Medical Lifting Slings Market will rise to US$910.6 Million by 2024
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.
This 130 page report gives readers a comprehensive overview of the Medical Lifting Slings Market. Browse through 23 data tables and 25 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/medical-lifting-slings-market.html
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.
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.
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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.
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.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends 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.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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