Patient Lateral Transfer Devices Market To Witness High Growth...

Patient Lateral Transfer Devices Market To Witness High Growth Owing To Rising Geriatric Population

Veröffentlicht 2023-12-01 09:38:18

The Patient Lateral Transfer Devices market is estimated to be valued at US$ 350.91 Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Patient lateral transfer devices are used to safely transfer patients from one surface to another like beds, stretchers, wheelchairs etc. These devices are designed to provide comfort, stability and safety to patients during transfer. Lateral transfer devices help to reduce the risk of injury to caregivers during the transfer process. Common lateral transfer devices include sliding sheets/boards, transfer/evacuation mattresses, blankets, air assisted mattresses and related accessories.

Market Dynamics:
The growth of the patient lateral transfer devices market is majorly driven by the rising geriatric population globally which is more prone to disabilities and medical conditions requiring assistance in movement and transfer. As per United Nations report, by 2050 around 16.9% of the global population will be aged 65 years and above. This growing pool of geriatric population will propel the demand for these devices from hospitals and long term care facilities. Additionally, increasing incidence of chronic diseases such as orthopedic disabilities, obesity and paralysis are leading to rising hospital admissions and need for lateral transfer of patients from beds to stretchers and vice versa, further fueling market growth over the forecast period. However, high costs associated with powered and air assisted lateral transfer devices may restrain market growth to some extent.

SWOT Analysis

Strength: Patient Lateral Transfer Devices help in safe transfer of patients from one surface to another and reduce manual handling induced injuries to caregivers. These devices are equipped with sliding sheets and rails for easy maneuverability. They are available in wide range of designs to suit varied patient conditions.

Weakness: High cost associated with advanced Patient Lateral Transfer Devices limits their adoption in budget constrained settings. Lack of training to caregivers can lead to device misuse and patient safety issues.

Opportunity: Growing geriatric population and rising healthcare expenditure in developing nations create demand. Development of tech-enabled devices for bariatric, pediatric and disabled patients present new areas of growth.

Threats: Preference for alternate handling equipment and lifting solutions by some hospitals. Stringent regulatory approval process and quality standards delay product launches.

Key Takeaways
Global Patient Lateral Transfer Devices Market Demand is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing prevalence of chronic diseases and mobility issues among aging population.

Regional analysis: North America dominates the global market owing to rising health awareness, availability of advanced medical technologies and significant per capita healthcare spending in the US and Canada. The Asia Pacific region is expected to exhibit fastest growth due to growing medical tourism, rising income levels and expansion of private healthcare sector in China, India and Southeast Asian countries.

Key players: Key players operating in the Patient Lateral Transfer Devices market are 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.