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Patient Lateral Transfer Market - Global Key Players, Trends, Industry Size & Forecast
According MarketsandMarkets Research – The Patient Lateral Transfer Market is expected to reach USD 446.2 million by 2025 from USD 288.7 million in 2020, at a CAGR of 9.1% during the forecast period of 2020 to 2025.
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.
Recent Developments in Industry;
In April 2020, Handicare divested its Patient Handling Europe business to Direct Healthcare Group ...
In February 2020, Sizewise signed an agreement with LINET (Europe).
In January 2020, MedLine acquired Medi-Select (Canada), a distributor of medical and dental supplies.
In May 2019, Handicare signed an agreement to divest its distributor of medical consumables- Puls AS to Mediq International BV
In March 2019, Hill-Rom entered into an agreement to acquire Voalte (US).
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Rise in the musculoskeletal injuries to caregivers while man handling patients to drive the demand for patient lateral transfer.
Based on product, the patient lateral transfer market 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.
The hospitals segment accounted for the largest market share in 2019
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.
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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.
Key Market Players;
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)
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