by Market Overview:
The Patient Lateral Transfer Devices Market is estimated to be valued at US$ 291.6 Mn in 2021 and is expected to reach a valuation of US$ (incorporate given market value for 2022) Bn or Mn by 2022, exhibiting a CAGR of 9.7% over the forecast period (2021-2028). Patient lateral transfer devices are essential equipment used for the transfer of patients from one surface to another, reducing the risk of injury to both patients and healthcare providers. These devices find extensive applications in hospitals, ambulances, and home care settings. With the increasing geriatric population and the growing prevalence of chronic diseases, the demand for patient lateral transfer devices is expected to rise.
Market Dynamics:
The patient lateral transfer devices market is driven by several factors. Firstly, the rising incidence of age-related conditions and chronic diseases, such as osteoarthritis, stroke, and musculoskeletal disorders, is fueling the demand for these devices. Secondly, the growing focus on patient safety and the prevention of healthcare-associated injuries during patient transfers is also contributing to market growth. Furthermore, technological advancements in patient lateral transfer devices, such as the integration of powered systems and ergonomic designs, are enhancing their efficiency and usability. Overall, these drivers are expected to propel the market growth of patient lateral transfer devices in the coming years.
Market Key Trends:
The key trend in the Patient Lateral Transfer Devices Market is the increasing focus on patient safety and the prevention of injuries during patient transfers. Healthcare facilities are increasingly recognizing the importance of providing safe and comfortable transfers for patients, as improper transfers can lead to accidents, falls, and injuries. The use of patient lateral transfer devices helps to reduce the risk of injuries to both patients and healthcare providers during transfers, ensuring a safer healthcare environment overall.
SWOT Analysis:
Strength: The global Patient Lateral Transfer Devices Market benefits from the rising awareness about patient safety and the implementation of strict regulations to prevent injuries during transfers.
Weakness: The high cost associated with patient lateral transfer devices can limit their adoption, especially in developing regions where healthcare budgets are limited.
Opportunity: The increasing demand for healthcare services, particularly in emerging economies, presents an opportunity for market growth as healthcare facilities strive to improve patient safety and ensure efficient transfers.
Threats: The presence of alternative transfer methods and the reluctance of healthcare providers to invest in new equipment due to budget constraints may pose a threat to the market’s growth.
Key Takeaways:
The Global Patient Lateral Transfer Devices Market Demand is expected to witness high growth, exhibiting a CAGR of 9.7% over the forecast period from 2021 to 2028. This growth can be attributed to the increasing focus on patient safety and the prevention of injuries during transfers. Healthcare facilities worldwide are implementing strict regulations and guidelines to ensure safe transfers, driving the demand for patient lateral transfer devices.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the market. The region’s well-established healthcare infrastructure, high awareness about patient safety, and the presence of key market players contribute to its market dominance.
Key players operating in the Patient Lateral Transfer Devices Market include 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 key players contribute to the market’s growth through product innovations, strategic collaborations, and expanding their geographical presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
