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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Patient lateral transfer devices help in transferring patients from one surface to another such as an operating table to a stretcher or vice versa. These devices reduce the risk of injury to caregivers during transfer by providing mechanical leverage and help in proper alignment and positioning of patients. They are mainly used in hospitals, nursing homes, and other healthcare centers.
Market key trends:
The global patient lateral transfer devices market is driven by an increasing geriatric population which is more prone to disabilities and injuries. As per the United Nations estimates, the population over 60 years will more than double, from 12% currently to over 22% by 2050. Also, rising incidence of lifestyle diseases such as obesity further raising the risk of healthcare associated injuries during transfer is expected to contribute to the market growth. Moreover, growing number of surgical procedures has augmented demand for hospital beds along with safe patient transfer equipment to avoid injury at healthcare settings. The development of ergonomic devices and air assisted transfer mats for efficient and smooth transfer while avoiding manual lifting is anticipated to open new avenues over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as huge capital investment is required for manufacturing the devices and technology. However, small new entrants can collaborate with hospitals to provide services.
Bargaining power of buyers: The bargaining power of buyers is moderate as patient lateral transfer devices market is moderately competitive with presence of several players. Buyers can negotiate on pricing and quality of products.
Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials required are commonly available. However, the healthcare end-user segment remains highly niche with specialized requirements.
Threat of new substitutes: Substitutes threat is low as there are limited substitutes for patient lateral transfer devices used in hospitals and other healthcare settings.
Competitive rivalry: High as the market is dominated by few global players.
SWOT Analysis
Strength: Wide variety of patient lateral transfer devices available for safe transfer of patients. Increasing adoption of battery-powered air assisted devices.
Weakness: High costs associated with advanced devices limits adoption in low income countries. Lack of training hampers proper usage.
Opportunity: Growing geriatric population and increasing incidence of disabilities boosts demand. Investments in healthcare infrastructure in developing nations.
Threats: Stringent regulatory approvals delay new product launches. Reimbursement issues regarding insurance coverage.
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 incidence of chronic diseases and road accidents requiring surgical interventions. The North American region currently dominates the market attributed to growing elderly population suffering from limited mobility.
Regional analysis: Asia Pacific is projected to witness the fastest growth during the forecast period owing to rising healthcare expenditure, increasing disposable incomes, and growing focus towards better patient safety. China, India, and Japan will be major revenue generators in the Asia Pacific patient lateral transfer devices market.
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. These companies have strong global distribution networks and collaborate with hospitals to provide advanced solutions.
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