(PharmaNewsWire.Com, April 28, 2021 ) The 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", is projected 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.
What Drives the Market Growth?
Due to the outbreak of corona virus globally, there is a sudden rise in the demand for patient lateral transfer devices.
The growth in this market is majorly driven by the high risk of injuries to caregivers during the manual handling of patients, implementation of regulations to minimize manual patient lifting, and the advantages of lateral transfer devices in overcoming persistent difficulties in handling patients with special conditions. However, the lack of training to caregivers for the efficient operation of patient handling equipment is expected to restrain the growth of this market.
Opportunities: Growing demand of home health care services;
Globally, an increasing number of government regulations are being implemented for reducing the duration and cost involved in healthcare treatments. For instance, the Centers for Medicare and Medicaid Services (CMS) has implemented steps to provide incentives to healthcare providers for reducing hospitalization costs. Under this initiative, the CMS is promoting healthcare settings such as nursing homes and approaches such as home healthcare as they can provide quality care at reduced costs (as compared to the cost of hospitalization). Homecare settings are expected to account for 28.3% of the patient handling equipment market in the US. Owing to this, private nursing institutions and geriatric care homes have become highly viable end-user segments in the US. market. This will eventually increase opportunity for home healthcare services in patient lateral transfer market
Market Segmentation in Detailed:
Based on end users, 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.
Geographical View in-detailed:
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.
Some of the prominent players in Patient Lateral Transfer Market are Stryker Corporation (US), Hill-Rom Holdings, Inc. (US), Sizewise (US), Arjo (Sweden), Haines Medical Australia (Australia), Handicare (Sweden), Medline Industries, Inc. (US), AliMed (US), and Airpal Inc. (US).
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