Pressure Relief Devices Market Perspective by Comprehensive Analysis Growth Prediction to 2026
The Global Pressure Relief Devices Market, by Device Type (Low-tech Devices [Foam-based Devices, Air-based Devices, Gel-based Devices, and Other Devices], High-tech Devices [Air Therapy Devices and Kinetic Bed]), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 2,950million in 2017 and is projected to exhibit a CAGR of 4.9% over the forecast period (2018 – 2026), as highlighted in a new report published by Coherent Market Insights.
The pressure relief devices market is expected to be driven by rising prevalence of pressure ulcer worldwide and high economic burden and healthcare cost, especially in regions such as North America and Europe. Pressure ulcers annually cost National Health Services in the U.K. 5.1 million, and pressure ulcers is one of leading hospital acquired illnesses in both, acute care and long-term care settings. According to a report published by Health Research and Educational Trust and U.S. Department of Health in 2017, each year, over 2.5 million patients in the U.S. suffer from pressure ulcers in acute care facilities and 60,000 die from its complications. The cost of treating a pressure ulcer can reach up to US$ 70,000, and total cost for treatment of pressure ulcer/injury in the U.S. is estimated to be US$ 11 billion each year. Furthermore, difficulty in reimbursement payment for hospital-acquired illness such as pressure ulcer is also expected to boost pressure devices market. Rising geriatric population, especially in the U.S. and Europe would be an important factor to drive the market for pressure devices. According to U.S. census bureau, U.S. was having 47.8 million people aged 65 and above in 2015 which was 1.6 million higher than 2014. Geriatric population requires long-term care due to terminal illness or fracture surgeries, thereby making pressure relief devices beneficial.
Pressure relief devices market is expected to witness significant traction in emerging economies such as India, China, and South East Asian countries. This region faces high prevalence of falls and road injuries, which increases the demand for acute care, thereby generating demand for pressure relief devices. According to the World Health Organization factsheet of 2018, 80% of worldwide fatal falls are reported from low- and middle-income countries. Along with this, medical tourism is expected to drive growth of the market in this region, as it offers high quality patient care at most competitive prices. According to India Brand Equity Foundation report in 2017, Indian medical tourism industry is expected rise to US$ 20 billion by 2020.
New product launches, collaborations, and mergers by key players are expected to drive growth of the pressure relief devices market
Key players are undertaking strategic mergers and acquisitions in order to strengthen their market position in the global. For instance, in 2015, Covidien plc, which is the leading manufacturer of pressure relief devices, was acquired by Medtronic plc. The combined entity, is expected to expand company’s market share in the pressure relief devices market with wider geographical reach and complementary portfolio. Companies are also launching innovative products in order to increase their market footprint. For instance, in October 2017, Hill-Rom, Inc. launched new medical-surgical bed solution named centrella smart bed for hospitals, which helps reduce pressure injuries and patient falls, thereby offering optimized patient safety and quality care. In the same year, company also launched the new Envella Air Fluidized Therapy Bed to provide high quality wound care for patients with advanced wounds from pressure ulcer.
Browse 50 Market Data Tables and 40 Figures spread through 180 Pages and in-depth TOC on “Pressure Relief Devices Market”- by Device Type (Low-tech Devices [Foam-based Devices, Air-based Devices, Gel-based Devices, and Other Devices], High-tech Devices [Air Therapy Devices and Kinetic Bed]), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2026
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