May 24, 2024
Patient Mechanical Lift Handling Equipment Market

Patient Mechanical Lift Handling Equipment Market is Driven by Rapid Adoption of Medical Devices to Enhance Patient Care

Patient handling equipment such as mechanical lifts, slings and transfer aids are used for lifting and transferring patients from beds, wheelchairs and other care surfaces to improve mobility and reduce strain for patients and caregivers. Mechanical lifts are powered devices that use electronic motors to lift and transfer patients with greater ease. Widely used in hospitals, nursing homes and other healthcare settings, patient handling equipment provides safer transfer and mobility for patients with limited mobility due to illness, old age or disability. The growing elderly population and rise in cases of chronic diseases have increased the need for assisted patient transfer and enhanced mobility support devices.

The global Patient Mechanical Lift Handling Equipment Market is estimated to be valued at US$2124.06 million in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends: One of the key trends in the patient mechanical lift handling equipment market is the growing adoption of powered devices and lift slings for safe patient transfer. Powered lift slings and devices aid in reducing manual lifting of patients by caregivers and support safe mobility for patients. Various types of lifting slings such as universal slings, bridging slings and powered slings with carry bar systems are being adopted to provide customized support and handling solutions for patients. Manufacturers are also offering Internet of Things (IoT) integrated mechanical lifts with remote monitoring capabilities to aid in round-the-clock patient surveillance and support. This reduces workload for caregivers and enhances patient safety. The market is expected to gain traction with growing investments from hospitals and healthcare providers to adopt powered patient mobility and transfer equipment.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the patient mechanical lift handling equipment market requires significant investments in research and development. There are also economies of scale required in production.

Bargaining power of buyers: The bargaining power of buyers is moderate as patient mechanical lift handling equipment is essential for hospitals and clinics. However, buyers have choice in selecting different brands.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have minimal differentiation. However, major manufactures source materials from multiple suppliers globally.

Threat of new substitutes: The threat of new substitutes is low as patient mechanical lift handling equipment is specialized with no close substitutes available for similar applications.

Competitive rivalry: The competition is high between major manufacturers to gain market share and expand their product portfolio through quality, innovation and pricing.

Key Takeaways
The global patient mechanical lift handling equipment market is expected to witness high growth. Global Patient Mechanical Lift Handling Equipment Market Demand is estimated to be valued at US$2124.06 million in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031.

Regional analysis: North America dominates the market currently due to adoption of advanced technologies. However, Asia Pacific is expected to witness fastest growth due to rising healthcare infrastructure and increasing medical tourism.

Key players: Key players operating in the patient mechanical lift handling equipment market include Smith & Nephew PLC, Mölnlycke Health Care AB, Ethicon Inc. (JOHNSON & JOHNSON), Medtronic, 3M, Beiersdorf AG, Urgo Medical, Dynarex Corporation, Winner Medical Group, Inc., McKesson Corporation, Cardinal Health, 3L Medicinal Products Group, B. Braun Melsungen AG, Paul Hartmann AG. The companies are focusing on new product launches and acquisitions for market expansion.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it