The new report by Expert Market Research titled, ‘Global Compression Bandage Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global compression bandage market, assessing the market based on its segments like product, material, application, end use, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2021-2026)
- Historical Market Size (2020): USD 1.21 Billion
- Forecast CAGR (2021-2026): 5.3%
- Forecast Market Size (2026): USD 1.84 Billion
The global compression bandage market is driven by the demand due to increasing prevalence of venous diseases. Additionally, the increase in leg ulcer cases and application in lymphedema treatment also aids to the growth of compression bandages market. Further, factors such as the growing healthcare facilities, increasing investment by the key players and easy availability and affordability of medical products are expected to push the growth in the forecast period.
Industry Definition and Major Segments
Compression bandage also known as elastic bandage or tensor bandage is stretchable bandage which is used to create localised pressure in the arteries to restrict the blood flow. They are used to treat edema, deep vein thrombosis and reduce bleeding in wounds.
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On the basis of product, compression bandages are segmented into:
- Short Stretch Bandages
- Long Stretch Bandages
- Multilayer Compression Bandages
On the basis of material, compression bandages are categorised into:
- Polyester
- Latex
- Cotton
- Others
The compression bandages are divided on the basis of applications into:
- Wound Management
- Deep Vein Thrombosis
- Lymphedema
- Others
On the basis of end use, the industry is segmented into:
- Hospital and Ambulatory Surgical Centres
- Clinics
- Nursing Care Centres
- Home Care
- Others
The regional markets for compression bandage include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Regionally, North American is among the largest markets for the compression bandages due to prevalence of several diseases in the geriatric population, presence of major players in the market and availability of compression bandages. Meanwhile, Asia Pacific regions is projected to witness fastest growth owing to its growing population and improving healthcare infrastructure. Additionally, growing prevalence of diabetes and obese patients in the region increases the incidence of chronic wounds. Europe is also expected to witness steady growth due to advance medical infrastructure and increasing awareness among consumers, in the forecast period.
Key Market Players
The major players in the market are Paul Hartmann AG, Smith & Nephew plc, ConvaTec Group PLC, B. Braun Melsungen AG, 3M, and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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