Global Medical Lifting Slings Market: Snapshot
The global medical lifting slings market to grow significantly due to increasing geriatric population that are tend to suffer from mobility related disorder. In the coming years, medical lifting slings are projected to become an essential part of the healthcare industry at the global level, as a huge share of the global populace comes under the geriatric category.
Whereas, the growth prospects are generally in favor of the market that are based on causes like rudimentary infrastructure in healthcare services in various emerging nations, the high base cost of advanced products, and large price conscious people in emerging economies hinder growth possibilities of the market to a certain degree.
The global medical lifting slings market is prophesied to rise at 9.2% of CAGR during the forecast period between 2016 and 2024. The valuation for the market is expected to reach US$0.91 bn by the end of 2024 progressing from US$0.39 bn as estimated in 2015.
Demand for Medical Lifting Slings to Grow Significantly in Hospitals Due to Increasing Obsess Population
The global medical lifting slings market is classified on the basis of sling point, product, end-user, and sling shape. The end-user segment is further divided into nursing home, hospital, home health care, assisted living facilities, and others. Out of these segments, hospitals dominate the market as it held 47.54% of share in the market in 2015. The dominance of this segment is mainly because of increasing obese population in developed countries like U.S. In addition to that, growing prevalence of lifestyle impairments has positively influenced the demand for this segment among the other end users. Based on sing point, the global medical lifting slings market is divided into 2, 4, and 6 point.
Based on sling shape, the market is bifurcated into full body sling and U-shape sling. From these two, demand for u-shape sling is high as compared to full body sling. On the basis of product type the market is segmented in to bariatric sling, stander sling, universal sling, seating sling, hammock sling, toileting sling, transfer sling, and others. Over the forecast period, the transfer sling segment is expected to lead the market due to multiple uses of transfer sling.
Europe to Lead the Market with Favorable Government Polices
Geographically, the global medical lifting slings market is divides into North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific. In 2015, Europe lead the market and had 33.09% of share in the market. North America held the second position and had 28.90% of share in 2015. During the forecast period, Europe is expected to continue to lead the market because of favorable government policies.
On the other hand, Asia Pacific is also considered as a profitable regional market for the growth of the medical lifting slings market. According to Transparency Market Research, the Asia Pacific market is anticipated to rise at 9.7% CAGR over the course of eight years.
The report also provides insights on the competition among the players in the market. To name some of the leading players in the market are Prism Medical Ltd., Rom Holding, Inc., ArjoHuntleigh, Inc., Barrier Free Lifts, Inc., Guldmann, Inc., Invacare Corporation, Joerns Healthcare, LLC, Silvalea, Invacare Corporation, and Vancare, Inc. The leading payers in the market are working on developing customized and technological advancements to increase the efficiency of the medical lifting slings that will help in addressing different needs of the patients.
Global Medical Lifting Slings Market: Overview
With the increasing geriatric population, the demand for medical lifting slings is rising substantially across the world. The global market for medical lifting slings is likely to gain considerably from this factor, with its valuation rising from US$391.8 mn in 2015 to US$910.6 mn by 2024, expanding at a CAGR of 9.20% during the period from 2016 to 2024. However, the lack of medical professionals with adequate expertise, the market may face tough challenge in the near future.
This report is aimed at providing clear and detailed information about the worldwide market for medical lifting slings to consultants, stakeholders, and other participants of this market to assist them in making well thought of decisions about their businesses.
Global Medical Lifting Slings Market: Trends and Opportunities
Currently, the demand for medical lifting slings is significantly high in hospitals. However, the high cost associated with advanced medical lifting slings may limit their demand in the hospital segment, especially in developing economies over the next few years. The home healthcare segment is also expected to report a tremendous rise in the demand for medical lifting slings in the near future. U-shape slings are more in demand than full body slings and are projected to remain reporting high demand over the forthcoming years. The latest trend in this market is to rent medical lifting slings among consumers, which isn’t likely to die out soon
Global Medical Lifting Slings Market: Regional Analysis
In terms of the region, the global market for medical lifting slings is spread across Europe, Asia Pacific, North America, the Middle East and Africa, and Latin America. Among these, Europe, with a share of more than 33%, led the global market in 2015. The increasing implementation of favorable government policies has been supporting this market in Europe since the last few years. Researchers expect the scenario to remain so in the near future, thanks to the rising expenditure of consumers advanced healthcare products.
North America, which stood second among all the regional markets for medical lifting slings in 2015 with a share of nearly 30%, is also expected to retain its position over the next few years. However, Asia Pacific is likely to emerge as the most promising regional market for medical lifting slings across the world in the years to come. Other regional markets, such as the Middle East and Africa and Latin America are also projected to witness considerable growth in their respective markets for medical lifting sling over the forthcoming years.
Companies Mentioned in the Report
The worldwide market for medical lifting slings is highly competitive and fragmented due to the presence of a large pool of participants. The key players are emphasizing more on product innovation and technological advancements to strengthen their position in the global market. Prism Medical, Invacare Corporation, Joerns Healthcare LLC, GF Health Products Inc., DJO Global, Etac AB, Drive DeVilbiss Healthcare, Bestcare, LLC, Agro Medical Inc., and ArjoHuntleigh are some of the leading players operating in the global medical lifting slings market.
The global medical lifting slings market is segmented into:
- Bariatric Sling
- Seating Sling
- Stander Sling
- Universal Sling
- Hammock Sling
- Transfer Sling
- Toileting Sling
By Sling Point
- 2 point
- 4 point
- 6 point
By Sling Shape
- U-shape Sling
- Full Body Sling
- Nursing Home
- Home Health Care
- Assisted Living Facilities
- North America
- Asia Pacific
- Rest of the World