According to the new market research report “Patient Lateral Transfer Market by Product (Air Assisted Transfer Device (Type (Regular Mattress, Split Legs Mattress, Half Mattress), Usage (Single Patient Use, Reusable)), Sliding Sheets, Accessories) End User (Hospitals) – Global Forecast to 2025” published by MarketsandMarkets™.
Revenue Growth Opportunities and Growth Drivers?
The Patient Lateral Transfer Market is expected to reach USD 446.2 billion by 2025 from USD 288.7 billion in 2020, at a CAGR of 9.1% during the forecast period of 2020 to 2025.
Growth Boosting Factors:
- High risk of injuries to caregivers during the manual handling of patients
- Implementation of regulations to ensure safe patient handling
- Advantages of lateral transfer devices in overcoming persistent difficulties in handling patients with special conditions
- Growing demand for home healthcare services
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COVID-19 Impact on the Patient lateral transfer Market;
Coronavirus has spread across 215 countries and territories and affected more than 4.4 million people, with close to 300 thousand deaths. Increased number of hospitalizations due the COVID-19 outbreak is anticipated to propel the market growth over the forecast period. For instance, according to the Centers for Disease Control and Prevention (CDC), April 24, 2020, the rate of hospitalization due to COVID-19, for people of age 65 and above is 95.5 per 100,000. Such high rate of hospitalization has increased the demand of patient lateral transfer devices in the hospitals. Many key players in the market have observed positive impact on its revenue due to higher demand of beds and lateral transfer devices.
Leading Key Players in the Worldwide Industry:
The products and services market is dominated by a few globally established players such as Stryker Corporation (US), Hill-Rom (US), Arjo (Sweden), Handicare (Sweden) and Etac Group (Sweden)
Geographical Regions Mapped in Report:
The patient lateral transfer market is divided into five regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. These regions are further analyzed at the country levels. North America held the largest share of the patient lateral transfer market in 2019, followed by Europe and the Asia Pacific. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The Asia Pacific market is primarily driven by the increasing awareness regarding the benefits of safe patient handling, the presence of a large population base, growth in the geriatric population, and the rising prevalence of chronic diseases.
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Market Segmentation in Detailed:
Based on product, is segmented into air-assisted lateral transfer mattresses, sliding sheets, and accessories. The air-assisted lateral transfer mattresses segment accounted for the largest market share in 2019. The large share of this segment can be attributed to the advantages of these mattresses in overcoming persistent difficulties while handling patients with special conditions.
Based on end users, is segmented into hospitals, ambulatory surgery centers, and other end users. Hospitals accounted for the largest share of the patient lateral transfer market in 2019. This can be attributed to many patient admissions in hospitals, rising prevalence of various chronic conditions, and growing regulatory norms to use safe patient transfer equipment. Ambulatory surgery centres are expected to witness the highest growth during the forecast period, mainly due factors such as the growing number of digitalization in healthcare field such as mhealth and teleradiology.