The Pressure Ulcer Devices Market is expected to grow at an unstoppable rate In Upcoming Years. With environmental health being a matter of concern, everything – right from public transport networks, power supply, and storage of waste to monitoring the ecological balance is being taken up by IoT and AI. It could, thus, be inferred that with “smart cities” would come “smart end-user solutions” in the years to come.
According to Persistence Market Research’s most recent study, the global pressure ulcer devices market topped US$ 1.7 Bn in 2020 and is anticipated to showcase a CAGR of around 6.2% during the forecast period (2021-2031).
Pressure ulcers or injuries can affect a patient’s functional recovery by causing pain and infection, and can also lead to longer hospital stays. The presence of pressure ulcers is due to overall poor prognosis and sometimes leads to premature mortality in some patients.
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Rising geriatric population is leading to complex diseases, which results in longer stays in hospitals, and this increases the chances of pressure ulcers. Rise in incidence of chronic disorders across the world has led to more number of people admitted to hospital for longer periods.
According to the International Diabetes Federation, around 422 Mn people in the world were living with diabetes in 2016, and it is estimated that over 10% of the world’s adult population (642 Mn) will have diabetes by 2040.
Expansions and mergers & acquisitions are the key strategy replied upon by market players to enhance their stance in this industry.
In December 2020, ArjoHuntleigh announced the acquisition of AirPal. The acquisition strengthens Arjo’s Patient Handling portfolio.
Key Takeaways from Market Study
By product, pressure ulcer mattresses are expected to hold over 42% market value share by the end of 2031, primarily because of the presence of key market players for production across the world.
Long-term care centers dominated the end user segment with a share of around 25.6% in 2021.
By region, North America is slated to be the largest market and is expected to represent a value share of over 30% by 2031.
“Prolonged treatment of certain diseases leads to extended hospitalization of patients, resulting in increasing incidence of pressure ulcers, which is anticipated to drive market progress,” says an analyst of Persistence Market Research.
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Acquisitions, expansions, collaborations, approvals, and product launches are key strategies being adopted by manufacturers and distributors to enhance their sales prospects.
In January 2021, Koninklijke Philips announced the acquisition of Capsule Technologies, Inc. to expand its leadership in patient care management.
In June 2021, Koninklijke Philips partnered with UAE’s leading telecommunication company to help the country fast-track its transformation of data-driven healthcare.
In June 2017, Savaria Corporation completed the acquisition of Span-America Medical Systems, Inc., which benefits Savaria by increasing its presence in the U.S.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the pressure ulcer devices market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.
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