According to a new market research report published by Transparency Market Research “Medical Lifting Slings Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”, the global medical lifting slings market was valued at US$391.8 mn in 2015 and is estimated to reach US$910.6 mn in 2024, expanding at a CAGR of 9.2% from 2016 to 2024.
Medical lifting slings are devices used in hospitals and nursing homes to transfer patients who have restricted mobility. The medical lifting slings market is driven by factors such as rising geriatric population, favorable government initiatives, and increasing incidence of lifestyle diseases. Moreover, increasing number of accidents and partial immobility incidences have fueled demand and growth of the market in the last decade. However, lack of technical expertise and proper training to handle patients with medical lifting slings in emerging economies coupled with difficulties in handling obese patients with lifting slings hampers market growth. The global medical lifting slings market was valued at US$391.8 mn in 2015 and is projected to reach US$910.6 mn by 2024, expanding at a CAGR of 9.2% from 2016 to 2024.
The universal sling segment dominated the medical lifting slings market in 2015. The dominance of this segment was majorly due to rising demand for universal lifting slings globally and comfortable and secure seating structure. The bariatric sling segment held the smallest share of the market in 2015 due to low average cost compared to other medical lifting sling products.
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The universal sling segment is expected to gain market share in 2024 due to comfortable and secure seating structure. The transfer and toileting sling segment is likely to expand at a high CAGR during the forecast period. High growth rate of this segment is attributed to introduction of new supporting applications to provide better quality of life for patients and higher penetration in developing regions.
In terms of sling point, the 4 point sling segment held the largest share of the medical lifting slings market in 2015. The segment is expected to gain market share in 2024, as most products, such as bathing, spa, and hammock slings, fall under this segment. The u-shape sling segment is also estimated to witness strong growth during the forecast period as shorter lifespan results in purchase in large quantity by dealers.
The hospitals end-user segment accounted for the largest share of the market in 2015. The segment is expected to dominate the market during the forecast period. The dominance of the segment is primarily due to high adoption rate and government initiatives to train hospital nurses. Assisted living facilities and home health care have witnessed significant acceptance. Hence, the segment is likely to expand at the highest growth rate in the next few years
The global medical lifting slings market is fragmented, with the presence of many players in the market. Major players operating in the global medical lifting slings market are ArjoHuntleigh, Argo Medical, Inc., Bestcare, LLC, Drive DeVilbiss Healthcare, Etac AB, DJO Global, GF Health Products, Inc., Joerns Healthcare, LLC, Invacare Corporation, and Prism Medical, among others.
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