Patient lateral transfer devices are medical equipment used for transferring immobile patients horizontally between surfaces such as a stretcher, bed, operating table, hospital bed and others. These devices help move patients safely and reduce lifting injuries among caregivers. Patient lifting continues to pose ergonomic challenges and risks for caregivers. According to the Bureau of Labor Statistics, healthcare workers account for 53% of back injuries from overexertion. The use of lateral transfer devices can help reduce such injuries by nearly 80% and lower healthcare costs.

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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The growing geriatric population is susceptible to limited mobility and increased risk of falls and injuries. According to the UN’s World Population Ageing Report, the number of people aged 65 and above is projected to double to 1.5 billion by 2050 globally. The elderly require increased medical assistance and caregiving that places a physical burden on professionals. Patient lateral transfer devices provide an optimum solution to transfer immobile patients safely and prevent lifting injuries among caregivers. This presents significant opportunity for the lateral transfer devices market to offer innovations catering to an aging demographic and creating a safer healthcare environment.

Porter's Analysis

Threat of new entrants: Low capital requirements and well established players make the threat of new entrants low in this Global Patient Lateral Transfer Devices Market Size.

Bargaining power of buyers: The buyers have moderate bargaining power due to availability of substitute products in the market.

Bargaining power of suppliers: A few major players dominate the supply side giving them higher bargaining power over other market participants.

Threat of new substitutes: Ongoing innovation and introduction of new devices pose threats from substitutes in the market.

Competitive rivalry: Intense competition exists among the key established players due to their technological expertise and global presence.

SWOT Analysis

Strength: Increasing geriatric population and rising incidence of lifestyle diseases drive the demand. Technological advancements deliver enhanced patient safety and care.

Weakness: High costs associated with devices limit widespread adoption in developing regions. Lack of skilled personnel for operation in some areas.

Opportunity: Emerging economies present lucrative growth opportunities. Rising Medical tourism and improving healthcare infrastructure will fuel the market expansion.

Threats: Stringent approval procedures and regulations delay product launches. Economic slowdowns impact the overall healthcare spending.

Key Takeaways

The global Patient Lateral Transfer Devices Market is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 350.91 Mn.

Regional analysis - The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to growing medical tourism in countries like India and high unmet needs. The increasing investments by both public and private players to strengthen healthcare infrastructure offer significant opportunities.

Key players - Key players operating in the Patient Lateral Transfer Devices market include Cynosure, Lumenis, Syneron Medical, Lynton Lasers, EL.En. S.p.A., Fotona, Cutera, Strata Skin Sciences, Lutronic Corporation, Sciton, Alma Lasers, Venus Concepts, Asclepion Laser Technologies, Laseroptek, Quanta System, SharpLight Technologies, Aerolase, HONKON, LISA Laser Products, MeDioStar. Strategic acquisitions and partnerships for new product launches will define the competitive landscape.

Get More Insights On This Topic: https://www.newswirestats.com/patient-lateral-transfer-devices-market-forecast-outlook-trend-2023-2030/