PORTLAND, Oregon and PUNE India, March 2, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research titled, " Patient Mechanical Lift Handling Equipment Market by Product Type and End User: Global Opportunity Analysis and Industry Forecast, 2014-2022," the global patient mechanical lift handling equipment market is expected to reach $1,629 million by 2022 from $861 million in 2015, growing at a CAGR of 9.4% during the forecast period. Powered sit-to-stand lifts segment is expected to dominate the market, accounting for almost one-third of the global market in 2015.
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Patient mechanical lift handling equipment are used to safely and comfortably transfer the patient from one place to another. Increase in the number of accidents, rise in incidence of disabilities, surge in the bariatric and geriatric population, and growth in cases of musculoskeletal injuries among healthcare workers are expected to fuel the market growth. However, the budget constraints and lack of awareness in developing and under-developing regions among patients may hamper this market growth.
The powered sit-to-stand lifts segment is expected to continue to lead during the forecast period, owing to the development of automated lifts with improved safety and comfort levels for the patients. As advanced, expensive mechanical lifts are mostly used in hospitals, they occupy majority of the market share, expected to maintain its dominance during the forecast period, with approximately two-fifths share in terms of value in 2015.
Currently, North America and Europe offer lucrative opportunities to market players, owing to rise in aging and obese population, increase in the incidence of musculoskeletal injuries, streamlined government regulations and reimbursement policies, and high buying power of customers. However, the market is expected to gain traction in the developing regions of Asia-Pacific and Latin America as well, due to the increase in urbanization & disposable income, growing awareness about patient lifts, and presence of large obese and elderly patient population.
Key findings of the study
- Powered sit-to-stand lifts is estimated to exhibit a CAGR of 10.2% during the forecast period, among product type.
- U.S. was the largest economy market in 2015, and is projected to maintain its lead until 2022.
- Homecare is expected to grow at the highest CAGR.
- In Asia-Pacific, powered sit-to-stand lifts segment is anticipated to be the fastest growing segment throughout the analysis period.
- The China patient mechanical lift handling equipment market is projected to grow at a CAGR of 15.1%.
According to Onkar Sumant, Research Analyst at Allied Market Research "Powered sit-to-stand lifts segment is expected to be the most lucrative segment for investment for new as well as existing players. This is because these lifts can lift the patients by themselves, thereby reducing the dependency of patients on healthcare workers. These lifts are also more reliable and comfortable as compared to manual/traditional lifts. The high cost associated with these lifts currently limits their use. However, emergence of advanced lifts, increasing disposable incomes in developing regions, and growing dearth of healthcare workers promise a bright future for this segment."
The key players profiled in this report include Stryker Corporation, Hill-Rom Holdings Inc., Invacare Corporation, Guldmann Inc., Getinge Group, Handicare Group AB, Gainsborough Specialist Bathing, Mangar International, Inc., Prism Medical, and Joerns Healthcare, Inc.
Read more about this research into the Medical Devices market: https://www.alliedmarketresearch.com/life-sciences/medical-devices-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research