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Global Patient Lifting Equipment Market to Grow at a CAGR of 12.80% During 2022-2027, Aided by the Rising Demand from the Healthcare Sector

According to a new report by EMR titled, ‘Global Patient Lifting Equipment Market Report and Forecast 2022-2027’, the market attained a value of around USD 3.76 billion in 2021. The industry is further expected to grow at a CAGR of 12.80% in the forecast period of 2022-2027 to reach a value of nearly USD 7.75 billion by 2027.

The increased investments in the healthcare sector are expected to drive the global patient lifting equipment industry. This can be attributed to the rising incidences of chronic illnesses worldwide. Moreover, the growing geriatric population globally, which is more susceptible to severe ailments and injuries, is also expected to contribute to the increased demand for patient lifting equipment in the forecast period. Furthermore, the heightened demand for homecare facilities and solutions, especially among people with disabilities, is also leading to an increased demand for patient lifting equipment. This trend is further expected to be fuelled by the rising disposable incomes and improved living standards of consumers.

The rising demand for patient assistance to better support the patients with disabilities is driving the market players to develop improved lifting equipment that can offer proper rehabilitation and safety potential, among other benefits. For instance, in October 2020, Invacare Corporation (NYSE: IVC) announced the launch of their new Invacare Stand Assist (ISA) premier series stand and assist lifts that offer innovative features and improved functionality and security with a sleek and modern design. It is especially designed for bariatric patients and those requiring rehabilitation support. Such developments are expected to positively impact the patient lifting equipment industry growth in the forecast period.

Market Breakup by Product, End Use, and Region:

  • The market is divided, based on product, into ceiling lifts, stair and wheelchair lifts, mobile lifts, sit-to-stand lifts, bath and pool lifts, lifting slings, and accessories. 
  • On the basis of end use, the market can be categorised into hospitals, homecare, and elderly care facilities, among others. 
  • Region-wise, the global market for patient lifting equipment can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for patient lifting equipment is being driven by the growing government investments in the healthcare industry.
  • The growing demand for patient assistance solutions has significantly contributed to the market expansion. 
  • The rising investments by the leading market players in the research and development of improved patient lifting equipment are also aiding the industry growth. 
  • The heightened demand for patient lifting equipment for homecare setting is further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for patient lifting equipment for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the products, end uses, and regions of patient lifting equipment.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global patient lifting equipment market are Stryker Corporation, Handicare Group AB, Arjo AB, Hill-Rom Services, Inc., Invacare Corporation, and Sunrise Medical Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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