The author recommends companies operating in the market to expand their product and service portfolio in order to consolidate their position. Top of FormBottom of FormThe opportunity in the global medical lifting slings market was pegged at US$391.8 mn in 2015 and is anticipated to rise to US$910.6 mn by 2024, expanding at a CAGR of 9.20% between 2016 and 2024.
Albany, NY -- (SBWIRE) -- 12/06/2017 -- The global medical lifting slings market features a highly consolidated vendor landscape in developed countries, which are domicile to the majority of international players. However, the market remains fragmented in developing countries owing to the presence of a large number of local and small-scale enterprises, observes Transparency Market Research (TMR) in a new study. Market participants across the globe are focusing towards the development of customized products that cater to the specific needs of users, which is likely to intensify the competition in the near future.
"There is a high demand for adaptive, cost-effective, and technologically advanced devices that address the diverse mobility requirements of patients. This trend is likely to create ample entry opportunities for new players," says the author of the report. ArjoHuntleigh Inc., Hill-Rom Holding Inc., Guldmann Inc., Invacare Corporation, Joerns Healthcare LLC, Barrier Free Lifts Inc., Vancare Inc., Silvalea, and MedCare are among the frontrunners in the global medical lifting slings market.
On the basis of end users, the hospital segment will continue to lead the market in terms of revenue until 2024. The growth of the segment can be attributed to the increasing prevalence of lifestyle-related medical conditions and growing population of geriatrics. Owing to these factors, the segment will post a CAGR of 8.9% during the review period.
Geographically, Europe was the leading revenue contributor in the market in 2015, commanding a share of 33.09% in the overall market. Favorable government policies play a vital role in the growth of the region. This along with the increased consumer spending on advanced healthcare products is likely to help the region in retaining dominance through 2024.
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Favorable government policies have a pivotal role to play in the development of the global healthcare industry, the benefits of which are extended to its affiliated markets, including the global medical lifting slings market. "Stringent regulations are prompting the leading players to pour hefty funds into the development and designing of advanced medical lifting slings, which is working in favor of the market," says a TMR analyst. The emerging trend of rental provisions is also providing a significant push to the market. This new trend is fuelled by the soaring demand for home health care set-up and the subsequent need of slings for shorter durations. Moreover, the expanding base of geriatric population, particularly in developed regions, is stoking the growth of the market.
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Despite an array of drivers, the dearth of personnel with proper technical expertise is hampering the growth of the global medical lifting slings market. This is further exacerbated by the lack of adequate training provisions. Moreover, the high risk associated with these slings is limiting their widespread adoption. For instance, if lifts are improperly attached with slings, it can prove to be perilous for both patients and care providers.
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