Given their applications in health care, the demand for medical lifting slings corresponds directly to the increasing geriatric population worldwide, since a large share of this demographic suffers from mobility-related disorders. The usability of medical lifting slings is therefore poised to surge in the health care industry. This, combined with the latest advancements introduced to improve designs of medical lifting slings, will boost their sales at a CAGR of 9.2%.
Prospects in Europe for Medical Lifting Slings Market to be Most Lucrative
Regionally, Europe accounted for the dominant share of 33.09% in the market in 2015. North America emerged as the second-largest regional market for medical lifting slings holding 28.90% of the global market in 2015. In Europe, the market for medical lifting slings is expected to gain considerably from favorable government policies.
However during the forecast period, prospects exhibited for the market in Asia Pacific is expected to be the most lucrative. As per TMR, the Asia Pacific market for medical lifting slings is expected to surge at a CAGR of 9.7% between 2016 and 2024.
Hospitals to Report Highest Demand for Medical Lifting Slings
Hospitals majorly exhibit bulk purchase of medical lifting slings due to their limited product life. In Asia Pacific, the demand for cost-effective medical lifting slings is expected to rise in particular. However, the high cost of advanced medical lifting slings may hamper their sales in the hospital segment of developing economies. As per TMR, the hospitals segment is expected to report a CAGR of 8.9% between 2016 and 2024. In 2015, the segment was valued at US$186.3 mn.
Besides this, home health care is also fast emerging as a lucrative segment for sale or rent of medical lifting slings.
Favorable Policies by Governments to Ensure Highest Standards of Patient Care to Boost Market
Based on in-depth research, Transparency Market Research (TMR) projects the valuation of the global medical lifting slings market to reach US$910.6 mn by 2024 from US$391.8 mn in 2015. By sling shape, the demand for u-shape slings is likely to be the highest during the forecast period. Regionally, Europe will emerge as the most lucrative market for medical lifting slings globally. Among other factors, the rising willingness among consumers for spending on advanced healthcare has been crucial in bolstering the sales of medical lifting slings.
Ensuring the highest standard of healthcare facilities is a priority for governments across developed as well as developing nations. Encouraged by favorable policies, leading manufacturers are keen on investing on better designs of medical lifting slings. The emerging rental provisions have been aiding the medical lifting slings market as well. This new trend facilitates patients who require slings for shorter duration.
Lack of Technical Expertise Emerges as Major Challenge for Companies
Despite opportunities in the market being high across the globe, the lack of technical expertise and inadequate training provisions are having an adverse impact on the market. For instance, lifts can prove dangerous if correct lifting slings are not selected. In order to avoid such incidents, TMR recommends hospitals and health care centers to focus on providing adequate training to care providers. Understanding the principles behind potential risks of various types of hoisting will help them in delivering improved patient care.
Based on end users, hospitals hold the largest share in the market. TMR estimates the market share held by this segment to be around 47.54% in 2015. The segment is considerably gaining from the increase in obese population in developed nations such as the U.S. The increasing incidence of lifestyle impairments also has positively influenced the demand from this segment.
Some of the leading vendors operating in the global medical lifting slings market include Hill-Rom Holding, Inc., Prism Medical Ltd., ArjoHuntleigh, Inc., Invacare Corporation, Barrier Free Lifts, Inc., Joerns Healthcare, LLC, Silvalea, Vancare, Inc., Guldmann, Inc., MedCare, and others.
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