Hospitals Majorly Exhibit Bulk Purchase of Medical Lifting Slings due to Their Limited Product Life
The vendor landscape of the global medical lifting slings market is consolidated in developed countries, which are home to major international players, but remains fragmented in emerging nations, says Transparency Market Research (TMR). The presence of local and small-scale enterprises in large numbers has rendered the competitive landscape of the market in developing countries highly fragmented. There is keen rivalry among top players in the market due to the increasing demand for customization to cater to the specific requirements of users.
Since the market exhibits high demand for cost-effective, adaptive, and technologically advanced devices to address the diverse mobility needs of patients, opportunities for the entry of new players are quite high.
Hill-Rom Holding, Inc., ArjoHuntleigh, Inc., Invacare Corporation, Guldmann, Inc., Barrier Free Lifts, Inc., Silvalea, Vancare, Inc., Joerns Healthcare, LLC, MedCare, have emerged as the leading players in the global medical lifting slings market. TMR new study recommends companies to broaden their product offerings and services to strengthen their position in the market.
Favorable Government Policies Create Lucrative Prospects for Medical Lifting Slings Market
Several governments worldwide have implemented policies favoring growth of the healthcare industry, the benefits of which are extend to the medical lifting slings market as well. Encouraged by these stringent regulations, leading manufacturers have been investing on advanced designed of medical lifting slings, thus positively fuelling their demand globally. The emerging rental provisions have also significantly boosted the sales of medical lifting slings. This new trend is facilitated by the rising demand for home health care and the subsequent requirement of slings for shorter durations.
“Despite exhibiting growth at an impressive rate, the lack of technical expertise and absence of proper training provisions are likely to have an adverse impact on the market’s trajectory,” said a lead TMR analyst. “For instance, if lifts are not attached with proper slings it can prove dangerous for both patients and care providers,” he added. TMR recommends the healthcare industry to focus on training of care givers for them to understand the potential risks of various types hoisting better.
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Hospitals Exhibit High Demand for Medical Lifting Slings
By end users, hospitals emerged as the largest segment in the global medical lifting slings market in 2015, accounting for a share of 47.54%. The rising obese population in developed countries such as the U.S. has been positively influencing demand from this segment. The increasing incidence of lifestyle impairments is also boosting demand for medical lifting slings across hospitals.
The high demand from hospitals is aided by the bulk purchase of medical slings from this segment due to their limited product life. Besides this, the demand for cost-effective medical lifting slings is expected to rise considerably in Asia Pacific. TMR forecasts the hospitals segment to exhibit a CAGR of 8.9% between 2016 and 2024. The hospitals segment stood at US$186.3 mn in 2015. Besides this, the home health care segment is also exhibiting rising demand for cost-effective medical lifting slings.
Europe to Emerge as Largest Regional Market for Medical Lifting Slings
Regionally, Europe emerged as the largest market for medical lifting slings, accounting for a share of 33.09% in 2015. North America, in the same year, emerged as the second-largest market for medical lifting slings with a share of 28.90% in the overall market. The favorable government policies will boost sales of medical lifting slings in Europe.
Based on in-depth research, TMR forecasts the global medical lifting slings market to rise at a CAGR of 9.2% between 2016 and 2024. The market was valued at US$391.8 mn in 2015 and is expected to reach US$910.6 mn by the end of 2024