According to the report, the global medical lifting sling industry generated $0.56 billion in 2020, and is anticipated to generate $1.41 billion by 2030, witnessing a CAGR of 9.6% from 2021 to 2030.
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Prime determinants of growth
Increase in geriatric population, rise in prevalence of mobility disorder & obesity, and surge in number of key manufacturer of medical lifting slings drive the growth of the global medical lifting sling market. However, lack of skilled professional for handling medical lifting slings hinder the market growth. On the other hand, growth in development of healthcare infrastructure new opportunities in the coming years.
Covid-19 Scenario
The outbreak of the Covid-19 pandemic impacted the global medical lifting sling market positively.
Rise in number of COVID cases and high demand for ventilator support increased the importance of having right tools and supporting aids in hospitals, which in turn, boosted the growth of global medical lifting sling market.
Moreover, the WHO Guidance, regarding the management of COVID-19 patients, highlighted the need of using disposable medical lifting slings, which spurred the growth of the global medical lifting sling market to a huge extent.
The universal slings segment to maintain its leadership status throughout the forecast period
Based on product type, the universal slings segment held the highest market share in 2020, accounting for nearly one-fourth of the global medical lifting sling market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 10.9% from 2021 to 2030 This is attributed due to increase in prevalence of neuromuscular disease and increase in number of key players for manufacturing universal sling. Other segments mentioned in the report include transfer slings, hammock slings, standing slings, seating slings, and others.
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The hospitals segment to maintain its lead position during the forecast period
Based on end user, the hospitals segment accounted for the largest share in 2020, contributing to more than two-fifths of the global medical lifting sling market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 10.2% from 2021 to 2030, owing to increase in number of hospitals and rise in prevalence of neuromuscular disorders that need medical lifting slings for proper movement. Other segments mentioned in the report include home care facilities, elderly care facilities, and others.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue in 2020, accounting for more than one-third of the global medical lifting sling market, owing to rise in prevalence of obese population, presence of key players, and technological advancements in development of advanced medical lifting slings in the region. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 10.5% from 2021 to 2030. This is attributed due to increase in prevalence of geriatric population, rise in demand for home health care, rise in incidences of neuromuscular disorder, improvement in healthcare infrastructure, and rise in number of accident.
Leading Market Players:-
ETAC AB
Getinge Group (Arjohuntleigh)
Guldmann Inc.
Handicare
Hill-Rom Holdings, Inc.
Invacare Corporation
Joerns Healthcare, LLC
Prism Medical Ltd.
Silvalea Ltd.
Stryker Corporation
