A report by Transparency Market Research values the global medical lifting slings market at $391.8 million in 2015, and estimates the market to grow at a CAGR of 9.2% from 2016 to 2024.
The rising geriatric population, favorable government initiatives, and the increasing incidence of lifestyle diseases, as well as the increasing number of accidents and partial immobility incidences, are driving the market, which is estimated to reach $910.6 million by 2016, according to a media release from Transparency Market Research.
The universal sling segment dominated the market in 2015 and is expected to gain market share in 2024 due to comfortable and secure seating structure.
The bariatric sling segment held the smallest share of the market, and may be hampering market growth in general due to the lack of technical expertise and proper training to handle patients with medical lifting slings in emerging economies coupled with difficulties in handling obese patients, per the release.
The report also notes that the four-point sling segment held the largest share of the market and is expected to gain market share in 2024 as most products, such as bathing, spa, and hammock slings, fall under this segment.
In addition, the hospitals end-user segment accounted for the largest share of the market in 2015 and is expected to dominate the market during the forecast period, the release continues.
For more information, visit Transparency Market Research.
[Source(s): Transparency Market Research, PR Newswire]