Long term care centers segment by end user is projected to show sustained growth throughout the forecast period
Long term care centers segment is the largest segment by end user in the global pressure relief devices market, which is estimated to represent more than US$ 1050 Mn, or about 45% share of the total market in 2017, expanding at CAGR of 6.0% over the forecast period 2017–2025. The segment is expected to create absolute $ opportunity of US$ 56.2 Mn in 2018 over 2017. By the end of 2025, the long term care centers segment is projected to reach a market valuation in excess of US$ 1700 Mn. The long term care centers segment dominated the global pressure relief devices market in terms of revenue in 2016 and the trend is projected to grow throughout the period of forecast. It is also the most attractive segment, with a market attractiveness index of 1.6 over the predicted period.
Rising trend of medical tourism in India and China to spur the growth of long term care centers
The active healthcare landscape in the Asia Pacific region is anticipated to boost the growth of the medical devices industry and the pressure relief devices market. The progressive governments in India have firmly controlled general healthcare spending; for example, the national government decreased its 2014-2015 social insurance spending plan and expanded states’ commitments for midway supported plans, including healthcare plans. One more initiative taken by the government that is boosting the growth of the overall market is Foreign Direct Investment. Government initiatives for Foreign Direct Investment through third party investors in the healthcare industry for infrastructure development and growth of the industry are also expected to propel market demand. Finally, the rising trend of medical tourism in countries such as India and China owing to their developing medical infrastructure and supportive government initiatives is also anticipated to spur the growth of long term care centers.
Increasing cases of bedridden patients across the globe is driving the long term care centers segment of the global pressure relief devices market
The number of patients with hospital acquired pressure ulcer is on the rise due to prolonged stay of patients in long term care centers. The longer stay of a bedridden patient due to several medical conditions like multiple bone fracture, cancer and other severe diseases eventually leads to a pressure ulcer. This has led to an increase in the demand for pressure ulcer devices by end users and medical practitioners due to which the long term care centers segment is anticipated to grow over the forecast period.
The prevalence of obesity and other medical conditions restricting patient mobility, especially in Latin America is another factor that is expected to increase the incidences of pressure ulcer patients which will, in turn, boost the demand for pressure relief devices. Several causative factors such as cancer, joint replacement and old age leading to long term stay in care centers is propelling the growth of the long term care centers segment of the global pressure relief devices market.
Growing demand for long term care centers given the post-operative benefits offered in such centers is likely to fuel revenue growth of the long term care centers segment during the forecast period. The use of pressure relief devices reduces further health related complications; in turn reducing the total healthcare expenditure significantly. In the case of multiple operative conditions like cancer operative, multiple bone fractures etc., long term treatment is mandatory and may also induce other health related complications such as bed sores, thus increasing the expenditure on healthcare. The post-operative benefits offered by pressure relief devices propel market demand and drive revenue growth of the long term care center segment.
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