Albany, NY -- (SBWIRE) -- 12/19/2018 -- Backed by favorable government policies and massive improvements in the healthcare infrastructure, the medical lifting slings market in Latin America, Africa, and Asia Pacific is showcasing considerable growth. The market therefore witnesses intense competitive trends across these regions.
According to a new study by Transparency Market Research (TMR), the medical lifting slings market has a fragmented vendor landscape on account of the presence of several small and medium sized companies. Furthermore, owing to lesser restrictions to the entry of new players, the competition prevailing in the medical lifting slings market in emerging nations is most likely to get fiercer in the coming years.
However, as per the report, vendor landscape in North America and Europe medical lifting slings market is forecast to remain consolidated through the course of the forecast period. It is therefore expected that the market players would shift their focus towards emerging nations.
As per TMR, the market players are likely to focus on product differentiation and innovation to gain strength in highly competitive medical lifting slings market in emerging nations. To study the prevailing competition, the report profiles some of the leading players operating in the global medical lifting slings market. These include Barrier Free Lifts Inc., Guldmann Inc., Invacare Corporation, Vancare Inc., Silvalea, and others.
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TMR projects the global medical lifting slings market to exhibit a CAGR of 9.2% between 2016 and 2024. At this pace, the global medical lifting slings market will reach US$910.6 mn by 2024, rising from its valuation of US$391.8 mn in 2015. Regionally, Europe emerged dominant accounting for the leading share of 33% in the global medical lifting slings market in 2017.
In the coming years, the demand for medical lifting slings is expected to scale higher, driven by the rising demand from the geriatric demographics. As aged people are more vulnerable to ailments and diseases, which may impair mobility or may restrict their free and unassisted movement, the demand from this section of population is expected rise at a considerably high pace over the course of the report's forecast period.
This in turn will create favorable growth opportunities for the global medical lifting slings market. Furthermore, the rising geriatric population around the world will make medical lifting slings a vital part of the global healthcare industry, finds TMR in its recent study. Besides this, rising hospitalizations will fuel the overall demand for medical lifting slings.
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Despite the aforementioned growth opportunities, the high cost of technically advanced medical lifting slings may hamper their adoption in less developed countries. In addition, the high cost factor may deter investment in advanced medical lifting slings among cost-conscious population. This can negatively impact the global medical lifting slings market in the coming years.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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