Medical Lifting Slings Market is expected to rise at a CAGR of 9.2% between 2016 and 2024

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.

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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.

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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.”

Testosterone Replacement Therapy (TRT) Market to Face Lean Patch until 2024 as it Inches Close to Patent Cliff, says TMR

Patent Expiry Blow Dealt to TRT Market Could be Softened by Growing Prevalence of Hypogonadism

A wide range of testosterone replacement therapy (TRT) products containing different active ingredients have been made available by a large number of both global and local manufacturers. With various studies estimating the number of men affected by hypogonadism (testosterone deficiency) at 30% worldwide, the demand for TRT is poised to increase gradually in the years ahead. The condition primarily affects men aged between 40 and 79 years, making this demographic a key target segment for market players.

However, the market is currently at a crucial juncture with top performing products losing their patents in the next few years. This will no doubt cause a major dent in revenues of key market players. However, some of this impact could be reduced by the heightened demand for and awareness levels about the benefits of advanced TRT products. Many of these products are now being utilized in testosterone deficiency treatment are likely to support market growth during the forecast period.

TRT Creams and Gels Continue to See Strong Sales Worldwide but Injections Racing Ahead

For the purpose of this study, the global testosterone replacement therapy market has been segmented on the basis of product type into creams/gels, patches, injections, gums/buccal adhesives, implants and oral drug forms. Of these, the creams/gels segment led the global market, as overall sales were mainly impelled by key branded formulations such as AndroGel from AbbVie, Inc. Axiron from Eli Lilly and Company, and Fortesta, Testim, and Natesto from Endo Pharmaceuticals Inc.

Ease of use and comparatively less side effects have been the winning characteristics of gels/cream TRT products. However, this segment is expected to lose its current hold on the market owing to patent expirations of branded formulations.

TMR expects the injections product segment to witness the fastest CAGR from 2016 to 2024. This will be possible mainly because consumers are now more open to using these low priced products – a factor aided by the increasing availability of self-administered forms of these products globally.

On the basis of active ingredients, the TRT market is segmented into testosterone, methyl testosterone, testosterone undecanoate, and testosterone enanthate and testosterone cypionate. Of these, testosterone as an active ingredient dominated the global TRT market in 2015. However, other active ingredients are expected to cover much ground through the forecast period. The demand for ester forms of testosterone such as testosterone cypionate and testosterone undecanoate is projected to show a healthy rise. Testosterone undecanoate is expected to witness the fastest growth through the report’s forecasting horizon from 2016 to 2024.

North America Leads TRT Market but Scales Tipping in Favor of Asia Pacific

Of the five broad geographical segments of the global testosterone replacement therapy market, North America accounted for the largest share (84.7%) of the market and was followed by Europe In 2015. The other key segments are Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America.

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The demand for advanced TRT products was especially strong in the U.S. in 2015 as the country accounted for 95% of the North America TRT market in that year, TMR has observed. Asia Pacific will greatly benefit from higher healthcare investments being channeled into the region and is expected to witness the fastest CAGR in the TRT market during the forecast period. China and India are markets that companies in the TRT market cannot ignore. In South Korea and Japan, on the other hand, the sizeable geriatric population and strong positive sentiments will aid the consumption of TRT products. Brazil is the key TRT market in Latin America with the single largest share 2015.

The key players operating in the global testosterone replacement therapy market are AbbVie, Inc., Allergan plc, Bayer AG, Endo Pharmaceuticals, Inc., Eli Lilly and Company, Kyowa Kirin International plc, Mylan N.V., Novartis AG, and Pfizer, Inc. The testosterone replacement therapy market is somewhat consolidated with presence of a few large global players and some local vendors that are operating in the international market.

Packaging and Labeling (Healthcare) Services Market Set to Expand by 2023

The packaging process consists of filling and assembling, sterilization in the final container, and placing labels on the container. The choice of the type of packaging depends on factors such as compatibility of contents, degree of protection required, filling method, incurred cost, and convenience of packaging to the user. Packaging inhibits microbial growth and ensures extended shelf life of pharmaceutical drugs. The different types of pharmaceutical packaging include bottles, blisters, vials, pouches, tubes, prefilled syringes, and ampoules. Health care regulatory bodies impose various rules and regulations for pharmaceutical and medical device products packaging and labeling to address environmental and consumer safety concerns. Various packaging products in this industry have to be in compliance with stringent regulations and policies enforced by the government. These policies increase the burden on various pharmaceutical and medical device manufacturers inducing them to reach out for packaging and labeling products and service providers.

Rising number of chronic diseases, their diagnosis and treatment, increasing health care expenditure, and rising global geriatric population have increased demand for pharmaceuticals and medical devices. This in turn boosts the growth of packaging and labeling of pharmaceuticals and medical devices manufactured and shipped in the global market. Rising demand for anti-counterfeiting drug packaging technologies products and stringent government regulations and standards for packaging and labeling are the other factors that are likely to drive the global packaging and labeling (health care) services market.

The primary packaging segment comprises sub-segments such as blisters, bottles, pouches, tubes, and other packaging products. Secondary packaging includes sub-segments such as labeling and cartoning. The primary packaging segment dominated the global packaging and labeling market in 2014, with major contribution from the bottles packaging sub-segment. Primary or secondary packaging materials are carefully chosen based on various factors such as compatibility with the content/product, filling method, degree of protection required, cost, presentation for OTC drug, and convenience of packaging for users. The primary packaging segment held a larger share of the global market in 2014. The segment is expected to grow at high rate during the forecast period from 2015 to 2023.

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Europe accounted for the largest share of the global packaging and labeling (health care) services market in 2014, followed by North America, Asia Pacific, and Latin America. Largest share of the region is attributed to technological advancements in packaging and labeling machines, well-established health care infrastructure, and presence of large number of pharmaceutical and medical device manufacturing plants. Asia Pacific is anticipated to witness the fastest CAGR during the forecast period due to increasing demand for pharmaceutical and medical device products, increasing geriatric population in countries such as South Korea and Japan, and high investment by key market players operating in this region.

Key players operating in the global packaging and labeling (health care) services market are 3M, Amcor Ltd., Bemis Company, Inc., CCL Industries, Inc., E.I. du Pont de Nemours and Company (DuPont), Gerresheimer AG, Owens Illinois, SCHOTT AG, Sonoco Products Company, and WestRock Company. The packaging and labeling (health care) services market is fragmented, with presence of several large and small-scale vendors that operate in the international market.

Leading Players in Healthcare Cyber Security Market

A new report from Transparency Market Research, titled ‘Healthcare Cyber Security Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2023,’ states that the global market is expected to expand at a rapid pace during the period between 2016 and 2023 due to increasing cyber-attack threats, improvements in healthcare infrastructure, and increasing spending.

Cybersecurity technologies are fast evolving across the globe owing to the changing digital landscape, where security threats are becoming more damaging and smarter. Today, amid the connected health environment, cyber security is not an option, rather it is a compulsion. For every organization, cyber security has become a strategic asset. The healthcare industry is increasingly implementing healthcare IT infrastructure to easily access, send, receive, and manage health care data. The rise in the patent violation cases, medical identity frauds, loss of patient information, and business record breaches are predicted to propel the global healthcare cyber security market in the years to come.

The global healthcare cyber security market is segmented on the basis of end user, region, and solution type. By region, the global healthcare cyber security market is divided into North America, Europe, Asia Pacific, and Rest of the World. Currently, North America dominates the global healthcare cyber security market owing to the increasing presence of a developed medical and healthcare infrastructure. Going forward, factors such as the increasing spending on healthcare information technology, the availability of medical and pharmaceutical devices, and the rising government support are expected to propel the North America healthcare cyber security market.

Asia Pacific is expected to be the attractive market in the years to come owing to economic developments in nations such as India, Japan, and China. Further, the Asia Pacific healthcare cyber security market is expected to grow swiftly due to the rapid enhancements in the healthcare sector. Developing a technically advanced cyber-system platform is a necessity today. Leading players such as Cisco Systems, Inc., MacAfee, Inc., Symantec Corporation, IBM Corporation, Palo Alto Networks, Inc., Lockheed Martin Corporation, Northrop Grumma Corporation, FireEye, Inc., and Kaspersky Lab are taking efforts to introduce new healthcare cyber security platforms in the global market.

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By solution type, the global healthcare cyber security market is classified into identity and access management, intrusion detection system, risk and compliance management, antivirus, data encryption software, antimalware, firewall, and others. Currently, the global healthcare cyber security market is dominated by the identity and access management segment. Based on end user, the global healthcare cyber security market is classified into medical devices companies, pharmaceutical and chemical manufacturers, hospitals, and health insurance companies.