Pressure Relief Device Market Analysis

Global Pressure Relief Device Market Overview

Pressure relief device Market Size was valued at USD 3.5 Billion in 2022. The Pressure relief device market industry is projected to grow from USD 3.7 Billion in 2023 to USD 6.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.50% during the forecast period (2023 - 2032). An increased need for pressure relief devices to handle larger volumes of fluids, gases, and materials under varying pressure conditions is the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Pressure Relief Device Market Trends

• Risk management and insurance requirements is driving the market growth

Pressure relief device demand is largely driven by risk management and insurance regulations, which have a big impact on sectors that work in potentially dangerous environments. Incorporating pressure relief devices into industrial systems is not just a matter of adhering to safety regulations; it's also a calculated move to reduce risks, guarantee operational continuity, and satisfy insurance requirements. This interaction between risk management, insurance requirements, and the market for pressure relief devices has broad ramifications for numerous industries.

Industries that work with flammable materials, high pressures, and severe temperatures are keenly aware of the possibility of mishaps that could cause devastating human casualties, environmental harm, and significant financial obligations. As a result, governing organizations have put in place strict safety rules that call for the usage of pressure release devices as a crucial element of risk management plans. These mechanisms serve as fail-safes, preventing the buildup of excess pressure that might jeopardize the integrity of the equipment and cause terrible accidents. Companies are increasingly in need of dependable and efficient pressure relief systems as a result of their growing awareness of these potential implications, which is fueling market expansion.

Operating in a risk-based environment, insurance companies place a strong emphasis on risk assessment and mitigation as necessary conditions for coverage. The presence of correctly functioning pressure relief devices is a cornerstone of such procedures, which are frequently required to be demonstrated by industries with high inherent risks in order to obtain insurance. Before granting coverage, insurance underwriters assess the suitability of an applicant's risk management procedures, including the presence and effectiveness of pressure release devices. As a result, adopting these devices becomes not only a requirement under the law but also a necessity from a strategic standpoint for enterprises looking for attractive insurance terms and premiums.

It's crucial to remember that the pressure relief device market has continuously innovated and improved its products in response to the demands of risk management and insurance. To provide prompt intervention and avoid overpressure incidents, manufacturers create devices with improved sensitivity, accuracy, and dependability. These developments support the overarching goals of risk management, which are to identify potential hazards, evaluate their likelihood and impact, and put in place countermeasures or preventative measures. Industries are motivated to invest in the newest technology as they become aware of the role pressure relief devices play in accomplishing these goals, which promotes market growth. Thus, driving the Pressure relief device market revenue.

Pressure Relief Device Market Segment Insights

Pressure Relief Device Product Type Insights

The Pressure relief device Market segmentation, based on product type, includes low-tech devices and hi-tech devices. The low-tech devices segment dominated the market in 2022. Low-tech pressure relief devices are usually less expensive to build, install, and maintain than their high-tech equivalents. Because of their affordability, they are a suitable option for companies with limited resources or those operating in those environments. These products are in demand because they consistently relieve pressure without needing enterprises to make substantial financial investments.

Figure 1: Pressure relief device Market, by product type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Pressure Relief Device Application Insights

The Pressure relief device Market segmentation, based on application, includes pressure ulcers, burns, surgical wounds and others. The pressure ulcers segment dominated the market in 2022. Healthcare facilities are required by accrediting and regulatory agencies to put pressure ulcer prevention and management procedures in place. In addition to guaranteeing the safety and wellbeing of patients, compliance with these standards enhances the standing and reliability of healthcare practitioners.

Pressure Relief Device End User Insights

The Pressure relief device Market segmentation, based on end user, includes hospitals, home care, long-term care centers, rehabilitation centers and others. The hospitals category generated the most income in 2022. Patient safety and comfort are important objectives in hospitals. Pressure ulcers, also referred to as bedsores, are a major concern for patients who are unable to move around. Pressure can be distributed more evenly with the use of pressure-relieving mattresses, covers, and cushions, which reduces the risk of developing pressure ulcers and enhances patient comfort.

Pressure Relief Device Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Pressure relief device Market dominated this market in 2022 (45.80%). The area is a center for technological innovation, which includes the healthcare industry. The area is a center for technological innovation, which includes the healthcare industry. Pressure relief devices are increasingly being used in healthcare institutions thanks to their excellent sensor, monitoring, and communication features, which are in line with regional technology improvements. Further, the U.S. Pressure relief device market held the largest market share, and the Canada Pressure relief device market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Pressure relief device Market SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Pressure relief device market accounts for the second-largest market share. Europe is famous for having high safety and quality requirements across all industries. Stringent regulations that are upheld by regulatory agencies like the European Medicines Agency (EMA) and the European Chemicals Agency (ECHA) apply to dangerous substances and medical devices. To ensure that safety rules are met and avoid fines, this encourages the usage of pressure relief devices. Further, the German Pressure relief device market held the largest market share, and the UK Pressure relief device market was the fastest growing market in the European region.

The Asia-Pacific Pressure relief device Market is expected to grow at the fastest CAGR from 2023 to 2032. Chronic disorders like diabetes and heart disease are becoming more prevalent in the area. Pressure relief devices are more in demand because patients with chronic illnesses are more likely to develop pressure ulcers due to impaired circulation and restricted mobility. Moreover, China’s Pressure relief device market held the largest market share, and the Indian Pressure relief device market was the fastest growing market in the Asia-Pacific region.

Pressure relief device Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Pressure relief device market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Pressure relief device industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Pressure relief device industry to benefit clients and increase the market sector. In recent years, the Pressure relief device industry has offered some of the most significant advantages to medicine. Major players in the Pressure relief device market, including 3M Health Care, ArjoHuntleigh, BSN medical, Hill-Rom Holdings, Inc., Invacare Corporation, Acelity, Paramount Bed Co., Ltd., Smith & Nephew, Stryker, Talley Group Ltd. and others, are attempting to increase market demand by investing in research and development operations.

The primary business activities of Smith & Nephew Plc (Smith & Nephew) include the development, manufacture, and marketing of medical devices for use in orthopaedic repair and trauma, sports medicine, ENT, and advanced wound therapy. The company offers robotics-assisted technologies, knee and hip implants to replace diseased, worn-out, or injured joints, trauma-related products to support fractures, and operations to correct deformities. It also offers equipment and supplies for removing and mending soft tissue in addition to products for healing wounds. Smith & Nephew sells its products to a variety of audiences, including doctors, general practitioners, surgeons, nurses, and buying staff at hospitals. It also sells its products to health insurers. The business sells its products across North America, Europe, Asia-Pacific, Africa, and the Middle East. The headquarters of Smith & Nephew are located in Watford, Hertfordshire, United Kingdom.

Hill-Rom Holdings Inc (Hillrom) is a supplier of surgical solutions, equipment for primary healthcare, and patient support systems. Some of its key products and services include solutions for patient mobility, specialty frames and surfaces, non-invasive therapeutic products and surfaces, patient monitoring and diagnostics products, respiratory health products, and surgical items used in operating rooms. Hillrom's products are appropriate for use by acute care hospitals, long-term care facilities, and home healthcare businesses. The company's clinical activities, which are intended to provide tools for fostering a safe environment for patients and employees, assessing and treating pressure injuries, and reducing falls, are also progressing. It distributes its products in the US and other countries using a network of distributors, direct sales reps, and fully owned subsidiaries. The corporate office of Hillrom is located in Chicago, Illinois, in the US.

Key Companies in the Pressure relief device market include

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  3M Health Care

  
  


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  ArjoHuntleigh

  
  


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  BSN medical

  
  


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  Hill-Rom Holdings, Inc.

  
  


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  Invacare Corporation

  
  


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  Acelity

  
  


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  Paramount Bed Co., Ltd.

  
  


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  Smith & Nephew

  
  


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  Stryker

  
  


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  Talley Group Ltd.

  
  

Pressure relief device Industry Developments

March 2023: Stryker launched Mako Total Knee 2.0, for total knee replacement surgery.

March 2023: Stryker launched CD NXT System, a power tool.

July 2023: Smith & Nephew launched its REGENETEN Bioinductive Implant in India.

May 2023: Smith & Nephew launched Personalized Planning powered by AI and RI.INSIGHTS Data Visualization Platform.

Pressure Relief Device Market Segmentation

Pressure relief device Product Type Outlook

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  Low-tech Devices

  
  


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  Hi-tech Devices

  
  

Pressure relief device Application Outlook

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  Pressure Ulcers

  
  


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  Burns

  
  


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  Surgical Wounds

  
  


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  Others

  
  

Pressure relief device End User Outlook

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  Hospitals

  
  


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  Home Care

  
  


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  Long-term Care Centers

  
  


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  Rehabilitation Centers

  
  


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  Others

  
  

Pressure relief device Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America