Medical Lifting Sling Market size was valued at $498.82 Million by 2019 and is anticipated to grow at a CAGR of 11.65% during the forecast period 2020-2025. The Medical Lifting Sling Market growth rate is attributed to rising incidences of chronic diseases and other health-related disorders coupled with a rising geriatric population which is highly prone to age-related disorders, which in certain cases causes immobility in patients is likely to accelerate the growth of the medical lifting sling market in the forecast period of 2020-2025. The Mobility devices used to safely elevate patients-those who are frail, obese or disabled-are medical lifting slings. According to the World Health Organization’s findings, these are important resources, especially for nurses suffering from strain injuries owing to patient lifting, accounting for an estimated one-third of all injuries reported annually. These devices are often used for the relocation of patients with reduced mobility in Nursing homes, hospitals, or clinics. The increasing populations of amputees, elderly and disabled people across the globe are the main factors for the moderate growth of the global medical lifting sling industry. The market is driven by growing lifestyle-oriented diseases such as CVD, CHD, cancer, Bariatric disease and obesity. The demand for medical slings is boosted by a wide variety of products and end-user adoption. The market is driven by substantial growth and advancement in research and development and innovation for medical slings.
As per the information published by the WHO, the population above 60 years is anticipated to be 22% of the worlds’ population, as compared to 12% in 2015. Furthermore, the surge in the development of advanced products are utilized for various functions such as standing, seating, bathing, toileting, and certain specialized medical lifting slings for amputees or Pediatrics, and is expected to propel the global medical lifting slings market during the forecast period. However, there is a high risk of cross-infection in reusable slings, which has been further impeding the growth of the market studied over the forecast period 2020-2025.
Medical Lifting Sling Market Segment Analysis – By End Users
On the basis of end-users, the hospital segment has the largest share of the global market for medical lifting slings growing at a CAGR of 11.05% and is anticipated to rise steadily over the forecast period. In general, individuals with neuromuscular disorders have restricted mobility ability and require continuous support for any form of mobility. In homes and hospitals, they are the main users of lifting slings.
On the contrary, the home healthcare segment is emerging as a promising end-user for these products. As compared to hospitals, home healthcare services offer an economic benefit. Increasing demand for these services in the developed as well as developing regions is anticipated to boost their usage in the care centres.
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Medical Lifting Sling Market Segment Analysis – By Geography
Europe dominated the Medical Lifting Sling Market with a share of 36.5% in 2019. The application of Medical Lifting Sling has grown rapidly over the last few years owing to higher research expenses and initiatives provides advanced devices and private-public partnerships, and hence held the maximum share in this vertical. Also, the region has a well-established healthcare system; therefore, the market studied has been experiencing rapid growth. According to the German Federal Statistics Office (Destatis), 3,214 people were killed in car accidents in 2016. Over 2.6 million incidents were recorded in Germany and around 308,200 of those accidents resulted in deaths or injuries, while the overall number of traffic injuries in 2016 jumped by 0.8% to 396,700, which is poised to be a vital factor in the growth of the market studied.
Furthermore, over the forecast period 2020-2025, Asia Pacific is predicted to see a swift growth rate. Rising per capita income and economic development and the existence of high unmet needs are anticipated to lead to substantial growth in this region’s huge population pool.
Medical Lifting Sling Market Drivers
Fewer mishaps and technical developments in medical slings
Presently, a significant rise in global demand for medical lifting sling products is directly related to fewer accidents and mishaps during the operation, technical developments in medical lifting slings have made the patient lifting process effective. The use of hydraulic technology in patient lifting, for example, increases the level of comfort for patients and decreases the additional efforts needed by staff. Technological developments in this vertical are also allowing the market to develop rapidly.
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Medical Lifting Sling Market Challenges
Fluctuations in Availability of Raw Materials
Market growth is poised to be hampered by fluctuations in the availability of raw materials thereby, increasing the final products’ prices. Furthermore, owing to the lack of complete knowledge over the latest technologies and shortage in skilled manufacturers is also challenging the market. Apart from this, the lack in training regarding the controlling of medical lifting slings is limiting the market.
Medical Lifting Sling Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Medical Lifting Sling Market. In 2019, Medical Lifting Sling Market share is fragmented by the top ten players present in the market. Medical Lifting Sling Market top 10 companies are Medline Industries Inc., Bestcare LLC, Invacare Corporation, Medical Depot Inc. dba DeVilbiss Healthcare, DJO Global, Arjo, Prism Medical, Handicare, Vancare, Osprey Sling Company, NAUSICAA MEDICAL, HoverTech International and others.
In June 2019, Savaria Corporation acquired the leading manufacturer of patent transfer slings and accessories, Silvalea. The acquisition will provide the sling manufacturing expertise and technical know-how to accelerate the production of custom slings for the customers of Savaria Corporation.
In March 2019, Invacare Corporation announced the introduction of new products in its’ Bridle hoist product portfolio, specially designed to lift a patient from chair, bed and floor
Europe dominated the Medical Lifting Sling Market with a share of 36.5% in the year 2019.
The factors such rise in geriatric population requiring assistance, increasing disabilities resulting from various lifestyle diseases such as diabetes and cardiovascular disease (CVD) are amongst the major factor projected to impel growth of Medical Lifting Sling Market.
Government policies promoting the use of lifting slings and high recovery cost of injuries are the key factors owing to the growth in the segment during forecast period 2020-2025.
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