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HEALTHCARE & PHARMACEUTICAL

Patient Lateral Transfer Market Analysis by Product (Air Assisted Transfer, Regular, Split Legs, and Half Mattress); by Usage (Disposable, Reusable, Sliding Sheets, and Accessories); and by End User (Hospitals, Ambulatory Surgical Center, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • August 03, 2022 : Stryker Corporation has opened a new high-tech facility at Anngrove, creating 600 additional jobs and hence strengthening its leadership in additive manufacturing in medical technologies.

  • December 02, 2020- Arjo AB acquired AirPal, a leader in the field of air assisted patient transfers. By implementing the new strategy, Arjo will be able to strengthen its air-assisted lateral transfer solutions within the key US market.

Global Patient Lateral Transfer Market Size, Forecast, and Trend Highlights Over 2022 – 2031

Patient Lateral Transfer Market Region Table

The global patient lateral transfer market is estimated to garner a revenue of USD 2 Billion by the end of 2031 by growing at a CAGR of ~9% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 955 Million in the year 2021. The growth of the market can be attributed primarily to the increasing rate of hospitalization caused by the Covi-19 Pandemic. According to the Centers for Disease Control and Prevention (CDC) since February 2020, 4,226 COVID-19 cases have been reported in the United States, 31% of which have been hospitalized, 45% hospitalized in intensive care units, and 53% died. A large number of industries across the globe were adversely affected by the Covid-19 virus.  Patient lateral transfer equipment emerged as a safe and effective option to transfer patients after lockdowns were implemented and social distances were mandated.

Patient Lateral Transfer Market Overview

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In patient transfer, the patient usually moves from one flat surface to another, such as from a bed to a stretcher. It is becoming increasingly important for healthcare workers to use lateral transfer devices to prevent back injuries associated with repetitive movements and unnatural postures. During partially or totally dependent patient transfers, patient lateral transfer devices can also help improve postures to make the process more efficient. Moreover, the increased investment in healthcare facilities and the focus of manufacturers on collaborating for developing products that assist in patient transfer are expected to fuel the global patient lateral transfer market growth during the forecast period. For instance, Wideblue Inc., a full-service product design and development company, collaborated with SME Science to Business and East Anglian Air Ambulance (EAAA) to develop a novel patient transfer device for Health and Care Research in June 2022.

Global Patient Lateral Transfer Market: Growth Drivers and Challenges

Growth Drivers

  • Globally Rising Prevalence Of Obesity- In the last 30 years, the prevalence of obesity has nearly tripled worldwide. In 2020, over 2.1 billion adults (40% of the world's population) were overweight. More than 590 million of them were obese.Over the past couple of decades, obesity rates have increased significantly in developed countries such as the United States. The condition of obesity and overweight increases the risk of more severe chronic diseases that require admission to a medical facility as a result of the condition's worsening. Heavy and overweight people require transferring facilities from one place to another. This factor is expected to expand the global patient lateral transfer market size during the forecast period. 

  • Increasing Rates Of Work Injuries In Hospitals- It was observed that over the last few years, U.S. hospitals recorded roughly 7.8% of work-related injuries and illnesses for every 99 full-time employees at the end of 2020.

  • Rising Expenditures On Healthcare Services - According to data released by the Centers for Medicare & Medicaid Services, the United States spent USD 4.1 trillion on healthcare services in 2020, representing 19.7% of GDP. 

  • Growing Number Of Disabled People Worldwide - Over 1 billion people, or 15% of the world's population, suffer from some form of disability, according to the World Health Organization.

  • Increasing Elderly Population Around The World - In 2021, there were 747,238,580 people over 60 years of age around the world, according to the World Bank.  

Challenges

  • Invention Of Alternative Technologies
  • Lack Of Skilled Medical Professionals
  • High Cost Associated With Health And Medical Treatment 

The global patient lateral transfer market is segmented and analyzed for demand and supply by end user into hospitals, ambulatory surgical centers, and others. Among these segments, the hospital segment is anticipated to capture the largest market size in the global patient lateral transfer market owing to the increasing use of the product in hospitals and the popularity of lateral patient transfers in healthcare units in order to provide safety and security to patients and staff, which is expected to augment segment growth during the forecast period. Moreover, the growing number of surgeries performed in hospitals as well as a rising number of hospital admissions is expected to fuel segment growth during the forecast period. For instance,   over 300 million major surgeries are performed annually worldwide; approximately 45 million of these take place in the United States and 22 million in Europe. 

Major Macro-Economic Indicators Impacting the Market Growth

Patient Lateral Transfer Market Region

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Patient Lateral Transfer Market Regional Synopsis

Regionally, the global patient lateral transfer market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031. Increased government initiatives, rise in medical tourism and R&D activities, presence of key market players, along with well-established healthcare infrastructure are expected to drive patient lateral transfer market in the region over the forecast period. Moreover, the rising cases of musculoskeletal disorders (MSDs) in the region are anticipated to fuel the regional market during the forecast period. It is observed that,   nearly 3 out of 4 Americans over the age of 65 suffer from musculoskeletal diseases. According to U.S. Bureau Of Labor Statistics, A total of 272,780 cases (30%) of MSDs were reported in the private sector of the U.S. economy in 2018.

Patient Lateral Transfer Market Regional Synopsis

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The global patient lateral transfer market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global patient lateral transfer market includes the following segments:

By Product

  • Air Assisted Transfer Mattress
  • Regular Mattress
  • Split Legs Mattress
  • Half Mattress

By Usage

  • Disposable
  • Reusable
  • Sliding Sheets
  • Accessories

By End User

 

  • Hospitals
  • Ambulatory Surgical Center
  • Others
 

Top Featured Companies Dominating the Global Patient Lateral Transfer Market

  • Stryker Corporation
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Blue Chip Medical , Inc.
  • Wideblue Ltd
  • Hill-Rom Holdings, Inc.
  • Arjo AB
  • Etac Group
  • McAuley Medical, Inc.
  • Medline Industries LP
  • Samarit Medical AG
  • Scan Medical Co Inc.

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