Key insights on the global pressure bandages market
The pressure bandages market has seen growth that is modest at best in the recent past due to sluggish demand. Additionally, the transition from cotton gauze to pressure bandages, which was a key determinant of the market’s growth in the early 2000s through to the early 2010s, has now been almost completely realised, which has further led to a plateauing of demand.
Over the past year, the Covid-19 pandemic has added to manufacturers woes in terms of supply chain disruptions and decreasing penetrability of emerging regional markets for major global healthcare goods manufacturers.
At the same time, the pandemic is also leading to certain shifts in the pressure bandages market, which are expected to endure. Primary among these shifts is the emergence of strong local players, which is increasing fragmentation in domestic markets.
Given that technology for manufacture of pressure bandages of all types has consolidated over the years, this shift was expected. However, the outbreak of the pandemic and increased focus on local equipment manufacturers by national governments, including through policy measures and grants, has accelerated this shift. This has significantly changed market dynamics in regional segments.
Furthermore, a shift in demand on the basis of product types and materials was being experienced before the pandemic. This was a natural reaction to manufacturers attempting to account for the relative market stagnation by coming up with products that could boast of added advantages.
However, research and development into newer products has taken a backseat for the time being. Despite these factors, the market expects a return to pre-Covid growth levels in the years to come. Increasing public awareness about healthcare in general and increasing investments into the healthcare industry can prove key enablers for this growth.
The global pressure bandages market revenue is expected to grow at a CAGR of 3.3% over the forecast period. Although the growth rate of the market is likely to remain sluggish during the study period, it has been observed that the global market for pressure bandages is likely to grow steadily between 2017 and 2027. To establish their presence in the global market, the key market players have adopted sound strategies like promotional campaigning and exhibitions. Long-term supply agreements with downstream players is the key differentiating strategy of companies operating in the global pressure bandages market.
Availability of expanded product lines along with growing adoption of products associated with advanced pressure bandages to boost the global market during the forecast period
To grab maximum market share, leading companies in the global pressure bandages market have started introducing new and expanded line of products. Since the past few years, the focus of pressure bandages manufacturers has shifted towards the introduction of advanced wound management treatment protocols. These advanced products have the ability to absorb moisture, thereby increasing the chances of healing the wound in a speedy manner.
The risk of developing vascular diseases is high among the obese population due to the pressure exerted by the weight of the body on various organs. The use of pressure bandage products is high among the obese population to protect themselves from venous disease and vascular ulcers. An increasing obese population across the globe is another factor fuelling the demand for pressure bandages.
Government spending on healthcare services has increased in the last few years. The adoption of pressure bandages has been growing among North America’s population. This factor is driving revenue growth of the pressure bandages market. Increasing incidents of chronic wounds especially in the U.S. is the result of a growing ageing population. In the year 2015, it was observed that in the U.S alone, around 72% patients were hospitalised owing to the presence of pressure ulcers. Rising cases of leg or foot ulcer and venous or pressure ulcers is further likely to propel the growth of the global market for pressure bandages.
High demand for low-frequency dressing change in acute care settings to act as a restraint in the growth of the global pressure bandages market
The usage of cotton gauze, which is a traditional wound management product has reduced of late, as compared to other synthetic products in acute care settings. Due to the possibility of contamination of the wound, caregivers prefer less frequent dressings. This particular factor is creating a negative impact on the worldwide market for pressure bandages. Also, people in certain regions are less aware about the treatment of foot ulcer, pressure ulcer and venous ulcer. People also tend to neglect the usage of bandages, which is the most important component of the treatment. A lack of awareness is likely to hamper the growth of the global pressure bandages market.
An increasing use of long stretch bandages by sportspersons is expected to fuel demand during the period of assessment
Of the different product types, short stretch bandages dominated the pressure bandages market in revenue terms in 2016, and the trend is projected to continue throughout the forecast period. On the other hand, with an attractiveness index of 0.6, the multi-layer compression systems segment is expected to remain the least attractive segment in the global market in revenue terms during projected period.
The long stretch bandages segment is the fastest growing product type with a CAGR of 3.4% registered during the assessed period. One of the important factors boosting revenue growth of long stretch bandages is an increase in musculoskeletal injuries worldwide. Long stretch bandages provide constant pressure and constrict the veins. These bandages also prevent superficial blood clots in the treatment of phlebothrombosis and are hence popular especially among sportspersons.
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Market Taxonomy
Product Type
- Short Stretch Bandages
- Long Stretch Bandages
- Multi-layer Compression Systems
Raw Material
- Cotton
- Latex
- Polyester
- Others
Application
- Lymphedema
- Leg Ulcers
- Deep Vein Thrombosis
- Others
Distribution Channel
- Retail Stores
- Online Stores
- Hypermarkets and Supermarkets
- Pharmacies
- Clinics
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- MEA
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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