Global Patient Lateral Transfer Devices Market Is Estimated To...

Global Patient Lateral Transfer Devices Market Is Estimated To Witness High Growth Owing To Increasing Incidences of Disabilities and Rising Awareness Regarding Patient Safety Standards

Posted 2023-09-20 12:52:16

The Patient Lateral Transfer Devices Market is estimated to be valued at US$ 291.6 Mn in 2021 and is expected to exhibit a CAGR of 9.7% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Patient lateral transfer devices are designed to assist healthcare professionals in moving patients from one surface to another, such as from a bed to a stretcher or an operating table. These devices help in reducing the risk of injuries for both patients and healthcare workers during the transfer process. They are widely used in hospitals, ambulatory surgical centers, and nursing homes, among others. The increasing incidences of disabilities and the rising awareness regarding patient safety standards are driving the demand for patient lateral transfer devices.

Market Dynamics:

The global patient lateral transfer devices market is primarily driven by two factors. Firstly, the increasing incidences of disabilities due to chronic diseases and accidents are propelling the demand for patient lateral transfer devices. Patients with disabilities often require assistance when transferring between surfaces, and these devices provide a safe and efficient solution for healthcare professionals.

Secondly, there is a growing emphasis on patient safety standards in healthcare facilities. Healthcare providers are adopting measures to prevent patient falls and injuries during transfers, leading to a greater adoption of patient lateral transfer devices.

In conclusion, the global patient lateral transfer devices market is expected to experience high growth due to the increasing incidences of disabilities and the rising awareness regarding patient safety standards. The market is projected to exhibit a significant CAGR of 9.7% over the forecast period 2021-2028.

SWOT Analysis:

Strengths: Patient Lateral Transfer Devices Market is poised for high growth over the forecast period, with a CAGR of 9.7%. The market size for 2021 is already substantial, reaching US$ 291.6 Mn. This indicates a strong demand for patient lateral transfer devices.

Weaknesses: Despite the promising growth potential, there are a couple of weaknesses in the market. Firstly, the market is highly fragmented with numerous players, which leads to intense competition. Secondly, the high cost of these devices may limit their adoption, particularly in regions with limited healthcare budgets.

Opportunities: There are two significant opportunities in the patient lateral transfer devices market. Firstly, the increasing prevalence of chronic diseases and the growing geriatric population are driving the demand for patient handling equipment, including transfer devices. Secondly, technological advancements such as motorized lateral transfer devices provide new options and solutions for healthcare providers.

Threats: Two threats should be taken into consideration in the patient lateral transfer devices market. Firstly, strict regulations and guidelines regarding patient safety and handling impose challenges for market players in terms of complying with these standards. Secondly, the adverse effects of incorrect patient transfer techniques on patient safety and staff injuries can create resistance to the adoption of these devices.

Key Takeaways:

The Global Patient Lateral Transfer Devices Market Demand is expected to witness high growth, exhibiting a CAGR of 9.7% over the forecast period, driven by the increasing prevalence of chronic diseases and a growing geriatric population. North America is the fastest growing and dominating region in the market, with the highest market share due to the presence of key market players and advanced healthcare infrastructure.

Key players operating in the Patient Lateral Transfer Devices Market include Stryker Corporation, Hill-Rom Holdings Inc., Arjo, Handicare AB, Etac AB, Sizewise, McAuley Medical Inc., Medline Industries Inc., Samarit Medical AG, Blue Chip Medical, Haines Medical Australia, Scan Medical Co Inc., Wy'East Medical, GBUK Banana, AliMed Inc., Cantel Medical Corporation, EZ Way Inc., and Patient Positioning Systems LLC. These key players contribute significantly to the market's growth and innovation by introducing advanced transfer devices and expanding their geographical presence.