Global Tourniquet Market: Demand for Advanced Blood Occlusion Technologies to open up Exciting Opportunities, finds TMR
Albany, NY -- (SBWIRE) -- 05/17/2018 -- The global tourniquet market stood at US$184.6 mn in 2014 and is projected to rise at an impressive CAGR of 9.3% during 2015–2023. Expanding at this pace, the market is anticipated to reach US$408.6 mn by the end of 2023.
Based on product type, the market is segmented into tourniquet systems and cuffs, while the latter segment is further bifurcated into disposable and reusable. Of these, the market for disposable tourniquet cuffs is anticipated to rise at a significant CAGR of 9.9% from 2015 to 2023. Regionally, the Asia Pacific market for tourniquets is projected to rise at 9.9% CAGR during the forecast period. The regional market is likely to be propelled by the rising demand for technologically advanced surgical technology for traumatic injuries, especially among a burgeoning middle class populations.
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Increasing Traumatic Injuries from Road Accidents Bolster Demand
The rising incidence of traumatic limb injuries, coupled with the pressing need for an efficient blood occlusion technologies, is a key factor propelling the demand for tourniquet systems and cuffs. The increasing incidence industrial accidents and accidental falls and the growing number of road accidents causing profuse loss of blood has stimulated the need for these devices for an immediate flow of blood. The increasing morbidity of road accidents in various regions, especially in developing nations, has bolstered the uptake of tourniquets in hospitals and emergency units. These systems are gaining traction as the first line of treatment for numerous emergency orthopedic injuries caused by mishaps and road accidents.
The growing number of potentially life-threatening hemorrhage is anticipated to catalyze the demand for tourniquets for mitigating the risk of exsanguination. In addition, rapid technological improvements made in traumatic centers made in emerging economies, notably in India, Philippines, and China, is a key factor anticipated to accentuate the tourniquet market in the coming years.
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Increased Healthcare Spending on Trauma Centers in Developing and Developed Nations to Boost Uptake
The rising case of infections associated with the use of reusable tourniquets has hampered the market to an extent. Nevertheless, the advent of disposable tourniquets in major regional markets is expected to bode well for the market. In addition, the vast popularity of reusable systems in some regions is attributed to their cost-effectiveness and their accepted use after proper sterlization. The lack of awareness of the use of tourniquets and cuffs is another key factor expected to hinder the market to an extent. However, the rising healthcare spending across in several developed and developing nations on equipping their trauma centers with advanced blood occlusion technologies is a key factor expected to open up lucrative growth avenues along the forecast period.
The vast spending of governments of developed countries toward the adoption of advanced emergency care systems has bolstered the demand for tourniquet systems and cuffs. Furthermore, the advent of advanced systems that can provide blood occlusion in various inclement-weather conditions is expected to unlock exciting opportunities for market players.
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The global tourniquet market is intensely competitive and is fairly dynamic, characterized by the presence of a vast number of players, notes Transparency Market Research (TMR). The top players operating in the market are Stryker Corporation, Zimmer Biomet Holdings, Inc., and ulrich GmbH & Co, with the first two companies in North America. Some of the leading vendors of the market are VBM Medizintechnik GmbH, Delfi Medical Innovation, Inc., Hammarplast Medical AB, and Pyng Medical Corporation.
Several players are keen on developing highly functional tourniquet systems and cuffs and are expanding their product portfolio, in order to gain a competitive edge over others. The launch of safe and reliable systems, equipped with automatic control, is likely to intensify competition in the market in the coming years. The advent of disposable tourniquet cuffs has also shaped the competitive landscape considerably.
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About Transparency Market Research
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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