July 20, 2024

Patient Lateral Transfer Devices Market Is Expected To Be Flourished By Rising Geriatric Population Suffering From Disabilities And Chronic Diseases

Patient lateral transfer devices are powered or non-powered aids and devices used for the safe lateral transfer of patients from one surface to another such as a bed to a stretcher, chair, or wheelchair. Growing geriatric population suffering from disabilities and chronic diseases which limits their mobility is driving the demand for patient lateral transfer devices. The geriatric population requires extra care and support for their mobility and day-to-day activities due to old-age physical limitations. The global patient lateral transfer devices market is highly fragmented and competitive due to the presence of several global and regional players. Key manufacturers are focusing on new product innovations, mergers, and acquisitions to strengthen their market position.

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:
Rising geriatric population coupled with increasing prevalence of disabilities and chronic diseases are the major factors stimulating the growth of the global patient lateral transfer devices market over the forecast period. According to the United Nations Population Fund (UNFPA), by 2050 approximately 80% of older persons will be living in low and middle-income countries. Additionally, World Health Organization (WHO) estimates that chronic disease prevalence is projected to rise 57% globally by 2020. Hence, growing health issues among the elderly are fueling the need for patient handling equipment which can ensure their safety, comfort, and mobility. Moreover, advancements in technology and availability of powered lateral transfer devices are also augmenting the market growth. However, high costs associated with powered lateral transfer devices may hinder market growth over the forecast period. Ongoing research and development activities to develop affordable and advanced lateral patient transfer devices are expected to create lucrative opportunities for market players in the near future.

Segment Analysis
The patient lateral transfer devices market is dominated by the air-assisted lateral transfer mattresses segment. This segment accounts for over 50% market share owing to the inclination of caregivers and healthcare providers towards air-assisted devices due to their easy maneuverability and ability to reduce patient injuries. Air-assisted lateral transfer mattresses provide smooth surface for patients and reduce friction between mattress and skin.

PEST Analysis
Political:
The rising healthcare expenditure by governments across the world to enhance healthcare infrastructure and offer better patient care services is a key driver. For instance, the Government of India is increasing public healthcare spending.
Economic: Developing economies are expected to drive higher market revenues due to increasing incidence of lifestyle diseases and improving access to healthcare services. In addition, rising disposable incomes allow patients to opt for advanced lateral transfer devices.
Social: Growing geriatric population prone to injuries during transfers from beds to stretcher or wheelchairs is a major factor. According to the UN, the number of people aged 60 years and above is expected to double by 2050.
Technological: Integration of artificial intelligence and IoT sensors allow intelligent devices to monitor vital signs and alerts during transfers for improved safety and efficiency. However, high R&D costs involved act as a restraint.

Key Takeaways
The Global Patient Lateral Transfer Devices Market Growth is expected to witness high growth.

North America is expected to dominate the market over the forecast period owing to the presence of major players, increasing usage of such devices across all healthcare settings, rising prevalence of chronic diseases, and growth in elderly population in the US and Canada requiring assisted lateral transfers.

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. Arjo and Handicare AB dominate the market owing to their wide product portfolio and global presence.

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