by The global Patient Lateral Transfer Devices Market is estimated to be valued at US$ 350.91 Mn or 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 Overview:
Patient lateral transfer devices are medical equipment used for safely transferring patients between beds and surfaces. They help caregivers move patients efficiently and prevent injuries.
Market key trends:
The growth of the patient lateral transfer devices market is mainly driven by the increasing geriatric population and risk of injuries during patient handling. As per the UN report, the global population aged 60 years and above is expected to double from 12% to 22% between 2015 and 2050. The elderly suffer more from limited mobility and chronic illnesses requiring frequent hospital visits and medical care. This makes them more dependent on transfer devices. Furthermore, manual lifting and repositioning of patients has a high risk of musculoskeletal injuries to caregivers with almost 50% of nurses reporting back pain during their career. Transfer devices help distribute the patient’s weight safely and reduce the physical strain on healthcare workers. Regulations mandating the use of lifting equipment in healthcare facilities are also boosting adoption.
SWOT Analysis
Strength: Patient lateral transfer devices offer safer transfer of patients from one surface to another, reducing risks of injuries to caretakers and patients. They allow for independent patient handling.
Weakness: High upfront costs of hydraulic and electric patient transfer devices restrict their adoption in low and middle-income regions. Manual devices require physical strength of caretakers.
Opportunity: Growing geriatric population and rising incidences of disabilities and chronic diseases are increasing the demand for assistive patient handling devices. Increasing healthcare investments in emerging nations also provide new opportunities.
Threats: Lowcompliance with regulations regarding safe patient handling can reduce adoption rates. Price competitiveness from local players can threaten market shares of established brands.
Key Takeaways
Global Patient Lateral Transfer Devices Market Demand is expected to witness high growth, exhibiting a CAGR of 9.7% over the forecast period, due to increasing prevalence of disabilities and chronic diseases.
Regional analysis: North America currently dominates the market due to rapid aging population requiring assisted living. Asia Pacific is expected to be the fastest growing market owing to favorable reimbursement policies and increasing healthcare investments in major economies like China and India.
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. These players are focusing on developing advanced devices with ergonomic designs and functionality to improve patient safety and caregiver assistance.
