Global Medical Lifting Slings Market Overview
The key drivers impacting the Medical lifting slings market are the Increasing prevalence of chronic disorders such as cancer, diabetes, obesity, heart disease that needs long-term patient care. For instance, around one in three adults suffer from multiple chronic conditions (MCCs) as per the National Center for Biotechnology Information (NCBI). The WHO report estimation shows that chronic disease comprises 60% of the global burden of disease by 2020. Worldwide, cancer is the second most leading cause of death and accounts for 6 million deaths in 2018. The International Diabetic Federation (IDF) report estimations show that in 2019 about 463 million adults (20-79 years) were living with and is expected to reach 700 million by 2045. Moreover, the increasing healthcare expenditure and favorable government policies promoting the use of medical lifting slings are contributing to medical lifting slings market demand in the later years.
According to Value Market Research, the global Medical lifting slings market size was valued at about USD 707 million in 2020 and is estimated to grow at a CAGR of around 11.5% during the forecast period 2021 to 2027.
The growing aging population and increasing prevalence of lifestyle-related disorders among the young population is will likely augment the demand for Medical lifting slings software in the forecast period. Also, technological advancements in medical lifting slings turn into an efficient patient lifting process due to fewer injuries and accidents throughout the process is contributing to high market demand. However, complexity in handling obese patients hampers the market in the long run. In addition, the dearth of skilled training and sufficient knowledge essential to operate medical lifting slings impedes the market growth. Nevertheless, the market trends, such as private institutional nursing, might provide considerable opportunities to the market's leading players.
The medical lifting slings market is widespread, with many local and international players. The market leaders follow diverse strategies such as amalgamation, extending product portfolio, acquisitions, contracts, product upgrades to strengthen their market share globally. The key players in the report are Getinge Group (ArjoHuntleigh), Invacare Corporation, Hill-Rom, Joerns Healthcare LLC, Argo Medical, Inc., Prism Medical, DJO Global, V.Guldmann A/S, Spectra Care Group, and Drive Medical.
In this research report, the medical lifting slings market is segmented by product, application, usage, end-use, and region.
Analysis by Product:
By product, the report is segmented into nylon, padded, mesh, canvas, and others. The shapes segment dominates with the highest market share of 81% in 2020. It is due to the huge benefits associated with nylon, such as greater durability, reusability, and availability in multiple shapes and sizes. Moreover, the use of nylon in various types of slings used for bathing, toileting, and other functions is contributing to the growth of the nylon segment in the forecast period.
Analysis by Application:
By application, the report is divided into transfer, universal, hammock, standing, seating, toilet, bariatric, and others. The Transfer and universal slings segment dominate with a significant market share in 2020. It is due to the multi-purpose usage of the sling, and better adjustability is contributing to the vast market demand from Bridges & dams segments in the forecast period.
Analysis by Usage:
By usage, the report is divided into reusable and disposable. The reusable segment dominates with a significant market share in 2020 due to its cost-effectiveness and long usage. The disposable medical slings are expected to have a high growth rate due to the growing rate of hospital-borne diseases and cross infections due to reusable products.
Analysis by End-use industry:
By end-use industry, the report is categorized into hospital, home healthcare, elderly care, and other healthcare settings. The Hospitals segment dominates with a significant market share in 2020. It is due to the huge patient pool and a greater financing capability that facilitate bulk purchasing of these products in hospitals. Moreover, the presence of advanced infrastructure, qualified healthcare professionals, and government initiatives of training hospital nurses are contributing to the demand from the hospital's segment in the forecast period.
Analysis by Region:
In the regional outlook of the global Medical lifting slings market, the North America region dominates with the largest market share in 2020. It is due to the prevalent chronic diseases and the introduction of supportive reimbursement schemes. The presence of advanced infrastructure and trained experts in medical lifting slings is adding growth to the market in the region. Moreover, the rise in geriatric population, and growing awareness on elevation slings, and the trained expert in medical lifting slings contribute to the tremendous market growth across North America.
Market Segmentation covered in the Report:
By Product
- Nylon
- Padded
- Mesh
- Canvas
- Others
By Application
- Transfer
- Universal
- Hammock
- Standing
- Seating
- Toilet
- Bariatric
- Others
By Usage
By End-Use Industry
- Hospital
- Home Healthcare
- Elderly Care
- Other Healthcare Settings
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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