Patient lateral transfer devices are used to safely transfer non-ambulatory patients between beds, stretchers, chairs and other surfaces. Some key advantages of using patient lateral transfer devices include reduced risk of injuries for patients and caregivers during transfers, improved patient safety and comfort, ability to perform lateral transfers independently and easily by just one caregiver and versatility for use in various healthcare facilities such as hospitals, nursing homes, homecare and others. With the growing prevalence of chronic diseases and disabilities globally, the number of patients requiring assistance with daily mobility tasks has surged tremendously. Patient lateral transfer devices help address the clinical and economic challenges arising due to rising dependency needs.
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 key trends:
There is growing demand for technologically advanced lateral transfer devices integrated with features such as digital weight scales, lifting poles, sliding sheets and powered devices for improved efficacy and reduced chances of work-related injuries. Various manufacturers are increasingly focusing on developing innovative products with ergonomic designs, Bluetooth connectivity and compatibility with hospital beds and stretchers. They are also offering tailored training and support services to promote safe patient handling practices and optimal product utilization. Such factors are expected to significantly contribute to the revenue growth of the patient lateral transfer devices market over the coming years.
Threat of new entrants: Low as the medical device manufacturing is a capital-intensive industry requiring large investments in R&D and manufacturing facilities. Strict regulatory approvals also pose a barrier.
Bargaining power of buyers: Moderate as there are several established manufacturers offering a variety of products. However, high switching costs give buyers less power to negotiate on prices.
Bargaining power of suppliers: Low due to the availability of substitute raw materials and components. Manufacturers can easily switch to alternate suppliers.
Threat of new substitutes: Moderate as new technologies are emerging but complete substitutes are still not available considering safety, cost and effectiveness for patient transfer.
Competitive rivalry: High among the major players due to their global presence and focus on new product launches and acquisitions.
The Global Patient Lateral Transfer Devices Market Growth is expected to witness high growth over the forecast period supported by an aging population, rising chronic disorders, and initiatives to improve hospital infrastructure and patient care.
North America dominates the market currently owing to the presence of major players, advanced healthcare infrastructure, and higher healthcare spending. Asia Pacific is expected to grow at the fastest pace due to growing medical tourism, rising healthcare expenditure, and increasing patient awareness.
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. Stryker Corporation holds a leading position with its comprehensive product portfolio and global footprint.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it