Patient lateral transfer devices are medical devices that enable safe and comfortable repositioning of patients from one surface to another such as beds to stretchers, wheelchairs and operating tables. These transfer devices reduce the risk of accidents and injuries for both patients and healthcare workers by eliminating the need to manually lift patients, who are often frail, heavy or unconscious. They ensure ergonomic transfer of patients through their slip-sheet designs, bottom contours and mechanical lifting functions. Common types of lateral transfer devices include sliding sheets, transfer boards and transfer belts.
The global market of patient lateral transfer devices continues to grow driven by increased risk of work-related musculoskeletal injuries among healthcare workers, growing geriatric population suffering from limited mobility and rising prevalence of lifestyle diseases prompting hospitalization. With overexertion from manual lifting representing a major cause of injuries, healthcare facilities are actively adopting lateral transfer aids to foster a safer working environment for nurses and attendants. The rising acuity of patients coupled with lack of sufficient caregivers has further augmented demand for lateral transfer devices that facilitate efficient one or two-person transfers.
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 key trends:
The Global Patient Lateral Transfer Devices Market Size is witnessing newer product innovations centered around patient safety and comfort. Manufacturers are developing smart lateral transfer aids integrated with patient monitoring sensors and powered lifts for independent operation. This allows for continuous health parameter tracking pre-and-post transfer as well as eliminates physical strain during the transfer process. Moreover, the growing prominence of artificial intelligence (AI) and internet of things (IoT) in healthcare has prompted integration of connected device capabilities in newer lateral transfer product variants. This will enable remote monitoring of patient transfers as well as collection and analysis of vital usage data on a centralized network to optimize workflows and resource utilization among healthcare providers. Such advances are expected to further rally adoption of patient lateral transfer devices over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirement and established customers make it easy for new companies to enter the market. However, established brands have strong relationships with hospitals and care providers.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and established providers. However, specialized devices have switching costs.
Bargaining power of suppliers: A few major companies supplying components give them strong negotiation power. However, established manufacturers can absorb costs or find alternative suppliers.
Threat of new substitutes: Alternate patient transfer methods exist but devices offer safety, ergonomics and efficiency. New technologies may disrupt the market over the long term.
Competitive rivalry: The market has key global players and regional small companies. Players compete on features, quality, services and pricing leading to pricing pressures.
Key Takeaways
The global patient lateral transfer devices market is expected to witness high growth over the forecast period driven by increasing elderly population and chronic diseases.
Regional analysis: North America dominates the market currently due to higher healthcare spending and adoption of innovative medical technologies for improved patient care. However, Asia Pacific is expected to grow at the fastest pace due to large patient population, increasing medical tourism and rising healthcare infrastructure.
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 capture major share due to strong brand presence and comprehensive product portfolio for skin treatment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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