Global Medical Elevators Market Size, Share, Opportunities, And Trends By Type (Traction, Hydraulic), By Application (Patients & Medical Staff, Medical Equipment), By End-User (Hospital & Clinics, Nursing Homes), And By Geography - Forecasts From 2024 To 2029

The medical elevator market is anticipated to expand at a high CAGR over the forecast period.

Elevators can be classified as a form of transportation from one place to another. There are a wide variety of elevators that exist in the present era, which evolved from hoists to steam hydraulic elevators and finally to motor elevators. The different types of elevators include freight elevators, boat lifts, stage lifts, sidewalk elevators, dumbwaiters, vehicle elevators, passenger elevators, aircraft elevators, residential elevators, paternoster, scissor lifts, and material handling belts. Passenger elevators are common in the majority of facilities and residential buildings. Passenger elevators provide transport to people from one floor to another, based on the floor desired by the passenger. They also consist of a few extra functions, which include loudspeakers, which play music or announcements, audio or visual advertising, or a television display. Passenger elevators include residential elevators, commercial elevators, and medical elevators. Medical elevators are a type of passenger lift that functions to carry patients from one place to another.

Introduction:

Medical elevators are commonly used in hospitals and clinics and help in the transportation of patients, doctors, and medical equipment between floors. These elevators provide comfortable and efficient transportation of patients without any rugged movement or disturbances. It also provides smooth movement of medical personnel from one place to another inside the medical institute.  Reliable medical elevators offer a wide range of features, which include enhanced efficiency and safety. These also optimize patient transportation, streamline workflow, and ensure safety, which results in efficient healthcare delivery while safeguarding the wellbeing of the patients and staff. The global medical elevator market is expected to witness significant growth during the forecasted period of 2024-2029 due to factors such as the increase in the aging population influencing the market.

Market Drivers:

• Rising aged population: Patient transportation is a necessity for those who are past the age of 60. The reason for the necessity is the degrading of bones and human strength that happens while aging, which reduces self-support capabilities and requires increased external support. In hospitals and households, the use of a medical elevator plays a crucial role in the transportation of elderly people from one place to another. As per the World Health Organization, the world’s population of those who are 60 years and above will be expected to reach 2.1 billion by 2050, and the population of people who are above the age of 80 years and older will be expected to reach 426 million by 2050. The common health conditions that were found among the old age population included back and neck pain and osteoarthritis, which further increased the need for a more convenient method of transportation in hospitals and households. Hence, the increase in the population of old people can be expected to provide the necessary boost for the medical elevator market growth during the forecasted period.

Key Players:

• Schindler: A Swiss multinational company that is known for the manufacture, installation, service provider, and modernising services of elevators, escalators, and moving walkways for every kind of building.
• OTIS Elevator Company: An American company that is part of the OTIS Worldwide corporation, which is known for its development, manufacture, and marketing of elevators, escalators, moving walkways, and other transportation equipment.

Regional Analysis:

The North American region is expected to witness significant growth in the medical elevator industry during the forecasted period of 2024-2029. The United States accounts for a major contribution to growth in the healthcare industry due to their strong healthcare infrastructure. The majority of the healthcare in the United States is governed and influenced by regulators and policymakers in America, which include The US Department of Health and Human Services (HHS), Agency for Healthcare Research and Quality (AHRQ), Centers for Disease Control and Prevention (CDC), National Institutes of Health (NIH), Office of Inspector General (OIG), The US Food and Drug Administration?(FDA), Center for Drug Evaluation and Research (CDER), Center for Biologics Evaluation and Research (CBER), and the Center for Devices and Radiological Health (CDRH). Another factor that leads to the increase in the growth of medical elevators is the increase in the elderly population. Due to the aged population increasing at a rapid rate, the need for convenient and efficient patient transportation is expected to increase. As per the Population Reference Bureau, the number of Americans that are aged 65 and above is expected to increase from 58 million in 2022 to 82 million by 2050, which is a 47% increase. As the region's aged population increases, the need for more convenient and efficient patient transportation will be expected to rise, which will innovate and develop American healthcare further and also provide the necessary boost for the global medical elevator market growth during the forecasted period.

Market Developments:

• May 2023: TK Elevators announced the launch of their new generation AGILE destination control kiosks. The product was designed to ensure the ultimate passenger experience in complex mixed-use projects and buildings with shifting traffic patterns. The AGILE Destination Control system assigns passengers to elevators automatically, reducing the waiting time and travelling time by 25% and increasing the capacity by 30%. This control device is available in the Asia Pacific region to further enhance passenger satisfaction and complement building designs.
• March 2020: Schindler announced the release of their modular elevator equipped with innovative technology, such as touchless technology, advanced connectivity, and additional digital services that allow for enhanced passenger experience. This product was created to meet the rising urbanization rate coupled with the increase in the aging population, which increased the need for more intelligent cities across the world. The elevator was manufactured based on a new modular approach with harmonized systems and components.

Segmentation:

• By Type:
  • Traction
  • Hydraulic
• By Application:
  • Patients & Medical Staff
  • Medical Equipment
• By End-User:
  • Hospital & Clinics
  • Nursing Homes
• By Geography:
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Others