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Patient Mechanical Lift Handling Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The patient mechanical lift handling equipment market was valued at USD 1,619. 31 million in 2021, and it is expected to reach USD 2,505. 86 billion by 2027, registering a CAGR of nearly 7. 86% during the forecast period, 2022-2027.
New York, July 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Patient Mechanical Lift Handling Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06309364/?utm_source=GNW
COVID-19 is likely to have a slightly positive effect on the market due to the increased rate of hospitalizations across the world. Mechanical lifts are used for patients with serious debilitating conditions, like those who suffer from chronic disease or for elderly patients. According to a March 2020 Centers for Disease Control and Prevention (CDC) study, COVID-19-associated hospitalization rates were higher among the elderly than other age groups. According to the study, hospitalization rates per 100,000 population were 7.4 in those aged 50–64 years, and 13.8 in those aged over 65 years. Rates were the highest among persons aged over 65 years, ranging from 12.2 in those aged 65–74 years to 17.2 in those aged over 85 years. In total, hospitalization rates have also increased significantly due to COVID-19. For example, according to a UK Government status report from January 2021, the weekly overall COVID-19 positive hospital admission rates per 100,000 people went up from below 10 in September 2020 to over 30 in January 2021. Such a high increase in hospitalization rates is expected to positively affect the market demand for mechanical lift handling equipment.
Additionally, the other major factors attributed to the growth of the patient mechanical lift handling equipment market include increasing geriatric population, rising prevalence of chronic diseases, and rising musculoskeletal disorders.
Patient mechanical lift handling equipment are used extensively in transporting a patient from one place to another place. Rising geriatric population and an increase in the prevalence of chronic diseases are expected to boost the demand for patient mechanical lift handling, as both these factors are expected to increase hospitalization rates. As per European Health Interview Survey (EHIS) September 2022, reported that more than one-third of the European Union elderly population with a difficulty in household activities reported a lack of assistance with those activities. Such a high need for assistance in the elderly population grows the demand for patient mechanical lift handling equipment and drives the market during the forecast period. Mechanical lift handling equipment are used extensively by caregivers while dealing with these types of patients. This is again expected to have a positive effect on the market for mechanical lift handling equipment, which may increase the demand in the market during the forecast period.
Key Market Trends
Overhead/Ceiling Lifts are Projected to Have a Significant Share Over the Forecast Period
Ceiling lift systems are expected to remain very popular during the forecast period. A comprehensive ceiling lift system consists of an overhead track (which can be freestanding or ceiling mounted), a resident sling, and an electric motor. The system applies mechanical force to assist in transferring or repositioning the patient. These types of lifts are important devices for nurses, for whom lift-strain injuries are quite common.
The increasing number of musculoskeletal injuries, rising geriatric population, and disability due to chronic diseases are primary driving factors for the segment growth. Furthermore, according to an article "German Heart Surgery Report 2020: The Annual Updated Registry of the German Society for Thoracic and Cardiovascular Surgery"published in June 2021, approximately 29,444 isolated coronary artery bypass grafting procedures, 35,469 isolated heart valve procedures, and 843 assist device implantations were registered in Germany in 2020. According to the same source, the number of solitary heart transplants in Germany has surged to 340, a 2.1% increase from 2019. These, surge in patients with heart diseases coupled with increase in number of surgeries is anticipated to increase in the future driving demand for ceiling lifts. Additionally, as the elderly population is more prone to chronic disorders, there is a greater chance of longer stays in hospitals. For instance, Germany’s population of adults aged 65 and above accounted for 18,052,747 in 2020, according to the World Bank’s Data 2020. The chronic diseases such as orthopedic illness, heart diseases and neurological disorders have a higher incidence in the older population and have a greater possibility of affecting the older population. Thus, due to the aforesaid factors, the market is expected to witness significant growth over the forecast period.Mechanical lift handling equipment are used extensively by caregivers while dealing with these types of patients.
Most mechanical lifting equipment that are manually operated are more cost-effective in the long term and easy to use. These developments are likely to drive the adoption of mechanical lift handling products over the forecast period.
North America is Expected to Hold the Largest Market Share Over the Forecast Period
The major factors driving the growth of the market in the United States are the rising prevalence of various musculoskeletal conditions and the availability of better healthcare infrastructure, as compared to many other countries. Musculoskeletal conditions are one of the most debilitating and expensive conditions in the United States. Back- and spine-related disorders hold a major share among musculoskeletal problems.
According to data from the National Safety Council (NSC), about 130,000 swimming injuries were treated in emergency rooms in 2020, with children under 14 years suffering half of all injuries, according to data from the National Safety Council (NSC). This age group accounted for 45% of soccer injuries, 44% of baseball injuries, and 40% of lacrosse and rugby injuries, treated across emergency rooms in 2020.
In addition, according to Centre of Disease Control and Prevention (CDC) data updated in March 2022, the number of emergency department visits were 130 million and number of injury-related visits were 35 million in the United States in 2021. This number of emergency visits coupled with increased number of injuries is expected to lead to increased adoption of mechanical lift handling equipment in the United States, thereby expected to drive the growth of the studied market.
Additionally, according to the National Cancer Institute, breast cancer is the most common cancer, with 290,560 new cases projected in the United States in 2022. Prostate cancer and lung cancer are the next most frequent cancers in the country. This burden of cancer is anticipated to increase hospital admissions and prolonged hospital stays, which will require patient mechanical lifts for patient handling. This is expected to drive the demand for mechanical lifts used for patient handling, driving the market growth in the country.
Moreover, the American Hospital Association (AHA) statistics shows that, the number of active hospitals in the United States increased from 5,534 in 2016 to 6,093 in 2020. Thus, a steep rise in the volume of hospitals and increasing hospital admissions drives higher demand for mechanical lift handling equipment in hospitals, thereby boosting the studied market growth in the country.
Additionally, the Senior Report 2021 published by America’s Health Rankings United Health Foundation shows that more than 54 million adults aged 65 and older lived in the United States in 2021, which accounted for about 16.5% of the country’s population. As this population is more prone to getting chronic diseases and surgeries for treatment, it increases the rate of hospitalization, which ultimately is expected to drive the demand for patient mechanical lift handling equipment, driving the market growth. Rising musculoskeletal disorders in the United States are expected to increase the demand for mechanical lift handling equipment during the forecast period.
Competitive Landscape
The patient mechanical lift handling equipment market is fragmented owing to the presence of various key companies. Some of the market players are Gainsborough Healthcare Group, ARJO, Handicare Group AB, Hill Rom Holding Inc., Invacare Corporation, Joerns Healthcare Inc., Mangar International Inc., Stryker Corporation, Sunrise Medical LLC, and Guldmann Inc.
The competition in the market is majorly based on the pricing of equipment. Additionally, the key players have been involved in various strategic alliances such as acquisitions, collaborations, and launches of advanced products to secure their positions in the global market. For instance, in July 2020, Invacare Corporation partnered with Alber to announce the US introduction of SMOOV one, an innovative and pioneering power-assist solution.
Additional Benefits:
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