Pressure Relief Devices Market Revenues to be Worth US$2.80 billion by the End of 2020
Sedentary lifestyle is engulfing the expanding base of urban population across the world and most of them fail to take enough sleep. Traveling while seated in a vehicle, spending long working hours on a chair, and lack of adequate rest owing to fast-paced life are leading to increased prevalence of pressure ulcers, also known as bed sores. Thankfully, technological advancements have paved way to the advent of pressure relief devices that go a long way towards providing care to affected bone areas of the body and the market for specialized mattresses, overlays, and cushions is flourishing as the awareness grows. According to a recent business intelligence study by Transparency Market Research (TMR), the demand in the global pressure relief devices market will multiply at a formidable growth rate to attain a value of US$2.80 billion by the end of 2020.
Major Players Expanding Geographically to Gain Shares
The analyst of this pressure relief devices market report has detected a fairly consolidated competitive landscape, with a handful of players holding major shares on the back of their technological expertise and frequent geographical expansions. Major players such as Stryker Corporation, Hill-Rom Holdings, Inc., Covidien PLC, Invacare Corporation, and Talley Group Limited are focused on enhancing the product portfolio as well as increasing awareness via aggressive marketing strategies to gain shares. There is little competition coming from new entrants in the pressure relief devices market, although the tussle between the major players is expected to remain fierce in the near future.
U.S. Formulates Big Chunk of Demand for Pressure Relief Devices
Based on product type, the market for pressure relief devices has been segmented into low-tech devices including air-filled mattresses, gel-filled mattresses, and foam-based mattresses and high-tech devices, which have been further bifurcated into dynamic air therapy bed and kinetic bed. Currently, low-tech devices are observing greater uptake, which can be attributed to cost effectiveness, stronger supply chain, and low technical complexity with high comfort levels. Geographically, the report has identified the developed country of the U.S. to sustain North America as most profitable region in the global pressure relief devices market. As per the latest estimations by AHRQ, nearly 2.5 million U.S. citizens suffer from pressure ulcers each year. That being said, heavily populated emerging economies of China and India are expected to generate substantial demand in the near future too, making Asia Pacific a region of high interest.
While the growing occurrence of bed sores as a result of restless lifestyle is the primary driver the pressure relief devices market, increasing percentage of geriatrics in the world’s population and rising prevalence of obesity are also stocking the demand. On the other hand, the lack of skilled professionals to operate and guide regarding the usage of these devices, and high cost of these equipment, are restraining the market from attain higher profitability. Nevertheless, the advent of technologically sophisticated products such as kinetic beds and dynamic air therapy beds is expected to open new revenue avenues for the companies operating in this market in the near future.
- Global pressure relief devices market projected to be worth US$2.80 billion by 2020
- Restless and sedentary lifestyle, increasing geriatric population, and obesity concerns are driving demand
- Cost of equipment challenging the market from penetrating into larger masses in developing countries