The size of the Medical Lifting Sling Market in Latin America was around USD 67.29 million in 2022. It is expected to grow at a CAGR of 10% to reach USD 108.37 million by 2027. It captures 12% of the global market.
The Latin American medical lifting sling market is expected to be majorly driven by the factors such as the increasing prevalence of neuromuscular diseases like parkin’s disease and spinal muscular atrophy across the region. In addition, the growing geriatric population is considered one of the significant growth contributors of the medical lifting sling market, as the senior population is more prone to various muscular disabilities. Also, sedentary lifestyles with no healthcare are influencing the market further. The rising number of people suffering from obesity, on the other hand, is driving up market demand. These are commonly used to assist patients in hospitals. Furthermore, the market is boosted by the disabled population.
In addition, the advancements in technologies in medical lifting slings boost the market growth further. On the other hand, demand for the market is rising due to widely available shops and online retailers promoting medical lifting slings aggressively. Moreover, with the industry's linear expansion, several countries are likely to have significant market potential during the forecast period. In addition, other factors such as increasing healthcare expenditure, improving healthcare infrastructure, and adopting key market strategies by the key market players are expanding the market growth. The market strategies include partnerships, mergers, and acquisitions.
Moreover, the government is implementing new programs to help disabled and older people, and new technology is attracting them into the market and rising demand. Regular people who are suffering from issues such as obesity, for example, can also benefit from the programs. Hospitals are also contributing to market growth by increasing their investments.
However, the lack of professionals to deal with the patients suffering from obesity is hampering the market growth. In addition, limited resources and unfavorable policies are also forecasted to limit the market growth during the forecast period.
This research report on the Latin American medical lifting sling market has been segmented and sub-segmented into the following categories:
By Usage Type
Geographically, Latin America is anticipated to record a moderate share in the global medical lifting slings market during the forecast period. The regional market growth is attributed to the improving healthcare sector, increasing the number of hospitals, and supportive government policies. The major growth contributors in the region are Brazil, Mexico, and Argentina. Furthermore, the implementation of various market strategies such as collaborations, acquisitions, and mergers are expanding the Latin American regional market growth.
Brazil accounted for the largest share of the medical lifting slings market, and it is expected to register a prominent share during the forecast period. The country has great healthcare and the highest number of general and special hospitals, fueling the market growth. In addition, the adoption of advanced healthcare infrastructure, growing awareness, and supportive government policies are further boosting the market growth.
On the other hand, emerging countries such as Argentina and Mexico are projected to showcase a considerable share in the market in the coming years. The growing geriatric population, the proliferation of chronic diseases, and technological advancements in the healthcare sector are propelling the market growth.
KEY MARKET PLAYERS:
Companies playing a pivotal role in the Latin American medical lifting sling market are Argo Medical, Arjo Huntleigh, Bestcare, Drive DeVilbiss Healthcare, Hill-Rom Holdings, Etac AB, GF Health Products, Guldman, Invacare Corporation, Joerns Healthcare, and Prism Medical.
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