(PharmaNewsWire.Com, August 16, 2021 ) The global patient lifting equipment market size is expected to grow from USD 3.0 billion in 2019 to USD 5.4 billion by 2024, at a CAGR of 12.7% during the forecast period. The growth of this market is driven primarily by factors such as the rising global geriatric & bariatric populations, the high risk of injuries to caregivers during the manual handling of patients, and the implementation of regulations ensuring the safety of healthcare personnel during manual lifting.
The major players in the patient lifting equipment market include Arjo (Sweden), Hill-Rom (US), Invacare (US), Handicare (Sweden), and Guldmann (US). These players have adopted various growth strategies such as product launches & product upgrades, acquisitions, partnerships & collaborations, and expansion to increase their presence in the global patient lifting equipment industry.
Hill Rom (US) was one of the major players operating in the patient lifting equipment market in the year 2018. The company has a wide range of product offerings in this market. To maintain its market position, the company mainly focuses on new developments by making significant investments in R&D. In 2018, the company invested about USD 0.4 billion in R&D, which accounted for (4.8%) of its total revenue. The company mainly focuses on new product developments, which enabled them for product innovation and ultimately helped to enhance its product offerings for the patient lifting equipment market.
Arjo (Sweden) is among the leading players in the patient lifting equipment market. Arjo’s major customers include private and public institutions providing acute and long-term care. The company has a strong global geographic presence, which has helped it broaden the sales and distribution of patient lift market. Approximately 23% of Arjo’s total sales are attributed to its patient handling equipment portfolio. The company has a wide range of product offerings, which includes ceiling lifts, standing and raising aids, floor lifts, and slings.
North America to witness the highest growth in the hospital segment market during the forecast period
North America is estimated to grow at the highest CAGR during the forecast period. Factors such as the increasing geriatric & bariatric population in the US & Canada, the growth of the North American home healthcare industry, and the growing patient volume in nursing homes and elderly care facilities are the major factors supporting the growth of the North American patient lifting equipment market.
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