NEW YORK, June 21, 2017 /PRNewswire/ --
Persistence Market Research (PMR), in its report, projects the global pressure relief devices market to register 5.3% CAGR during the forecast period 2017 to 2025. In 2016, the market was evaluated at revenues worth US$ 2,280.4 Mn; by 2025 this number is estimated to reach nearly US$ 3,600 Mn.
Demand for pressure relief devices is on a surge in developing economies including Asia Pacific (APAC) and Middle East & Africa (MEA). With the advent of medical tourism in various APAC countries such as Vietnam Thailand, Malaysia, Indonesia, India, and Philippines, the market in this region is expected to witness considerable growth. Provision of after sales will be the key focus area of the global pressure relief devices market. Various global players have signed strategic partnerships & collaborations with regional players for offering sales and aftersales services in developing markets.
Growing Number of Patients with Hospital-acquired Ulcer Poised to drive Market Growth in North America
According to a study by Hill-Rom, growing number of patients with hospital-acquired pressure ulcer has led to a robust adoption of pressure ulcer devices in North America. In addition, rising prevalence of obesity and growing geriatric population has also driven the demand for pressure ulcer devices. These factors are expected to drive growth of the market in this region. However, reimbursement stands as a critical factor, considering the fact that products are highly priced. Private insurers in North America are adopting reimbursement restrictions for pressure ulcer treatment, which in turn will restrain market growth in this region.
Increasing out-of-pocket healthcare expenditure is current trend in both developed and developing countries of APAC. This is expected fuel demand for medical devices including pressure relief devices in this region. In addition, provision of government initiatives is expected to offer better healthcare facilities across developing economies, which is further expected to fuel demand for pressure relief devices in APAC. In contrast, affordability of purchasing new pressure relief devices is a major challenge for large number of population across this region. This is because of limited support from government policies covering pressure ulcer treatment in developing economies, and lack of health insurance. These factors are expected to impede market growth in Asia Pacific.
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Sales of Pressure Relief Devices to Long-term Care Centers to Reach Nearly US$ 1,700 Mn by 2025-End
Long-term care centres will continue to remain most lucrative end-users of pressure relief devices, with revenues estimated to reach nearly US$ 1,700 Mn by 2025. Demand for pressure relief devices from long-term care centres is expected to witness expansion at 6% CAGR through 2025. In addition, hospitals are estimated to be second largest end-users of pressure relief devices. Revenue garnered by demand for pressure relief devices from hospitals is expected to surpass US$ 800 Mn in 2017.
By product type, specialty beds will remain sought-after in the market. Sales of specialty beds is expected to exhibit 5.8% CAGR through 2025. Specialty beds are expected to account for over 50% market share by 2025-end. In addition, sales of pressure relief mattress is projected to reach nearly US$ 600 Mn in 2017. In contrast, mattress overlays are expected to witness a comparatively low CAGR in the market.
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North America to Remain the Largest Market for Pressure Relief Devices
North America will remain the largest market for pressure relief devices. Sales of pressure relief devices in this region will reach nearly US$ 800 Mn in 2017; by 2025 this number is estimated to surpass US$ 1,000 Mn. In addition, APAC is expected to witness fastest growth in the market. Sales of pressure relief devices in APAC is projected to expand at 6% CAGR through 2025. In contrast, MEA is expected to exhibit sluggish expansion in the market during the forecast period.
"Key players identified in PMR's report include Arjohuntleigh AB, Hill-Rom Global Holdings B.V., INVACARE CORP, PARAMOUNT BED CO., LTD., Talley Group Limited, STRYKER CORPORATION, SIDHIL LIMITED, MEDTRONIC PUBLIC LIMITED COMPANY, SMITH & NEPHEW PLC, Apex Medical Corp, Proma Reha, s. r. o., Besco Medical Co., Ltd., Hirtz & Co. KG, GF Health Products, Inc., ADL GmbH., Linet spol. s r.o. "
Global Pressure Relief Devices Market Report 2017-2025 is available for $4900 (Single User License) @ http://www.persistencemarketresearch.com/checkout/2826
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