The medical lifting sling market is expected to reach USD 1.1 billion by 2024, according to the new report by Grand View Research, Inc. Long term care is required in case of chronic disorders and surgical treatment. Medical lifting slings are essential elements in long term care and post operative recovery as they assist in patient transfer and other purposes. Increasing prevalence of chronic disorders and subsequent surgical interventions are boosting the usage of these products thus contributing toward substantial market growth.
Home healthcare has emerged as an important area where treatment cost is much lower compared to in traditional healthcare settings. In addition, long term care and post operative recovery can be efficiently achieved in these settings. Hence, in the developed as well as developing regions home healthcare services are growing swiftly resulting in the considerable growth of this vertical.
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Further key findings from the study suggest:
- Nylon-based medical lifting slings segment held a commanding share in 2015 and is anticipated to grow at a lucrative rate. This can be attributed to their durability and resistance to the infections.
- Patient transfer is the primary application of these products, which held a dominating share in 2015. Universal slings, which have multiple utility, are also expected to gain a substantial share over the forecast period.
- Reusable lifting slings were the most used products in 2015. However, with the rising incidence of infections and hygiene issues, disposable products are used to a greater extent and are expected to exhibit healthy growth over the forecast period.
- Hospitals use these products to a large extent, as they purchase in bulk and they have a greater patient pool. This makes hospitals the largest end-user of medical lifting slings.
- On the other hand, with the growing awareness and streamlined policies for home healthcare services, the usage of these services is surging. As a result, the growing home healthcare vertical is anticipated to increase the usage of medical lifting slings, thus affecting the market positively.
- Europe dominated the global medical lifting slings vertical in 2015. Larger pool of geriatric patients, rising research funding in medical devices, and steadily increasing awareness amongst patients are the key growth governing factors for this region.
- Asia Pacific is projected to witness remunerative growth in the coming eight years. Policy reforms, increasing disposable income, and economic developments are anticipated to foster the usage of advanced treatment options, and consequently engender a high demand for medical lifting slings.
- Some of the key players in this vertical 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. Strategic initiatives undertaken by these market players include new product development, distribution enhancement, collaborations, mergers, and acquisitions.