Albany, NY -- (SBWIRE) -- 08/25/2017 -- A rising number of road accidents and government interventions aimed at improving the healthcare infrastructure in developing regions are the major factors that will provide major impetus to the global tourniquet market in the coming years.
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Technological advancements and the introduction of disposable tourniquet cuffs will also play a major role in pushing the market further in the coming years. TMR findings project that the market holds an opportunity of US$408.6 mn by 2023. The market, which valued US$184.6 mn in 2014, will expand at a favorable CAGR of 9.3% over the period between 2015 and 2023.
Rising Concerns about Infections from Disposable Cuffs Prove Beneficial for Reusable Tourniquet Cuffs
The concerns about the risk of infection through the use of reusable tourniquet cuffs on multiple patients has been a major challenge for the global tourniquet market in the past years. The concerns have fared well for disposable tourniquet cuffs. Despite the fact that these products must be disposed of after single use, slightly adding to the overall costs of a surgery, are gaining increased adoption across several regional markets.
The market for disposable tourniquet cuffs is projected to exhibit a CAGR of 9.9% from 2015 to 2023. The segment of reusable tourniquet cuffs, cashing in on its immense popularity, will still manage to grow at a rather favorable 9.1% CAGR over the same period. Durability and cost-efficiency of reusable tourniquet cuffs will help the segment sustain through the tough times. Tourniquet systems, the devices that monitor inflation time of the cuff and regulate the pressure in response, will rise to a valuation of US$240.2 mn by 2023.
North America Leads due to Presence of Top Vendors and Increased Number of Accidents
On the geographic front, North America emerged as the clear leader in the tourniquet market in 2014, accounting for a share of 53.5%. The alarming rise in the number of road accidents and traumatic orthopedic injuries in the region helped the market achieve this monumental feat. Additionally, persistent attempts of government to improve awareness about the usage of technologically advanced tourniquet cuffs as an efficient first line of treatment have also supported the increased use of tourniquets across healthcare facilities in the region.
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Europe acquired the second-largest, yet a comparatively modest 18.4%, share in the overall tourniquet market in 2014. Highly advanced emergency care infrastructure in the region is the major factor making Europe a promising regional market for tourniquet systems.
However, Asia Pacific will present the most lucrative growth opportunities for the global tourniquet market from 2015 to 2023. The rising population of the middle class demographic, increased healthcare funds, and the demand for technologically advanced trauma care products will help the Asia Pacific tourniquet market exhibit a 9.9% CAGR during this period. The tourniquet market in Asia Pacific will also benefit from the rising number of hospitals and laboratory settings, and the entry of several medical device companies in the region.
The highly dynamic and competitive global market for tourniquets features the presence of a large number of vendors. Zimmer Biomet Holdings, Inc. is the leading vendor, followed by Stryker Corporation and Ulrich GmbH & Co. These companies have their businesses across all three major segments of the global tourniquet market. Other major vendors in the market are Pyng Medical Corporation, Hammarplast Medical AB, Delfi Medical Innovation, Inc., and VBM Medizintechnik GmbH.