Medical Lifting Slings Market Prognosticated to be Worth US$ 1,350 Mn by 2027
Posted: Jun 14, 2019
Global Medical Lifting Slings Market – Snapshot
The global medical lifting slings market is expected to reach a value of about US$ 1,350 Mn by the end of 2027, expanding at a high single digit CAGR during the forecast period. Rise in geriatric population, increase in disabled population, adoption and awareness of advanced medical lifting slings products, improvement in healthcare infrastructure, and favorable reimbursement policies are expected to boost the global medical lifting slings market during the forecast period. Surge in the development of advanced medical lifting slings utilized for various functions such as standing, seating, bathing, toileting, and certain specialized medical lifting slings for amputees or pediatrics is expected to propel the global medical lifting slings market during the forecast period. Development of ProMove portable medical lifting slings and availability of slings in different sizes and other variants offer significant opportunity to the global medical lifting slings market. However, a lack of technical expertise and training provisions in emerging markets is expected to hamper the medical lifting slings market.
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The global medical lifting slings market has been segmented based on product, usage, shape, and end-user. In terms of product, the global market has been classified into bariatric slings, seating slings, stand up slings, universal slings, hammock slings, transfer slings, toileting slings, and others. The seating lifting slings dominated the global medical lifting slings market, in terms of value, as they possess specialized and long seating slings feature. This helps patients with movement ailments who require slings for an extended period, such as during bed making or bathing. The bariatric segment is expected to expand at a notable CAGR owing to a rise in the obesity population worldwide. Based on usage, the global medical lifting slings market can be divided into reusable and disposable.
The reusable slings segment held a major share of the market, as a variety of reusable medical lifting slings are available and they provide more healthcare solutions or options to healthcare facilities and patients Based on sling shape, the global medical lifting slings market has been divided into U shape and full body shape sling. U shape slings are preferred owing to the convenience they provide for lifting patients easily. Moreover, they offer greater support to the patient while transfer and performing various mundane activities such as bathing and visiting the toilet.
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In terms of end-user, the global market has been segregated into hospitals, home healthcare, nursing homes, assisted living facility, and others. The hospitals segment accounted for a major share of the market in 2018, followed by nursing homes and other segments, owing to more efficient usage of medical lifting slings and dependency and easy availability of medical lifting slings in hospitals. Geriatric patients who suffer from other diseases, such as spine injury, disabilities, and those recovering from surgeries find it difficult to move or perform mundane activities, drive the demand for medical lifting slings. This is because slings help improve the quality of life of the patient. The home healthcare segment is projected to expand at a notable CAGR during the forecast period, as various slings are required for patients to function properly and efficiently at home. Moreover, several patients struggle from lifelong illness, infections, and other disabilities, which are better taken care at home. In developing countries, medical care isn’t funded completely by the government; hence, several foundations and charities are involved in providing access to medical lifting slings.
In terms of region, the global medical lifting slings market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe dominates the global medical lifting slings market owing to favorable reimbursement by governments in the region for medical lifting slings, technological advancements, awareness about the different medical slings and their benefits in order to be used at home that lowers the high recovery cost of patients, rising geriatric population, increasing disabled patient population, and presence of key players. North America follows Europe in terms of share of the global medical lifting slings market, owing to developed infrastructure, rising geriatric population, awareness about lifting slings, and trained staff with expertise in managing medical lifting slings. Rise in aging of baby boomer population is a key factor that caused the U.S. to dominate the medical lifting slings market in North America. According to the estimates by the U.S. Census Bureau, all baby boomers are expected to be older than the age of 65 by 2030. Rising disabilities and various neurological and long-term illnesses is expected to drive the market in the region. The market in Asia Pacific is projected to expand at a significantly high CAGR during the forecast period, owing to improving health care infrastructure, rising acceptance of advanced medical lifting slings, increasing disposable income, awareness about new variants of medical lifting slings, and investments by companies in the development of assisted mobility aids. Furthermore, a rise in the geriatric population and increase in awareness in the region is anticipated to further boost the market in Asia Pacific in the near future. Moreover, government initiatives to create awareness and provide assistive devices to the disabled population are projected to boost the market in the region during the forecast period.
Major players operating in the global medical lifting slings market include Invacare Corporation, Medical Depot, Inc. dba DeVilbiss Healthcare, Medline Industries, Inc., Bestcare, LLC, DJO Global, Arjo, Prism Medical, Handicare, Vancare, Osprey Sling Company, NAUSICAA MEDICAL, and HoverTech International. Key players are focusing on acquisitions and collaborations to enhance their footprint in the global medical lifting slings market. Companies are focusing on expanding their footprints by launching innovative solutions for patients.
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