Business Alliances to Open New Growth Opportunities for Players in Global Pressure Relief Devices Market, says TMR
As per findings of a new report by Transparency Market Research, the global pressure relief devices market is highly fragmented due to the presence of a large number of regional and international players. However, some of the top players, namely ArjoHuntleigh, Hill-Rom Holdings Inc., and Invacare Corporation are dominant in this market and display a high degree of competitive rivalry amongst themselves. On the other hand, local players compete among themselves for the top spot at the regional level.
Expanding their geographical presence to remain competitive, is one of the key growth strategies that top companies in this market are focused on. For example, ArjoHuntleigh has been engaged in expanding business operations globally to address the medical needs of patients globally. This, in turn, has helped the company to stay competitive in the global pressure relief devices market.
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Strong customer relations to attain long-term business goals is a key growth model that companies in this market are adopting. A case in point is ArjoHuntleigh, the company is focused on developing strong relations with customers by means of providing customized services.
Investment in emerging markets to increase market share is also what key companies in this market are looking upon. For example, Covidien plc has substantially invested in the emerging markets of APAC to leverage the opportunities available in this region.
Limited Mobility of Geriatrics Pose a High Risk of Developing Pressure Ulcers
“An increasing number of obese population worldwide is boosting the growth of the global market for pressure relief devices,” points out a TMR analyst. The prevalence of obesity has doubled between 1980 and 2014, according to the World Health Organization. The increasing obese population is displaying an increased demand for pressure relief devices such as mattress overlays and specialty beds to prevent pressure ulcers.
The increasing geriatric population is also fuelling demand for pressure relief devices. This is because elderly people have high chances of developing pressure ulcers due to reduced blood flow, damaged nerves, and limited mobility.
Unfavorable Reimbursement Policies Adversely Affect Uptake of Pressure Relief Devices
High cost of pressure relief devices and unfavorable reimbursement policies for the same are impeding this market’s growth. Changes in reimbursement policies for pressure relief devices in recent years have been detrimental to the market’s growth. This is because treatment of pressure ulcers is an expensive affair, for which reimbursement is essential for the patient. For example, the price range of an air fluidized therapy bed is from US$15,000 to US$25,000. Moreover, adoption of reimbursement restrictions for pressure ulcers on the part of private insurers, especially in developing nations such as China, India, Brazil, and Mexico is restraining the market’s growth.
The global market for pressure relief devices is expected to reach a valuation of US$2.8 bn by 2020. On the basis of device type, low-tech devices led with 86.9% of the overall market in 2013. This segment is expected to display a higher growth rate over its counterpart hi-tech device segment in the coming years. This growth is mainly owing to the advantages of low-tech devices pertaining to prevention of ulcer, easy operability, and cost effectiveness.
In 2013, North America stood as the leading market for pressure relief devices. However, Asia Pacific is anticipated to display the fastest growth rate in the coming years due to an increasing geriatric population base in this region.
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