Pressure Bandages Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Global Pressure Bandages Market: Snapshot
The rising incidence of venous leg ulcers has emerged as a serious clinical problem worldwide, draining substantial financial resources. While it is possible to treat a majority of ulcers using compression bandages of moderate categories, physiotherapists often recommend pressure bandages for 2 to 3 days to reduce swelling and pain in cases of acute injuries. As per a study by Circulation Foundation, 2015, venous diseases are underlying cause of nearly two-third of all leg ulcers. The study also revealed that arterial disease and other causes such as rheumatoid arthritis and diabetes account for a significant number of leg ulcer cases. Therefore, the rising prevalence of diseases that can cause leg ulcers is a key factor fuelling the adoption of pressure bandages. This is expected to give impetus to the global pressure bandages market.
According to studies, obese population are at a greater risk of developing vascular diseases. Therefore, the use of pressure bandages is significantly high among them as they try to protect themselves against venous disease. Considering this, the demand for pressure bandages is expected to rise in response to the increasing pool of obese population. Other than this, the rising incidents of chronic wounds is expected to increase the use of pressure bandages, thus enabling the market record an accelerated pace of gains. Also the increasing cases of foot ulcer are likely to fuel the demand for pressure bandages in the coming years.
Some of the leading companies operating in the market are focusing on expanding their line of products to gain competitive advantages. Over the last couple of years several prominent manufacturers have shifted their focus towards introducing advanced wound management treatments and techniques. These products are likely to have greater ability of absorbing moisture thereby increasing the rate of healing. Such strategies adopted by the key players are likely to bode well for the global pressure bandages market.
Global Pressure Bandages Market: Overview
Pressure bandages, also popularly known as compression bandages, are dressings used as first-line of treatment to stop severe blood loss from a wound in emergency situations. The application of pressure helps in the prevention of excessive blood loss as well as any buildup of infections, and further assist in normal blood clotting. These bandages are preferably used for limbs as they allow better application and may be critical in saving lives in traumatic wound injuries before any professional help arrives. Pressure bandages are made of natural latex so as to avoid any allergic reaction to patient’s skin. They rose in popularity among militaries and Special Forces in war zones in various parts of the world where they became a choice of first aid in the management of traumatic wound injuries.
Global Pressure Bandages Market: Key Trends
The drive for pressure bandages stems from the substantially rising application in preventing hemorrhage. The rise in traumatic sports injuries and accidents causing profuse loss of blood is a notable factor bolstering the demand for compression bandages. The promising application of pressure bandages in the treatment of venous leg ulcers is a significant trend accentuating the market. They are initially preferred by physiotherapists for most acute injuries for reducing swelling. Pressure bandages have emerged as the matter of choice in a wide variety of venous leg ulcers among populations, especially in developed nations. The compression therapy used in pressure bandages is a clinically proven way for improving the venous function without affecting arterial function. Advances in expertise in using the therapy will open promising prospects in the market.
Global Pressure Bandages Market: Market Potential
In standard medical practice, pressure bandages are considered as the mainstay of treatment in venous leg ulcers management. Venous disease of the leg is the most common cause of all leg ulcers world over. In worldwide healthcare markets, a number of companies are focusing on developing cutting-edge technologies for improving the effectiveness of treatments for venous leg ulcers. Such initiatives are aimed at reducing the considerable burden venous leg ulcers exert on healthcare system, especially in developing and developed countries. In the U.K., this is greatly supported by venture capital firms who are making large volumes of funding to private companies and their efforts are based on publicly-funded research.
UK Innovation & Science Seed Fund (UKI2S), an early-stage venture capital fund has in March 2018 sought to invest in seven companies. The investment is made under £8.5m investment accelerator, Innovate UK, supported by in-grant funding and equity from the U.K. government. One of the companies benefitting from the governmental funding is SFH Oxford, a company actively pursuing innovations in treating venous leg ulcers. The company is developing a sensor-powered technology that will be instrumental in improving the application of compression or pressure bandages. This will greatly help in enhancing the efficacy of pressure bandages for treating the leg ulcer and reduce the morbid effect it has on the patient’s quality of life.
Global Pressure Bandages Market: Regional Outlook
Some of the key regional markets for pressure bandages could be North America, Latin America, the Middle East, Asia Pacific, Europe, and Africa. Of the various regions, North America is expected to be a prominent market. The demand for pressure bandages is fueled by the rising prevalence of diabetes in the regional population. Coupled with this, the growing morbidity of venous leg ulcers in the patient population is also favoring the growth of the regional market. The wider availability of products and the substantial technological advances made in treatment modalities are notable factors driving the growth of the North America market.
Global Pressure Bandages Market: Competitive Analysis
A number of players are launching products that can be conveniently applied and provide uniform compression. The products developed can be made to be effective for extended time period. Several companies are also focused on developing innovative technologies for compressor bandages to gain a competitive edge over others. Some of the top players operating in the pressure bandages market are BSN Medical, Tytek Medical, Persys Medical, Johnson & Johnson, Cardinal Health, Inc., ConvaTec, Inc., 3M, Smith & Nephew, and Medtronic Plc.
The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.
TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.
TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report