Demand for replacement sheets is slated to grow at 4.5% CAGR in 2021, finds Future Market Insights (FMI) in a recent market analysis. Owing to high demand for advanced devices and affordable products in the healthcare sector, the market is projected to reach US$ 117.0 Mn in 2021.
In addition to this, the slide sheet segment is projected to account for 40% of the total replacement sheets market share, while sales of turn sheets are anticipated to continue rising over the forecast period.
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Sales of replacement sheets stagnated to an extent due to the lockdown restrictions imposed to contain the novel COVID-19 outbreak. However, with a persistent rise in medical procedures related to COVID-19 and other disorders, demand for replacement sheets grew at a 4.3% CAGR in 2020.
Expedited vaccine drives, resumption of production and logistics, and growing preference for retail through online channels are anticipated to positively shape the sales outlook for replacement sheets over the assessment period.
Replacement sheet based patient transfer is one of the crucial methods to change/move patient’s position within healthcare settings. Usage of these sheets ensure that the patient transfer is easy and safer. Moreover, it is the most comfortable method of patient handling for healthcare professionals and the patient.
The geriatric population is most likely to undergo old-age mobility disorders. For example, as per the World Economic Forum, Japan has the title for having around 29% of the largest geriatric population over 65 years out of the total population in mid-2020.
Key players operating in the replacement sheets market are investing in research and development top launch products with different technologies. This is indicative of the emergence safe and high-quality products that would minimize patient’s complications, resulting in lucrative growth prospects for regional and global market players.
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“Government initiatives adopted to improve the healthcare infrastructure in developing economies, coupled with rising demand for affordable and safer patient repositioning equipment will continue providing tailwinds to replacement sheets sales over the forecast period,” says the FMI analyst.
Key Takeaways from Market Study
- The turn sheet segment is expected to gain 1.6X revenue in the market by 2031.
- Based on end-users, the hospital segment accounted for more than 28% of the market share in 2020.
- The U.S. is projected to dominate the North America replacement sheets market, capturing 81% of the total market share in 2021.
- Replacement sheets market in Germany is anticipated to expand at a 5.3% CAGR over the forecast period.
- The U.K. is expected to emerge as a lucrative market, growing at a 4.3% CAGR through 2031.
- China will remain an attractive pocket, commanding over nearly half of the East Asia replacement sheets market share in 2021.
- Sales of replacement sheets in Japan are projected to grow at a 4.0% CAGR, while South Korea holds 19.0% of the East Asia market share currently.
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Competitive Landscape
To gain a competitive edge in the global replacement sheets market, key market players are investing in strategic collaborations, mergers, and acquisitions. Apart from this, players are focusing on new product developments to deliver safer and convenient options to ensure patient’s comfortability and safety in both existing and new markets. For instance:
- Etac, in July 2019, acquired a 70% stake in the US Company, HoverTech International, to strengthen its position in the patient handling segment in the US market.