The global market of medical lifting sling is predicted to grow at a CAGR of 9.64% during the estimated period of 2020-2028. The factors driving the market growth are increasing lifestyle-related diseases, growing elderly population, supportive government policies, increase in research and development, and technological advancement.
The medical slings are widely accepted across the world, and the demand is expected to grow further owing to rising lifestyle-oriented diseases, and the growing geriatric population globally.The number of obese patients is also increasing worldwide, leading to huge growth opportunities for the market.The demand for this medical equipment is expected to grow rapidly in emerging economies like India, China, Japan, and Korea. The prevalence of CVD, CHD, and other heart diseases, innovations, technological advancements, research and development, are expected to offer huge scope for the global medical sling market. Further, online sales have enabled manufacturers to reach mass consumers through online retail shops.
However, there are market constraints, as well. The medical lifting sling is expensive, and the hospitals face the challenges of costly medical lifting slings and lack of skilled professionals. In addition, the Food and Drug Administration has many strict rules and regulations that affect the market.
The global market of medical lifting slings is analyzed by taking into consideration the regions of North America, Europe, Asia Pacific, and the Rest of the World. In terms of revenue, Europe is the largest patient handling equipment market. The United Kingdom, France, and Germany are the profitable markets for patient handling equipment as the demand for such equipment is increasing among the caregivers. In Wales, the prevalence of diabetes is 6.9%, which is the highest among all countries, followed by England at 6.2%. Cardiovascular diseases are also prevalent in Europe. There are strict regulations and procedures In Europe for the usage of medical devices.
Some of the prominent companies in the market include, Philips, Arjohuntleigh Inc., Djo Global (Acquired By Colfax Corporation), Bestcare Llc, Invacare Corp., Drive Medical, Etc.
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- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments