Pressure Relief Devices Market Predicted To Value US$ 3,600 Mn By 2025

Posted by Vinay on November 8th, 2017

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.

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.

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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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Vinay

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Vinay
Joined: July 27th, 2017
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