Impact Analysis of Covid-19
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Global Pressure Relief Devices Market, by Device Type (Low-tech Devices (Foam-based Devices, Air-based Devices, Gel-based Devices, and Other Devices) and 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$ 2,950 million in 2017 and is estimated to exhibit a CAGR of 4.9% over the forecast period (2018-2026).
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Global pressure relief devices market growth is expected to be driven by rising prevalence of pressure ulcer, globally, coupled with high economic burden and healthcare cost in regions such as North America and Europe. For instance, pressure ulcers annually cost National Health Services US$ 5.1 million, in the U.K., and pressure ulcers is one of leading hospital acquired illnesses in both acute care and long-term care settings. For instance, 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 are reported to die from its complications. Moreover, 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 expected to drive the pressure relief devices market growth over the forecast period. Additionally, growing geriatric population, especially in the U.S. and Europe, who are more prone to pressure ulcer/injury is an important factor that is expected to drive the market growth over the forecast period. For instance, according to the U.S. Census Bureau, in 2015, U.S. had 47.8 million people aged 65 and above, which increased by 1.6 million from 2014.
Moreover, geriatric population requires long-term care, owing to terminal illness or fracture surgeries, thereby driving demand for pressure relief devices. Furthermore, pressure relief devices market is expected to witness significant traction in emerging economies such as India, China, and South East Asian countries. This is attributed to increasing prevalence of falls and road injuries in the region, which increases demand for acute care, thereby driving demand for pressure relief devices. For instance, according to the World Health Organization factsheet of 2018, 80% of worldwide fatal falls are reported from low and middle-income economies. Similarly, medical tourism is expected to drive growth of the market in Asia Pacific, as it offers high quality patient care at most competitive prices. For instance, according to the India Brand Equity Foundation report in 2017, Indian medical tourism industry is expected to reach 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 over the forecast period.
Additionally, major market players are focusing on strategic mergers and acquisitions, in order to strengthen their market position in the global market. For instance, Covidien plc, a leading manufacturer of pressure relief devices, was acquired by Medtronic plc, in 2015. The acquisition aided in expanding Medtronic plc market share and enhanced its product portfolio in the pressure relief devices. Moreover, key players are also focusing on launching innovative products, in order to strengthen their market position. For instance, in October 2017, Hill-Rom, Inc. launched new medical-surgical bed solution, Centrella smart bed for hospitals, which aids in reducing pressure injuries and patient falls, thereby offering optimized patient safety and quality care. Moreover in 2017, the company also launched 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) and 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
To know the latest trends and insights prevalent in the pressure relief devices market Press Release, click the link below: https://bit.ly/33BBmwi
Key Takeaways of the Pressure Relief Devices Market:
- The global pressure relief devices market is expected to exhibit a CAGR of 4.9% over the forecast period. This is attributed to rising incidence of the pressure ulcers, globally, coupled with growing geriatric population and increasing awareness about prevention of pressure ulcers, among populace
- Among low-tech devices segment, foam-based devices sub-segment is expected to hold a dominant position in the market over the forecast period, owing to its low cost and easy operability. These are also commonly available devices, globally. Whereas amongst high-tech devices segment, air therapy devices sub-segment is expected to hold a dominant position in the market over the forecast period, as it provides rapid comfort and allows for technology-based customization to manage and prevent pressure ulcer condition.
- Among end users, hospital segment is expected to hold a dominant position in the market over the forecast period, owing to rising acute and long-term care needs
- Among regions, North America is expected to hold a dominant position in the market over the forecast period, attributed to rising incidence of pressure (2.5 million/each year) ulcer and high healthcare costs incurred by pressure ulcer each year
- Key players operating in pressure relief devices market include Getinge AB, ArjoHuntleigh, Invacare Corporation, Hill-Rom holdings, Inc., Talley Group Limited and Paramount Bed Holdings Co. Ltd., Stryker Corporation, Acelity L.P., and Covidien plc
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