May 29, 2024

Patient Lateral Transfer Devices Market Driven By Increasing Hospital Admissions

Patient lateral transfer devices are medical devices used for lateral (side-to-side) movement of patients residing in beds or stretchers, from one surface to another. They are widely used in hospitals, ambulance services, nursing homes and other patient care settings to safely transfer patients between beds, surgical tables, wheelchairs and other patient support systems. They provide caregivers an easy and comfortable way to transfer patients without causing undue strain or injury. With growing geriatric population facing mobility issues and rising number of accidents and chronic diseases leading to increased hospital admissions worldwide, the demand for such patient handling devices is on the rise.

The global patient lateral transfer devices market is estimated to be valued at US$ 404.25 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends witnessed in the patient lateral transfer devices market is the growing demand for air-assisted lateral transfer mattresses. These devices use air flow technology to gently roll and slide patients laterally, reducing friction and risk of skin injuries. They are gaining popularity among healthcare providers and patients alike due to their added safety and comfort. Another notable trend is the emergence of digitally enhanced devices that provide real-time feedback to caregivers on patient positioning and movement. Such devices assist caregivers in properly executing lateral transfers and reduce the risk of musculoskeletal injuries to both patients and caregivers. Manufacturers are also focusing on developing lightweight and easy to operate devices to reduce physical strain on caregivers.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the patient lateral transfer devices market. Considerable capital investment is required to manufacture lateral transfer devices according to prescribed standards and quality. Moreover, well-established brands dominate the market, creating barriers.

Bargaining power of buyers: The bargaining power of buyers is high. Buyers can negotiate on price and quality due to availability of multiple established brands.

Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to availability of substitutes and less differentiation in components.

Threat of new substitutes: Threat of substitutes is low as lateral transfer devices provide unique safety and handling solutions not replicable by other substitutes.

Competitive rivalry: The market is competitive due to presence of numerous global and regional players. Companies compete on product offerings, quality, and pricing.

Key Takeaways
The Global Patient Lateral Transfer Devices Market Growth is expected to witness high  at a CAGR of 10% during the forecast period of 2024 to 2031.

Regional analysis: North America is projected to lead the global market during the forecast period owing to increase in healthcare expenditure, rise in incidence rates of chronic diseases, and growing elderly population requiring assistance.

Key players: Key players operating in the patient lateral transfer devices market are 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, and MeDioStar. Cynosure, Lumenis, and Syneron Medical collectively account for a significant share of the global market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it