May 21, 2024

Patient Lateral Transfer Devices Market Propelled By Growing Geriatric Population

Patient Lateral Transfer Devices help move patients safely and comfortably between surfaces like beds, wheelchairs, and medical tables, preventing injury to caregivers or patients during transfers. Common devices include sliding sheets, transfer belts, and air-assisted lifting devices. The growing geriatric population is more prone to injuries during transfers, driving the demand for lateral transfer aids that reduce caregiver effort. The global Patient Lateral Transfer Devices Market is estimated to be valued at US$ 404.25 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing geriatric population is one of the key drivers of the patient lateral transfer devices market. Older adults aged 65 years and above are more likely to suffer from limited mobility and need assistance during transfers. As per the United Nations, the population aged 65 years or older is projected to grow from 703 million in 2019 to 1.5 billion in 2050. Approximately 60-70% of people aged 65 and above suffer from at least one chronic condition requiring ongoing medical care and hospitalization. Frequent hospital visits increase the risk of injuries for the patient as well as caregivers during transfers. This is inducing the demand for technologically advanced lateral transfer devices that make the process safer and easier.

SWOT Analysis
Strength
: Patient lateral transfer devices offer safer transferring of patients between beds and wheelchairs. This reduces injuries to caregivers.
Weakness: High cost of automated devices hampers adoption in price sensitive areas. Manual devices require physical strength of caregivers.
Opportunity: Rapid growth of aging population and number of patients requiring long term care increases demand. Increasing healthcare spends boosts market.
Threats: Strict regulatory approvals and quality standards delay new product launches. Reimbursement policies affect sales of high-cost automated devices.

Key Takeaways
The Global Patient Lateral Transfer Devices Market Demand is expected to witness high over the forecast period of 2024 to 2031. The market size for 2024 is projected to be US$ 404.25 Bn, growing at a CAGR of around 10%.

Regional analysis: North America currently dominates the market owing to high healthcare spends and presence of key players. However, Asia Pacific is expected to grow at fastest pace due to improving access to healthcare and rising geriatric population in countries like China and India.

Key players: Key players operating in the patient lateral transfer devices market include Cynosure, Lumenis, Syneron Medical, Lynton Lasers, EL.En. S.p.A., Fotona, Cutera, Strata Skin Sciences, Lutronic Corporation, Sciton, Alma Lasers, Venus Concepts, Asclepion Laser Technologies, Laseroptek, Quanta System, SharpLight Technologies, Aerolase, HONKON, LISA Laser Products, MeDioStar. These companies are focusing on new product launches and increasing geographic presence through partnerships and mergers.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it