The vendor landscape of the global medical lifting slings market is largely fragmented in regions such as Asia Pacific, Latin America, and Africa, wherein favorable government policies aimed at the improvement of healthcare facilities have made the market highly conducive for new, small-, and medium-sized enterprises. The vendor landscape, however, remain considerably consolidated in developed regions such as North America and Europe. To strengthen their chances of exploiting growth opportunities in emerging yet highly competitive regional markets such as Asia Pacific, companies are focusing on growth strategies such as rental provisions for a variety of designs and product varieties.
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The rental provision has also become increasingly popular among end-users that require medical lifting slings for shorter durations. To stay ahead of the intense rivalry, companies are focusing on the development of customized and technologically advanced medical lifting slings to address diverse needs of patients. Some of the leading companies in the market are Guldmann Inc., Hill-Rom Holding Inc., ArjoHuntleigh Inc., Barrier Free Lifts Inc., Vancare Inc., Invacare Corporation, Silvalea, Joerns Healthcare LLC, and MedCare.
According to the report, the global medical lifting slings market will expand at a promising 9.2% CAGR from 2016 to 2024, rising from a valuation of US$391.8 mn in 2015 to a revenue opportunity of US$910.6 mn by 2024.
Europe to Remain Dominant Regional Market
From a geographical perspective, the global market for medical lifting slings is largely dominated by Europe. The market in Europe accounted for a massive 33% of the global medical lifting slings market in 2015. North America stood at a close 28.9% of the global market in the same year. Holding over 63% of the overall market, these developed regions have a significant influence on the overall development of the global market. Hospitals emerged as the leading end-use segment for the market in 2015 and are likely to remain the chief revenue contributor to the global market over the forecast period as well.
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Rising Global Geriatric Population to Emerge as Leading Growth Factor for Market
The overall growth dynamics of global medical lifting slings market is largely dependent on demand from one particular demographic—geriatrics. As geriatrics are most prone to mobility-related conditions, their rising population across the globe makes for a promising set of growth opportunities for the global medical lifting slings market. In the near future, medical lifting slings are expected to become a fundamental part of the global healthcare industry as a larger share of the world population increasingly falls in the geriatric category.
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While growth prospects are mostly positive, factors such as the high base cost of advanced products, rudimentary infrastructure in healthcare facilities across less developed economies, and an overall cost-conscious population in emerging economies mire the growth prospects of the market to a certain extent.
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