Given their applications in health care, the demand for medical lifting slings corresponds directly to the increasing geriatric population worldwide, since a large share of this demographic suffers from mobility-related disorders. The usability of medical lifting slings is therefore poised to surge in the health care industry. This, combined with the latest advancements introduced to improve designs of medical lifting slings, will boost their sales at a CAGR of 9.2%.
Prospects in Europe for Medical Lifting Slings Market to be Most Lucrative
Regionally, Europe accounted for the dominant share of 33.09% in the market in 2015. North America emerged as the second-largest regional market for medical lifting slings holding 28.90% of the global market in 2015. In Europe, the market for medical lifting slings is expected to gain considerably from favorable government policies.
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However during the forecast period, prospects exhibited for the market in Asia Pacific is expected to be the most lucrative. As per TMR, the Asia Pacific market for medical lifting slings is expected to surge at a CAGR of 9.7% between 2016 and 2024.
Hospitals to Report Highest Demand for Medical Lifting Slings
Hospitals majorly exhibit bulk purchase of medical lifting slings due to their limited product life. In Asia Pacific, the demand for cost-effective medical lifting slings is expected to rise in particular. However, the high cost of advanced medical lifting slings may hamper their sales in the hospital segment of developing economies. As per TMR, the hospitals segment is expected to report a CAGR of 8.9% between 2016 and 2024. In 2015, the segment was valued at US$186.3 mn.
Besides this, home health care is also fast emerging as a lucrative segment for sale or rent of medical lifting slings.
Favorable Policies by Governments to Ensure Highest Standards of Patient Care to Boost Market
Based on in-depth research, Transparency Market Research (TMR) projects the valuation of the global medical lifting slings market to reach US$910.6 mn by 2024 from US$391.8 mn in 2015. By sling shape, the demand for u-shape slings is likely to be the highest during the forecast period. Regionally, Europe will emerge as the most lucrative market for medical lifting slings globally. Among other factors, the rising willingness among consumers for spending on advanced healthcare has been crucial in bolstering the sales of medical lifting slings.
Ensuring the highest standard of healthcare facilities is a priority for governments across developed as well as developing nations. Encouraged by favorable policies, leading manufacturers are keen on investing on better designs of medical lifting slings. The emerging rental provisions have been aiding the medical lifting slings market as well. This new trend facilitates patients who require slings for shorter duration.
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Lack of Technical Expertise Emerges as Major Challenge for Companies
Despite opportunities in the market being high across the globe, the lack of technical expertise and inadequate training provisions are having an adverse impact on the market. For instance, lifts can prove dangerous if correct lifting slings are not selected. In order to avoid such incidents, TMR recommends hospitals and health care centers to focus on providing adequate training to care providers. Understanding the principles behind potential risks of various types of hoisting will help them in delivering improved patient care.
Based on end users, hospitals hold the largest share in the market. TMR estimates the market share held by this segment to be around 47.54% in 2015. The segment is considerably gaining from the increase in obese population in developed nations such as the U.S. The increasing incidence of lifestyle impairments also has positively influenced the demand from this segment.
Some of the leading vendors operating in the global medical lifting slings market include Hill-Rom Holding, Inc., Prism Medical Ltd., ArjoHuntleigh, Inc., Invacare Corporation, Barrier Free Lifts, Inc., Joerns Healthcare, LLC, Silvalea, Vancare, Inc., Guldmann, Inc., MedCare, and others.