by 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 Overview:
Patient lateral transfer devices are medical equipment used to transfer patients between a bed and stretcher or other medical equipment like wheelchair. These devices help caregivers move patients safely while reducing risk of injury. They provide secure handling of patients and minimal manual lifting. Common patient lateral transfer devices include transfer boards, air assisted devices, and slide sheets. Air assisted devices are growing in popularity due to their easy operation and reduced strain on caregivers.
Market key trends:
The patient lateral transfer devices market is driven by growing geriatric population, rising number of road accidents and injuries, and increasing incidence of lifestyle diseases. As per the United Nations report, number of people over 60 years globally is set to double by 2050. With advancing age comes higher risk of injury and reduced mobility, driving demand for patient handling equipment. Also, growing cases of chronic diseases like obesity are fueling adoption of specialized medical devices for safe patient mobility. Innovation in device material and ergonomic designs catering to bariatric patients is a key trend. Manufacturers are focusing on developing air-assisted lateral transfer mattresses which conform to patient’s body for gentle transfer with minimal effort.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the patient lateral transfer devices market requires high investment and well-established supply chain. However, availability of new technologies can enable new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of versatile patient lateral transfer devices from multiple manufacturers. Buyers can negotiate effectively on price and features.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers of raw material include limited players. However, availability of substitutes balances suppliers’ influence over price setting.
Threat of new substitutes: The threat of new substitutes is low as patient lateral transfer devices have limited substitutes and technologies for safer patient transfer are continuously improving.
Competitive rivalry: High owing to presence of global and regional players.
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 geriatric population and rising patient transfers.
The North America region is expected to dominate the market throughout the forecast period owing to growing healthcare infrastructure and increasing patients’ safety measures in healthcare facilities. The growing bariatric population demanding specialty lateral transfer devices is also driving market growth in the region.
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.
Key players are focused on new product launches and mergers & acquisitions to strengthen their market position. For instance, in 2022, Stryker Corporation launched the TRU-D Smart Surface Transfer Device to assist healthcare workers in safely transferring patients.
