The Patient lateral transfer devices market is estimated to be valued at USD 379.5 Mn in 2024 and is expected to exhibit a CAGR of 10.2% over the forecast period (2024-2031). The global patient lateral transfer devices market is witnessing high growth owing to the increasing geriatric population suffering from limited mobility. Furthermore, the rising number of hospitals worldwide is also contributing to the market growth as patient lateral transfer devices assist nurses and caregivers in safely moving patients from one surface to another like bed to stretcher.
Market Dynamics:
The market is primarily driven by the growing geriatric population that is more prone to limited mobility and medical conditions requiring lifelong treatment or hospitalization. As per the World Health Organization, the number of people aged 65 years or older is projected to grow from 600 million to 2 billion between 2000 and 2050. Thus, rising pool of elderly population would propel the demand for patient transfer devices to safely mobilize them. Additionally, increasing number of hospitals across developed and developing nations along with rising healthcare spending is also boosting the market growth. For instance, as per the WHO, the global hospital infrastructure spending is estimated to grow over 6% annually till 2022. Hence, the growing patient pool and healthcare infrastructure are augmenting the adoption of patient lateral transfer devices for safer transfer to prevent injuries to both patients and caregivers.
Growing Geriatric Population is a Key Driver for Patient Lateral Transfer Devices Market
The aging population is growing rapidly across the globe. As per United Nations report, people aged 65 years and above is projected to grow from 703 million in 2019 to 1.5 billion in 2050. Older adults are more prone to chronic illnesses, disabilities, and injuries which increases their dependency on patient handling equipment. Lateral transfer devices help caregivers to safely move or transfer immobile patients from one surface to another with minimum risk of injury to patients as well as caregivers. With growing geriatric population that require long-term and palliative care, the demand for patient lateral transfer devices is expected to rise significantly in the coming years.
High Cost of Advanced Lateral Transfer Devices Acts as Market Barrier
Lateral transfer devices powered by advanced technologies like air assisted devices offer added benefits but come at significantly higher cost compared to manual devices. For instance, air assisted devices can cost from US$ 4,000 to US$10,000 each. The high pricing puts these devices out of reach for resource limited healthcare facilities in developing nations. Even in developed markets, budget constraints may restrict large scale adoption of technologically advanced devices. This pricing challenge prevents faster growth prospects for this market globally to some extent.
Shortage of Skilled Healthcare Workforce is Another Key Restraint
Patient handling is physically taxing and requires proper training. However, the shortage of skilled and certified nurses or caregivers for handling and operating lateral transfer equipment continues to be a persistent issue across both developed and developing countries. This increases chances of work-related musculoskeletal injuries while transferring patients manually. It also restricts the optimum utilization of powered lateral transfer devices in healthcare settings facing staffing shortages. Addressing workforce challenge is important to unlock growth opportunities in this market.
Growing Telehealth and Remote Patient Monitoring Trends Open New Avenues
The COVID-19 pandemic has accelerated digital transformation of healthcare. Telehealth and remote patient monitoring allow caregivers to examine patients and oversee recovery from a distance using digital devices, sensors, and video conferencing tools. This brings opportunities to develop smart lateral transfer devices integrated with IoT and supporting technologies. For example, devices that can sense and transmit vital signs data while transferring patients enable remote assistance. There is also scope to design custom devices for home care settings using 3D printing and lightweight materials. Telehealth driven innovations are likely to open new growth verticals in this market globally.
Link: https://www.coherentmarketinsights.com/market-insight/patient-lateral-transfer-devices-market-3840
Key Development
- On February 27, 2023, Bruyere, a medical technology company, announced the procurement of Able Innovations’ ALTA Platform, a robotic patient transfer device akin to a hospital bed, for its complex care units
- In April 2022, AliMed Inc., a medical technology company, announced that it had launched a single-patient use option for its PPS Glide Air-Assisted Lateral Transfer System. This innovative patient transfer device requires less overall pull force and fewer healthcare staff to safely move patients from surface to surface, minimizing injuries and infection risk while maximizing patient comfort.
- In December 2020, Arjo, a medical technology company, announced the acquisition of AirPal, a medical technology company. The acquisition will strengthen Arjo’s Patient Handling portfolio and is expected to have a positive impact on earnings per share from 2022 and onwards.
Key Players: Stryker, Hill-Rom Holdings Inc., Arjo , Handicare AB, Etac AB, McAuley Medical, Inc, Medline Industries, Inc., Samarit Medical AG, BLUE CHIP MEDICAL, Haines Medical Australia, Wy’East Medical, AliMed Inc., EZ Way Inc., Bio - X, Agiliti Health, Inc., and Patient Positioning Systems LLC
