As per the National Institutes of Health, venous ulcers account for almost 70 to 90% cases of all lower leg ulcers. This creates the need for compression or tensor bandages. The rising incidences of major and minor injuries is propelling the growth of the global compression bandages market, says Fortune Business Insights in their new report. The report is titled,” Compression Bandages Market Size, Share and Global Trend by Product (Handheld Compression Bandages, Compression Bandages with Built-In Printers, Others), by End User (Hospitals, Clinics, Others) and Geography Forecast till 2026.”
As per the study, the diabetic foot ulcer segment is anticipated to lead the global market in the forecast duration on account of the rising prevalence of diabetes and increasing demand for compression bandages which helps in edema management.
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some of the key players in the global Compression Bandages Market:
- Andover Healthcare
- Mölnlycke Health Care AB
- PAUL HARTMANN AG
- Smith & Nephew
- Cardinal Health
- BSN Medical
- Beiersdorf AG
- ConvaTec Inc.
- Baxter International Inc
Innovation in Compression Bandages by Various Companies Boosting Market
Major developments in the company includes innovative product launches that will not only bode well for patients in pain but also generate huge revenues for the global market. To cite an example, the company SIGVARIS announced the launch of three compression bandages that are inelastic in nature in February 2018. The product names of these three new inelastic compression bandages are COMPREFLEX REDUCE,COMPREFLEX ARM and COOLFLEX NF.
Another instance anticipated to attract more attention to the market is that engineers at the American University of MIT announced in May 2018, that the designing of compression bandages can change colors in order to signal the level of pressure of the wound covered. Such inventions are likely to bode well for the global market during the forecast period.
- Short Stretch Bandages
- Long Stretch Bandages
- Multilayer Compression Bandages
- Wound Management
- Deep Vein Thrombosis (DVT)
- Hospitals & Ambulatory Surgical Centers
- Nursing Care Centers & Skilled Nursing Facilities
- Home Care
- Rest of Nordic
- Rest of Europe
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Rising Prevalence of Diabetes and Obesity to Drive Market
Compression bandages are stretchable in nature and are often used as the first line of treatment for many medical conditions such as trauma, ischemic ulcers, venous leg ulcers, wound management, lymphedema, and others. The rise in number of such incidences is a major factor propelling the global market.
The American Diabetes Association (ADA) estimated about 1.5 million people to be diagnosed with diabetic foot ulcer annually. Hence, the rising prevalence of diabetes and obesity are considered major growth drivers for the market.
However, the rise in popularity of gauze wraps and self-adherent bandages may hamper the market in the coming years. Nevertheless, the safety and affordability of compression bandages are likely to generate more revenue in the future.
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Asia Pacific to Register as Fastest Growing Region with Reference to Affordability and Safety that Compression Bandages Offer
Geographically, the North American market is dominating the current compression bandages market. The increasing number of minor incidents and chronic diseases is propelling demand for first line medical treatment, hence the need for compression bandages arrives. This is boosting the North American market in future as well. In addition to that, governments of developed nations namely Canada, and the U.S., provide favorable reimbursement policies to its citizens, which in turn is also driving the regional market. Furthermore, the presence of strong and well-established players in North America is anticipated to help the regional market continue its dominance over the next years as well.
The Asia Pacific market for compression bandages is anticipated to emerge as the fastest growing market in the forecast duration. This is attributable to the rising adoption of various options available for treating venous leg. The rise in prevalence of diabetic patient population, coupled with, the surging demand for affordable treatment options is boosting the Asia Pacific market. Furthermore, the rise in disposable incomes of people has propelled them to opt for better healthcare and medical options available and this is envisioned to help Asia Pacific emerge as the fastest growing sector in the coming years.
Some companies functioning in the global market areAndover Healthcare,Mölnlycke Health Care AB, PAUL HARTMANN AG, Smith & Nephew, Cardinal Health, BSN Medical, Beiersdorf AG, ConvaTec Inc., 3M,Baxter International Inc, and others.
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