Allied Market Research has recently published a new report on the global patient mechanical lift handling equipment market.
Portland, OR -- (SBWIRE) -- 09/15/2017 -- The report reveals that the market was valued at $861 million in 2015 and is expected to reach $1,629 million by 2022, growing at a CAGR of 9.4% from 2014-2022. In 2015, the powered sit-to-stand lifts segment is likely to be the market dominator, occupying around one-third of the global market.
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The report includes an introduction, market overview, and market by product type, end user, and geography. The companies operating the market are also provided in the report. The introduction covers the key benefits, market segments, research the methodology used such as primary, secondary research. The market overview encompasses the market scope, key findings on the top investment zones and top winning strategies, Porter's five forces analysis, market dynamics such as trends, restraints, and opportunities. The market by product type is segmented into stand up & raising lifts/aid, overhead/ceiling lifts, floor-based lifts and more. The market by end-user type is segmented into homecare, hospitals, elderly care homes and more. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Owing to the growing number of accidents, growing incidences of disabilities, surge in the bariatric and geriatric population, and increasing cases of musculoskeletal injuries among healthcare workers, the patient mechanical lift handling equipment market is making strides. Nevertheless, there are certain factors that may hinder the market growth. These factors include the budget constraints and lack of awareness in developing and under-developing regions among patients.
The powered sit-to-stand lifts segment is expected to continue to be at the market forefront during the forecast period on account of the development of automated lifts with improved safety and comfort levels for patients. The advanced and expensive mechanical lifts which are mostly used in hospitals contribute greatly towards market growth, occupying a majority of the market share. It is likely to be in this position during the forecast period, with an approximately two-fifths share in terms of value in 2015.
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Geographically, North America and Europe are the two important regions that offer great opportunities to market players. This is because of a rise in aging and obese population, increasing incidences of musculoskeletal injuries, streamlined government regulations and reimbursement policies, and rising income levels of consumers. Nonetheless, the market is expected to gain traction in the developing regions of Asia-Pacific and Latin America, owing to factors such as an increase in urbanization & disposable income, growing awareness about patient lifts, and presence of large obese and elderly patient population.
The market profiles the key players operating in the market. They 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.
Key findings of the report:
- By type, powered sit-to-stand lift segment is likely to grow at a CAGR of 10.2% during the forecast period.
- Geographically, the U.S. dominated the overall market in 2015 and is likely to maintain its lead position until 2022.
- The homecare segment is anticipated to grow at the highest CAGR.
- In Asia-Pacific, powered sit-to-stand lifts segment is likely to be the fastest growing throughout the forecast period.
- In China, patient mechanical lift handling equipment market is expected to grow at a CAGR of 15.1%.