Patient Mechanical Lift Handling Equipment Market Size

Patient Mechanical Lift Handling Equipment Market Analysis

The Patient Mechanical Lift Handling Equipment Market size is estimated at USD 1.96 billion in 2024, and is expected to reach USD 2.71 billion by 2029, growing at a CAGR of 6.68% during the forecast period (2024-2029).

COVID-19 had 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 CDC study, COVID-19-associated hospitalization rates were higher among the elderly than in 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 the increasing geriatric population, rising prevalence of chronic diseases, and rising musculoskeletal disorders.

Patient mechanical lift handling equipment is used extensively in transporting a patient from one place to another place. The 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. European Health Interview Survey (EHIS) September 2022 reported that more than one-third of the European Union elderly population with 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. For instance, as per World Population Prospects 2022, the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. By 2050, the number of persons aged 65 years or over worldwide is projected to be more than twice the number of children under age five and about the same as the number of children under age 12. Thus, the geriatric population is more prone to various chronic conditions, which is expected to increase the need for patient mechanical lift handling equipment, which is further expected to boost the growth of the market over the forecast period.

Moreover, in January 2021, Handicare launched its AP-Series Portable Ceiling Lifts in North America. The AP-Series' heavy-duty smart batteries offer increased lifting capacity on a single charge. The features include the SafeGuardHook and ActiveSenseTilt Detection.

Mechanical lift-handling equipment is 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. However, the high costs of the equipment are expected to hinder the growth of the market over the forecast period.