Global Patient Lift Pendant Market, by Type (Ceiling/ Overhead Lift, Stair Lift, Mobile/ Floor Lift, Sit to Stand Lift, Bath & Pool Lift, Lifting Slings, and Lifting Accessories), by End User (Hospitals, Home Care, and Elderly Care Facility), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 1,420.1 million in 2021 and is expected to exhibit a CAGR of 9.28% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Global Patient Lift Pendant Market- Impact of Coronavirus (COVID-19) Pandemic
The Coronavirus (COVID-19) pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors. The private healthcare sector is one of the sectors, which has been majorly impacted by the COVID-19 pandemic. The lockdown in various countries due to the COVID-19 pandemic has created an economic burden on the private healthcare sectors. The Coronavirus (COVID-19) poses an unprecedented challenge to health and epidemic prevention system, especially the healthcare of patients with paralysis strokes. For instance, according to a report published in Christopher & Dana Reeve Foundation, approximately 1.7% of the U.S. population, or 5,357,970 people reported they were living with some form of paralysis, defined by the study as a central nervous system disorder resulting in difficulty or inability to move the upper or lower extremities. The leading cause of paralysis was stroke (33.7%), followed by spinal cord injury (27.3%) and multiple sclerosis (18.6%).
Thus, impact of the Coronavirus (COVID-19) pandemic is expected to limit growth of the global patient lift pendant market during the forecast period.
The increasing number of product launches from market key players will drive the growth of the global patient lift pendant market during the forecast period. For instance, in August 2018, Olympus, a global technology leader in designing and delivering innovative solutions for medical and surgical procedures, among other core businesses, announced today it now sells surgical lighting, equipment booms and infrastructure products through a distribution agreement with AMICO, a manufacturer of products in health care segment.
High number of patients of spinal cord injury is expected to provide huge opportunities to the global patient lift pendant market growth in the near future. For instance, according to the National Spinal Cord Injury Statistical Center, approximately 291,000 Americans are spinal cord injured, 39.5% of spinal cord injured individuals are considered paraplegic and 59.9% quadriplegic, approximately 17,730 new injuries occur each year, the average age of spinal cord injured person is 43.
The increasing number of incidence and prevalence of spinal cord injury is expected to drive the global patient lift pendant market growth. For instance, in 2012, according to a report published in Karger, the estimated 2010 initial incidence of traumatic spinal cord injury (TSCI) is 1,785 cases per year, and the discharge incidence is 1,389 (41 per million). The estimated discharge incidence for non-traumatic spinal cord injury (NTSCI) is 2,286 cases (68 per million). The prevalence of SCI in Canada is estimated to be 85,556 persons (51% TSCI and 49% NTSCI).
Growing number of patients of spinal cord injury is expected to drive the growth over the forecast period. For instance, according to the National Center for Biotechnology Information (NCBI) in August 2018, a total of 25,792 (M, 70.1%, F, 29.9%, mean age: 53.4 years) spinal injury patients were recorded in the Japan trauma data bank (JTDB) from 2004 to 2013, when multiple injuries were included the number of cases swelled to 33,892 (M, 70.4%, F, 29.6%). The number of patients with spinal injuries as a percentage of all traumatic patients in the JTDB was observed to increase from 2004 (15.4%) to 2013 (17.6%). The aetiology of the injuries was mostly person falls (52.4%) and motor vehicle crashes (39.8%).
Browse 39 Market Data Tables and 32 Figures spread through 175 Pages and in-depth TOC on Global Patient Lift Pendant Market, by Type (Ceiling, Overhead Lift, Stair Lift, Mobile/ Floor Lift, Sit to Stand, Bath & Pool Lift, Lifting Slings, and Lifting Accessories), By End User (Hospitals, Home Care, and Elderly Care Facility), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Forecast to 2028"
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The increasing inorganic growth strategies such as acquisition by key players is expected to drive the growth of global patient lift pendant market. For instance, in September 2011, Hill-Rom Holdings, Inc., announced the approximately US$ 20 million acquisition of Liko France, a manufacturer of mobile and stationary patient lifts, SAS, Item SA and Liko Care AG, the distribution companies for Hill-Rom's Liko patient mobility products in France and Switzerland.
Key Takeaways of the Global Patient Lift Pendant Market: