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.
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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.
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.
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.
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.
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.
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The global patient lateral transfer market is further classified on the basis of region as follows:
Our in-depth analysis of the global patient lateral transfer market includes the following segments:
By End User
FREQUENTLY ASKED QUESTIONS
Rising prevalence of obesity and disability, huge base of elderly population, along with rise in healthcare expenditure are the major factors driving the growth of the patient lateral transfer market.
The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2031.
Invention of alternative technologies and lack of skilled medical professionals are the challenges affecting the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Blue Chip Medical , Inc., Stryker Corporation, Wideblue Ltd, Hill-Rom Holdings, Inc., Arjo AB, Etac Group, McAuley Medical, Inc., Medline Industries LP, Samarit Medical AG, and Scan Medical Co Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, usage, end user, and by region.
The hospital segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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