Market Size – $ 568.1 Million in 2018, Market Growth – 11.5% CAGR, Market Trends – Product Launches and Advanced Product Research
NEW YORK, NY, UNITED STATES, Dec. 16, 2021 /EINPresswire.com/ – According to Reports and Data’s current analysis, the global medical lifting sling market was valued at $ 568.1 billion in 2018 and is expected to reach $ 1.41 Billion by 2026, at a CAGR of 11.5%. A medical lifting strap is a tool that is used to support the patient in the hospital or in treatment centers during their treatment. It has a hydraulic lift, which is patient friendly as it is very easy to operate. It is made of nylon, mesh and various other components. It helps to restrict the mobility of the patient which is very essential in the recovery process of the patients.
Some of the major driving factors in this industry are the increase in the geriatric population requiring assistance, the increase in disabilities resulting from various lifestyle-related diseases such as diabetes and cardiovascular disease, government policies encouraging the use elevators and the high cost of injury recovery. Protecting people from falls, accidents and injury while ensuring safe handling of the patient results in the need for medical lifting straps. Governments in several countries around the world are implementing various regulations to promote safe patient handling and mobility programs, which is also exponentially increasing the demand for medical lifting slings. The lack of skilled training and knowledge to manage patients and the persistent difficulty in dealing with obese patients are hampering the growth of this industry. In addition, injuries to staff handling patients are a major challenge facing hospitals.
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The report is formulated on the basis of comprehensive primary and secondary research that is verified and validated by industry experts, research analysts and professionals. The report aims to help readers and users improve their business performance by providing relevant data on the business sphere such as recent technology development, product advancements, and adoption of strategic business milestones. The report also offers an in-depth analysis of the competitive landscape along with business insights, expansion plans and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, product and brand promotions, government agreements and business and partnerships, among others.
The increased focus on the development of vaccines to combat the COVID-19 pandemic and on preventive medicine to mitigate future epidemics and pandemics, the growing number of product approvals for drugs and therapeutics, and the Rapid digital transformation in pharmaceutical and healthcare industry are some of the key factors which are expected to drive revenue growth during the forecast period. With social distancing standards in place and the growing emphasis on telemedicine, digital technologies have been adopted at an accelerating pace, enabling healthcare professionals to effectively manage patient health. One of the most crucial drivers of the pharmaceutical and healthcare industry is the rapid integration of artificial intelligence in key areas such as R&D, patient care, commercialization and the discovery and development of medications. It has also led to reduced healthcare expenditure and improved systems efficiency which is expected to further contribute to market revenue growth in the future.
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Additionally, to provide a better understanding of the competitive landscape, an in-depth SWOT analysis and Porter’s five forces analysis is included in the report. Along with this, feasibility analysis and ROI analysis are also covered. The report is segmented on the basis of product types offered in the market, application spectrum, and key regions of the Medical Lifting Straps market.
Other key findings from the report suggest
â¢ Technological advancements in medical lifting slings have made the patient lifting process efficient due to fewer injuries and incidents during the process.
â¢ In July 2019, Prism Medical UK acquired Country Durham, a well-established company in the manufacture and supply of quality harnesses. This acquisition aims to expand the product portfolio and service offerings in the market by integrating expert knowledge and skills to its customers so that they can maintain increased customer satisfaction.
â¢ Lifts allow the safe lifting and transfer of weak, obese or disabled patients with minimal physical effort. These are important devices for nurses, for whom lifting-related injuries account for about one-third of all work-related injuries reported each year.
â¢ Growing geriatric population, increasing incidence of lifestyle-related illnesses, and high injury recovery costs resulting from manual handling of patient handling equipment are driving the growth of this market.
â¢ The overhead lift system is considered the best possible aid for moving and lifting a patient in a nursing environment. Ceiling mounted, it allows floor space to remain unobstructed, leaving room for caregivers to move more quickly, easily and, above all, safely.
â¢ The disposable slings segment will show the highest growth rate. The growth of the disposable sling segment is driven by the reduced risk of cross infection as these slings can only be used by one patient.
â¢ Nylon-based slings dominated the product type segment. This segment is expected to experience lucrative growth during the forecast period due to the associated benefits including greater durability, greater reuse, and availability in many shapes and sizes.
â¢ Europe, due to higher research spending and initiatives, provides advanced devices and public-private partnerships and therefore holds the maximum share of 32.4%
â¢ The North America region shows moderate growth, which is expected to reach 365.58 million in 2026.
â¢ There are two common designs for the support base of a mobile lift: C-shaped or U-shaped. The mast connects the base to the boom and supports the lifting mechanism. The boom extends over the base and supports the swivel bar from which the seat or sling is suspended. Permanently mounted suspended elevators have a ceiling track, a mounting system that fixes the track to the ceiling, a ceiling console containing the motor that drives the system and the pulleys that roll it on the track; a suspension system (the seat and its attachment to the console); and a remote control or battery-operated control box, which regulates the movement of the elevator.
â¢ The versatile use of the sling has created the transfer slings the leading product segment with the largest market share of 38%.
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For the purpose of this report, Reports and Data has segmented the Medical Lifting Slings market on the basis of product, material, end use, and region:
Product (Revenue, Million USD; 2016-2026)
â¢ Universal slings
â¢ Transfer slings
â¢ slings for hammocks
â¢ Standing slings
â¢ Seat slings
â¢ Toilet slings
â¢ Bariatric slings
Hardware (Revenue, USD Million; 2016-2026)
Usage (Revenue, USD Million; 2016-2026)
â¢ Reusable slings
â¢ Disposable slings
End Use (Revenue, USD Million; 2016-2026)
â¢ Home care facilities
â¢ Elderly care facilities
â¢ Other end users
Key regions studied in the report:
â¢ North America (United States, Canada, Mexico)
â¢ Europe (United Kingdom, Italy, Germany, France, rest of Europe)
â¢ Asia-Pacific (India, Japan, China, South Korea, Australia, rest of APAC)
â¢ Latin America (Chile, Brazil, Argentina, rest of Latin America)
â¢ Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, rest of the MEA)
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