Patient Lateral Transfer Devices Market Estimated To Witness High Growth Owing To Increasing Geriatric Population
Patient lateral transfer devices help in safely transferring patients between surfaces such as beds, chairs, stretchers, and examination tables. They are used in various healthcare facilities such as hospitals, clinics, long-term care centers, and ambulances. These devices reduce the risk of injury to caregivers and patients during transfer. Some common types of patient lateral transfer devices include sliding sheets, transfer boards, and air-assisted lateral transfer mattresses.
The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing geriatric population prone to disabilities is a major driver propelling the growth of the patient lateral transfer devices market. As per the UN data, the number of individuals over 60 years reached over 1 billion in 2020 and is estimated to grow to 1.4 billion by 2030. With age, the risk of injuries like fractures due to falls increases. Lateral transfer devices help caregivers transfer patients gently and reduce fall risks among the elderly.
Additionally, increasing investments in healthcare infrastructure and a growing number of long-term care facilities are expected to boost market growth over the forecast period. Governments worldwide are strengthening their healthcare systems and spending more on long-term patient care services in light of the aging population. This factor will drive the adoption of patient transfer devices.
SWOT Analysis
Strength: Patient lateral transfer devices help reduce physical strain and risk of injury on caregivers during the transfer process. They enable smooth and comfortable transfer of patients between surfaces. The devices provide ergonomic benefits and comply with safety standards.
Weakness: High initial investment costs associated with these devices can be prohibitive for some hospitals and long-term care facilities with limited budgets. Some patients may feel less independent or mobile when being transferred with lateral transfer devices.
Opportunity: Growing geriatric population and increasing prevalence of chronic diseases that require long-term care is expected to drive the demand for patient lateral transfer devices. Mounting emphasis on preventive healthcare and patient safety among providers also opens growth opportunities.
Threats: Stringent regulatory environment for medical devices can delay new product approvals and raise compliance costs. Intense competition among established players poses pricing pressures in the market.
Key Takeaways
The Global Patient Lateral Transfer Devices Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to rise at a CAGR of 9.7% during this time frame. The increasing risk of injury to caregivers from manual patient handling and a growing emphasis on preventive healthcare are fueling demand.
Regional analysis: North America currently dominates the patient lateral transfer devices market, accounting for the largest revenue share. This is attributed to factors such as rising geriatric population, growing prevalence of chronic diseases, and stringent safety regulations in the region designed to reduce workplace injury risks. Asia Pacific is anticipated to exhibit the fastest growth during the forecast period owing to improving access to quality healthcare, increasing healthcare expenditures, and a large patient pool in developing countries of the region.
Key players: 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.
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