Medical Lifting Sling Market Size Anticipated to Reach $1,235 Million by 2026
Increase in the Technological Advancements in Medical Slings Is Projected to Drive Medical Lifting Sling Market Growth.
(EMAILWIRE.COM, March 07, 2022 ) The Medical Lifting Sling Market size is anticipated to reach $1,235 million by 2026, growing at a CAGR of 5.2% during the forecast period 2021-2026. Lifting Slings are placed around and under patients facing difficulties in mobility. The Medical Lifting Slings assist to hoist patients in order to be moved from one place to another such as a bed to a wheelchair and minimize the risk of injury to the patient. They also diminish injury to nurses or caretakers, who previously had to physically lift the patients to help them move. The Medical Lifting Sling Market is driven by the rising population of the elderly and people suffering from various disabilities that hamper mobility and nervous system illnesses such as Muscular dystrophy and Amyotrophic lateral sclerosis (ALS). However, the shortage of adequately trained and skilled sling operators in the usage of patient hoist devices is a significant challenge to the Medical Lifting Sling Industry.
Medical Lifting Sling Market Segment Analysis – By Product Type
The Medical Lifting Sling Market based on the Product Type can be further segmented into Standing Slings, Seating Slings, Universal Slings, Hammock Slings, Transfer Slings, Toilet Slings, Bariatric Slings, and Others. The Transfer Sling segment accounted for the largest share of the market in 2020 and is predicted to continue being the largest segment over the forecast period 2021-2026. The Transfer sling segment is also anticipated to be the fastest-growing during the forecast period with a CAGR of 5.7% owing to the fact that they can be used for multiple applications. The Universal Slings are also anticipated to register significant growth during the forecast period 2021-2026. This growth has been attributed to the high versatility of the sling to perform several generic transfers.
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Medical Lifting Sling Market Segment Analysis – By End-User Type
On the basis of end-user, the Medical Lifting Sling Market is segmented into Home Care, Hospitals, Elderly Care, and Others. The Hospital segment accounts for the largest market share in 2020 and is also predicted to be the fastest-growing during the forecast period 2021-2026 with a CAGR of 5.5%. The reason for the rapid growth is owing to the increase in the prevalence of patients with neuromuscular disorders. This disorder leads to the restriction in mobility of the patient and thereby, in need of continuous support for mobility using products such as the patient hoist. Hospitals have the infrastructure and skilled nurses to provide the assistance. The Home Healthcare segment is also anticipated to grow significantly, especially in developing and developed markets during the forecast period owing to the economic benefits offered by the segment when compared to hospitals. The prevalence of progressive nervous system illnesses such as Muscular dystrophy and Amyotrophic lateral sclerosis (ALS) is another aspect that is driving the growth of both the Hospital and Home Healthcare segments.
Medical Lifting Sling Market Segment Analysis – By Geography
The Medical Lifting Sling Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. Europe held the largest share of the overall market in 2020 with 27% of the market. The growth in this segment is owing to the increase in the prevalence of lifestyle illnesses and disorders such as diabetes, Stroke, and Cardiovascular diseases in Europe. The North American market is anticipated to have the largest share of the market after Europe. This is owing to the almost equally developed healthcare system in North America. An increase in Obesity rates and illnesses like Muscular dystrophy and Amyotrophic lateral sclerosis (ALS) are the major reasons for the growth in North America. It was estimated that in 2020, 42.4% of the US population was obese and the rate is projected to increase further during the forecast period. Furthermore, the Asia Pacific region is anticipated to register rapid growth over the forecast period. The growth is credited to the increase in disposable income and development in the healthcare sector in the region.
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Medical Lifting Sling Market Drivers
An Increase in the Technological Advancements in Medical Slings is Projected to Drive Market Growth
Technological advancements in the Medical Slings market such as the implementation of hydraulic lifting systems have led to a drastic increase in both the safety and comfort of patients. They also enable the caretaker or nurse to assist the patient more efficiently. Therefore, the increase in comfort and safety is leading to a growth in demand.
Rise in the Global Population Experiencing Disabilities is Expected to Boost Product Demand
The increase in accident rates across the world is projected to cause an upsurge in the population of patients with disabilities. For instance, in 2018 alone, the US witnessed more than 2.2 million accidents causing 3.1 million injuries and 37,461 deaths. Countries such as India, Germany, China, and Japan also witnessed high rates of automobile accidents. Moreover, the growth in lifestyle diseases such as stroke, cardiovascular illnesses, and diabetes is predicted to further increase the global disability rates. This will cause a direct increase in demand for Medical Lifting Slings.
Medical Lifting Sling Market Challenges
Difficulties in Acquiring Raw materials is Anticipated to Hamper Market Growth
The market is plagued by occasional difficulties in raw material availability which will force manufacturers to raise product prices. Moreover, the ongoing Covid-19 pandemic has worsened the shortage owing to stringent regulations causing suppliers and manufacturers to operate with a limited workforce. This can lead to delays in meeting order commitments, causing a reduction in global demand.
Low Availability of Skilled Medical Sling Operators is Projected to Limit Growth Opportunities
The operation of Medical Lifting Slings requires high levels of training to ensure they are working smoothly and to ensure patient comfort. However, there is a lack of importance given to the Lifting Sling operations training especially in developing regions. Furthermore, the high prevalence of untrained Lifting Sling operations leads to increased patient stress and discomfort which defeats the purpose of the device. This is anticipated to cause a reduction in demand.
Medical Lifting Sling Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Medical Lifting Sling Market. Top 10 companies of this market are-
Medline Industries Inc
Drive DeVilbiss Healthcare
GF health products Inc.
Hillrom Services inc.
Sunrise Medical Inc.
In June 2019, Savaria Corporation acquired Silvalea, a manufacturer of patient transfer slings. The extensive offerings and industry-leading reputation of Silvalea are expected to complement Savarias ceiling lift product portfolio.In March 2019, Invacare Corporation launched BirdieEVO and BirdieEVO Compact. The new products are designed specifically to lift patients from chairs, beds, and floor.
Geographically, Europe accounted for the highest revenue share in 2020 and it is poised to dominate the Medical Lifting Sling market over the period 2021-2026 owing to the presence of a highly developed and established healthcare system along with the high priority given for patient safety and comfort in the region.
Increase in the geriatric population and rapid rise in disabilities caused by lifestyle illnesses are driving the market. However, the scarcity of raw materials needed to manufacture the devices such as the patient hoist act as a major challenge to the Medical Lifting Sling market.
Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Medical Lifting Sling Market report.
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