Medical Lifting Slings Market is Expected to Reach US$ 0.91 Bn by 2024
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.
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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.
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