Global Patient Mechanical Lift Handling Equipment Market: Overview
Patient mechanical lift handling equipment are lifts that are used to lift patients who are either unable to move or whose weight makes it unsafe to move or lift them manually. These equipment find application in hospitals, homecare, and elderly care homes. The different types of mechanical lifts available in the market are floor-based lifts, stand up and raising lifts/aids, powered sit-to-stand lifts, overhead/ceiling lifts, gantry lifts, and bath patient lifters. All these types of patient lifts function together to facilitate total patient transfer.
Global Patient Mechanical Lift Handling Equipment Market: Key Trends
A number of factors are responsible for promoting the global patient mechanical lift handling equipment market. Some of them are the rising number of accidents and increasing disabilities, spike in the elderly population, the risk of musculoskeletal injuries among caregivers in the process of manual handling of patients, and rules forbidding manual handling of patients. Besides, rise in obesity, which causes people to lose their mobility, has also helped promote the market. In fact, as per the Institute for Health Metrics and Evaluation, around 30% of the global population were either obese or overweight in 2013.
On the contrary, lack of proper budget allocation and dearth of awareness among patients, mostly in developing and under-developed regions of the world about mechanical lift handling equipment, is slated to dampen the growth in the market, particularly in Asia-Pacific and Latin America.
Global Patient Mechanical Lift Handling Equipment Market: Market Potential
Among the various types of mechanical lift handling equipment available in the market, the powered sit-to-stand lifts segment leads with a dominant share. Going forward, it is predicted to retain its dominant position, owing to the emergence of automated lifts that provide enhanced safety and comfort to the patients. Hospitals, these days, are increasingly leveraging expensive mechanical lifts. This has also resulted in their substantial market share.
As per the Bureau of Labor Statistics, around 50% nurses incur back pain and musculoskeletal injuries on account of manual handling of patients. To bring down such injuries, the U.S. government has created a “minimal lift” regulation. Further, many hospitals and healthcare facilities, namely Stanford Hospital and Clinics, have implemented Safe Patient Handling and Mobility Program to reduce risk of injuries among healthcare professionals. All these will create opportunities in the global patient mechanical lift handling equipment market in the future.
Global Patient Mechanical Lift Handling Equipment Market: Regional Outlook
Geographically, the key segments of the global patient mechanical lift handling equipment market are Asia Pacific, Europe, North America, and the Rest of the World. Currently, North America and Europe are key regions on account of the spike in the elderly population, increasing instances of obesity, rise in the incidence of musculoskeletal injuries, effective government regulations, favorable reimbursement policies, and high spending capacity of patients.
In the years ahead, Asia-Pacific and Latin America, will emerge as lucrative markets because of burgeoning urbanization, increasing disposable incomes, rising awareness about patient lifts, increasing instances of obesity, and a rapidly growing elderly population. The rapidly expanding developing economies of China and India along with Japan, which has a large geriatric population, are at the forefront of driving growth in Asia Pacific.
Global Patient Mechanical Lift Handling Equipment Market: Competitive Analysis
To assess the competition prevailing in the global mechanical lift handling equipment market, the report profiles companies such as Stryker Corporation, Hill-Rom Holdings, Inc., Invacare Corporation, and Getinge Group.
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 various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
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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