Rising Prevalence of Mobility-related Diseases among Geriatrics to Positively Affect Demand for Medical Lifting Slings
The global demand for medical lifting slings has significantly increased in the past few years. It is estimated that the rapid rise in the world’s geriatric population, which is a demographic suffering the most from a variety of mobility-related diseases, is one of the key factors to have boosted the demand for these products. 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.
In a recent report, Transparency Market Research (TMR) estimates that 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 US$910.6 mn by 2024.
In this blog post, TMR analysts provide insights about some of the key aspects of the market, examined as a part of the detailed report on the global medical lifting slings market.
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Which regional market presents most promising growth opportunities for medical lifting slings?
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. The highly developed healthcare infrastructures, an encouraging medical reimbursement scene, and the presence of some of the world’s leading players in the field are the key factors attributed to the dominance of North America and Europe in the global medical lifting slings market.
Nevertheless, the market also holds significant promise of growth in emerging economies across Asia Pacific. The vast population of geriatric population in countries such as India and China, improving healthcare infrastructures, rising healthcare expenditure by an increasingly affluent middle-class demographic, and thriving medical tourism industries are expected to boost the intake of medical lifting slings in Asia Pacific in the next few years.
How has the competitive landscape of the market evolved over the years?
In developing economies, favorable government policies aimed at the improvement of healthcare facilities have led made the market for medical lifting slings highly conducive for new, small-, and medium-sized enterprises. The competitive landscape of the market has thus become largely fragmented in regions such as Asia Pacific, Latin America, and Africa. However, the market features the dominance of few leading vendors in developed regions such as Europe and North America.
In cost-sensitive regional markets, companies have come up with growth strategies such as rental provisions for a variety of designs and product varieties. 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 also focusing on the development of customized and technologically advanced medical lifting slings to address diverse needs of patients.