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(CityRegions.Com, September 10, 2020 ) Dallas, TX -- This study involved four major activities for estimating the current size of the patient lateral transfer market. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets. The next step focused on validating these findings, assumptions, and sizing with industry experts across the value chain through primary research. Revenue Share Analysis, Parent Market and top-down approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the sizes of segments and sub-segments.
According MarketsandMarkets Research - The patient lateral transfer market is expected to reach USD 446.2 billion by 2025 from USD 288.7 billion 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.
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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
Based on end users, the patient lateral transfer market 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 segmented into five major regions, namely, North America, Europe, Asia Pacific, Latina America, and the Middle East and Africa. In 2019, North America accounted for the largest share. The large share of North America can primarily be attributed to the growing number of COVID-19 cases, rising prevalence of musculoskeletal disorders among caregivers, growing geriatric population, and the increasing incidence of chronic and lifestyle diseases.
Some of the prominent players in this 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).
Mr. Aashish Mehra