by Patient lateral transfer devices help in transferring patients between beds, stretchers, wheelchairs and other medical surfaces safely and comfortably. They are used for moving patients who are not ambulatory or have restricted mobility. These devices aid caregivers in preventing back injuries while transferring patients laterally. They come in different types such as sliding sheets, transfer belts and air-assisted lateral transfer mattresses. Sliding sheets are broad fabric sheets that allow caregivers to smoothly glide patients from one surface to another. Transfer belts have handles that caregivers can use for assisting in lateral transfers. Air-assisted transfer mattresses include an inflatable bladder that is used to transfer patients when inflated.
The global Patient Lateral Transfer Devices Market is estimated to be valued at US$ 350.91 million in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the patient lateral transfer devices market is the growing adoption of air-assisted lateral transfer mattresses. These mattresses provide superior patient support and safety during transfer as compared to traditional methods such as sliding sheets and transfer belts. The inflatable air mattress evenly distributes patients’ weight to minimize pressure and risk of injuries. Furthermore, it requires less physical effort from caregivers for transfer. Various market players are focusing on product innovation and development of advanced air-assisted lateral transfer mattresses integrated with patient monitoring systems which is anticipated to drive the segment growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low cost barriers and FDA approval are required to enter this market. This reduces the threat of new entrants.
Bargaining power of buyers: Buyers have high bargaining power as they can switch between suppliers offering similar products with minimal switching costs.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and technologies. However, presence of substitutes balances their power.
Threat of new substitutes: Low as substitutes require significant R&D and marketing investments to gain acceptance. Compliance with regulations further increases switch costs.
Competitive rivalry: High due to many global and regional players offering diversified product portfolios targeting various end-users. Pricing pressure exists due to frequent new product launches.
Key Takeaways
Global Patient Lateral Transfer Devices Market Demand is expected to witness high growth. The global Patient Lateral Transfer Devices Market is estimated to be valued at US$ 350.91 million in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030.
North America currently dominates the market due to growing geriatric population and regulatory approvals for novel devices. Factors such as increasing healthcare spending, road traffic accidents, and new product launches will support the regional market growth over the forecast period.
Europe patient lateral transfer devices market will grow moderately driven by increasing demand for safe patient handling equipment across healthcare facilities. Supportive reimbursement policies for device adoption in countries like Germany and UK aid the regional growth.
Asia Pacific is emerging as a high potential market for patient lateral transfer devices supported by expanding healthcare infrastructure, and growing medical tourism in countries like China, India and Japan. Continuous technological advancements to improve operational efficiencies and patient safety will drive the regional gains through 2030.
Key players operating in the patient lateral transfer devices market are Stryker Corporation, Getinge AB, Hill-Rom Holdings Inc., Invacare Corporation, and Handicare Group AB. These players are focusing on new product development and strategic partnerships with regional startups to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
