5 Trends In The Patient Lift Equipment Market
The patient lift equipment is designed to lift and transfer patients from one place to another, for instance, from bed to bath or from a chair to a stretcher. Patient lift equipment may include stair & wheelchair lifts, ceiling lifts, mobile lifts, bath & pool lifts etc. The patient lift equipment is generally used at hospitals, home care settings, elderly care facilities and rehabilitation centers among others. Using such equipment ensures the safety of all the stakeholders – patients, doctors and caregivers. However, improper use may lead to patients or caregivers sustaining severe injuries such as head traumas, fractures, and deaths.
The patient lift equipment market has seen growth in the past several years. Some observed trends in this market include the following:
1. Size and Growth Rate:
The patient lift equipment market is projected to grow to about USD 8 billion in 2027 from USD 3.0 billion in 2019, at approximately 13% CAGR (compound annual growth rate) during the forecast period.
2. Growth Factors:
The market growth is largely driven by factors such as increasing geriatric population, rising prevalence of chronic diseases, rising musculoskeletal disorders and increasing regulations regarding safety of the stakeholders.
3. Home Care Segments:
The market segments for patient lift equipment include institutional (hospitals, clinics, elderly care facilities) and home care settings. The home care settings segment is expected to show a higher growth rate due to the increasing focus on reducing healthcare costs, the elderly preferring to age in place and government initiatives to promote home healthcare.
4. Growth in the U.S.:
In the U.S., the market is expected to grow due to the growing patient volume in nursing homes and elderly care facilities, rising prevalence of various musculoskeletal conditions, access to better healthcare facilities, availability of improved technological products, and higher awareness about patient lifting equipment.
5. Constraints to Growth:
A few constraints to growth include a lack of training given to caregivers to operate the equipment efficiently, attitudinal barriers in patients in using lifts, and structural limitations such as lack of space to use patient lift equipment.
For more information on patient lifts, give Lift and Care Systems a call. We have served disabled individuals and their caregivers in Massachusetts, Connecticut, and Rhode Island for over 20 years. We have the name-brand durable medical equipment you need, such as Surehands Lift Systems, Bruno Stair Lifts, and Aqua Creek Pool Lifts (just to name a few). Contact us today for a free consultation at (508) 465-5254 or fill out our free consultation form to speak to one of our durable medical equipment specialists today.