Although the medical lifting slings market exhibits fragmentation in developing countries, global giants such as Invacare Corporation, Bestcare, LLC, GF Health Products, Inc., Etac AB, DJO Global, ArjoHuntleigh, Joerns Healthcare, LLC, Argo Medical, Inc., Prism Medical, and Drive DeVilbiss Healthcare have cemented significant and consolidated presence in developed markets, says a report by Transparency Market Research (TMR).
According to the report, the global market is anticipated to rise at a CAGR of 9.2% from US$391.8 mn recorded in 2015 to US$910.6 mn by the end of 2024.
Major players in the medical lifting slings market are looking forward to broaden their services base across different geographical regions, especially those incorporating emerging nations. Argo Medical, Inc., for instance, offers a fleet of equipment maintenance and customized healthcare services to attract the attention of customers.
The augmenting trend of privatization in the healthcare sector and far-reaching awareness about mobility aids are predicted to draw the interest of businesses and investors in the global market. Besides this, inflating number of government and private insurance products will add to the growth of the market.
Asia Pacific to Achieve Speedy Growth throughout the Forecast Period
On the basis of sling point, the international medical lifting slings market is foreseen to be dominated by the 4 point sling segment until 2024 with a whopping percentage share while rising to US$400.6 mn by 2024 from US$168.8 mn in 2015. Other segments discussed on the same parameter are 2 point sling and 6 point sling.
Although Europe is envisaged to take grip of a mammoth share of the global medical lifting slings market for the forecast period at an 8.9% CAGR, Asia Pacific (APAC) will be the leading segment by geography in terms of growth rate. The transfer sling and universal sling product type segments and 4 point sling segment will significantly contribute to the growth of the APAC market.
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New companies will have little hopes to enter the worldwide medical lifting slings market, although the demand for economical, technologically sophisticated, and adaptable products may attract them. Shortened product lifecycle, market consolidation, increasing research and development expenses, and price competition are the constraints of the growth of new entrants.
The bargaining power of suppliers is expected to be low with the rising risk of forward integration and demand for mobility merchandise. Moreover, the number of raw material and equipment suppliers prevailing in the market is enormous with a broad scope of slings and related accessories available for purchase.
Increasing Geriatric Population to Push Global Market
The provision of offering medical lifting slings on rental basis in home care settings has inclined the global market towards growth. Government and private organizations in emerging regions have targeted low income group patients by providing them rental care services. Furthermore, there are multiple number of programs initiated to help the poverty-stricken patients bear the expense of the purchase and maintenance of slings.
Favorable initiatives by government organizations such as the Occupational Safety and Health Administration (OSHA) are promoting the usage of slings to avoid injuries and musculoskeletal disorders (MSDs).
With almost 50% of the global geriatric population accounted by APAC to expand strikingly by 2020 according to the United Nations (UN), the international medical lifting slings market is expected to see a rise. Global population aged 65 years and above is envisioned to reach 2.0 bn by 2050, as per the statistics of the World Health Organization (WHO).
Lack of Technical Knowledge and Training Could Influence Growth
Lack of proper training and amateur technical know-how on the part of end-users, such as hospital staffs, could hamper the advancement of the medical lifting slings market, especially in the emerging economies. However, most end-users are now focusing on delivering apposite information and sufficient training related to patient handling and moving. This is expected to compensate for the effect of the market constraints.
The information presented in this review is based on a Transparency Market Research report titled “Medical Lifting Slings Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.”