According to the latest report published by Credence Research, Inc. “Pressure Relief Devices Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global pressure relief devices market was valued at US$ 2,007.2 Mn in 2016, and is expected to reach US$ 3,250.9 Mn by 2025, expanding at a CAGR of 5.3% from 2017 to 2025.
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Market Insights
Growing incidence of pressure ulcers, particularly among the rapidly growing, high-risk geriatric population will majorly drive the global pressure relief devices market. The senescent population is at higher risk of developing pressure ulcers during the period of bed-rest. The population pool aged 60 and above is anticipated to continuously grow over the next decade on the ground of growing life expectancy; this factor will contribute to the steady market growth. Every year millions of individuals develop pressure ulcers, where the incidence is significantly higher in developed parts of the world. The cost burden of the treatment of ulcers is also significantly high, which thereby leads to the demand for ulcer management and prevention products such as pressure relief devices.
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Between low-tech and high-tech pressure relief devices, the former captures larger revenue share of the global pressure relief devices market. Cheaper costs and conversely higher effectiveness of low-tech products, easy availability and ease of use are the key factors contributing to the dominance of this segment. Among the constituent product types in low-tech devices, foam-based mattresses and overlays held the majority market share in 2016 due to their large purchased volume. On the other hand, high-tech devices are observed to be the fastest progressing product segment due to technological advancements in this field. However, high need for skilled personnel for handling of such equipment may restrict the demand for these products particularly in home care. Among the high-tech pressure relief device types, kinetic bed beds segment will experience highest demand during the forecast period.
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Growth in medical expenditure and high demand for long-term healthcare services contribute to the dominance of North America and Europe in the global pressure relief devices market. Pressure sores and ulcers rank 4th among the top hospital acquired conditions in the U.S. (CMS). Furthermore, rapid proliferation of healthcare infrastructure and growing awareness about prevention and effective management of pressure ulcers makes Asia Pacific the fastest growing market for pressure relief devices. Growing geriatric population pool, increasing influx of medical tourism patients and growing disposable income are further expected to drive the Asia Pacific market.
The major players in this market are increasing their efforts to penetrate in emerging regions of Asia Pacific and Middle East and Africa. Market consolidation is moderately observed and the market incumbents have increased their regional footprint through sales and distribution agreements. Some of the major players operating in the global pressure relief devices market include 3M Health Care, ArjoHuntleigh, BSN Medical, Coloplast, ConvaTec, Covidien plc, Hill-Rom Holdings, Inc., Invacare Corporation, Kinetic Concepts, Inc., Paul Hartmann AG, Paramount Bed Holdings Co., Ltd, Smith & Nephew, Stryker Corporation and Talley Group Ltd.
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