- Ceiling hoist segment is sub-categorized into accessories and systems
- Lifting slings product segment is expected to dominate the global patient lifting equipment market between 2019 and 2027
North America to Lead Global Patient Lifting Equipment Market
- In terms of region, the global patient lifting equipment market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global patient lifting equipment market in 2018. Key factors driving the market in North America are increasing number of individuals with disability, rising geriatric population, significant demand for technologically advanced devices, and high awareness about advanced patient lifting equipment and affordability in the region.
- Europe is expected to account for a major share of the global patient lifting equipment market after North America
- This market in Asia Pacific is expected to expand at a rapid CAGR during the forecast period from 2019 to 2027. Increase in the number of disabled individuals, aging population, and expansion of the global companies into the region are likely to contribute to the growth of this market in Asia Pacific.
- Other regions, such as Latin America and Middle East & Africa have been least explored due to lack of penetration and usage of modern and advanced patient lifting equipment. Therefore, demand for and acceptance of various patient lifting aids, medical furniture, and modern bathroom safety products are likely to provide growth opportunities to patient lifting equipment manufacturers.
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Key Manufacturers Operating in Global Market
The global patient lifting equipment market was highly fragmented in 2018. Key players operating in the global patient lifting equipment market are:
- IMED Mobility
- Joerns Healthcare LLC
- Invacare Corporation
- Hill-Rom Services Inc.
- Handicare Group AB
- GF HEALTH PRODUCTS, INC.
- Drive DeVilbiss Healthcare
Global Patient Lifting Equipment Market: Research Scope
Global Patient Lifting Equipment Market, by Product
- Lifting Slings
- General Purpose Slings
- Pivot Slings
- Amputee Slings
- Rehabilitation Slings
- Pediatric Slings
- Ceiling Hoist
- Floor Hoist
- Standing Hoist
Global Patient Lifting Equipment Market, by End-user
- Elderly Care Facilities
- Home Care
Global Patient Lifting Equipment Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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