In the forecast period of 2022-2027, the global compression bandages market is expected to grow at a CAGR of 5%. The key players in the industry include Paul Hartmann AG, Smith & Nephew plc, ConvaTec Group PLC, 3m Co., and B. Braun Melsungen AG, among others.
Compression bandages are simple stretchable bandages that are most commonly used to treat oedema and chronic wounds. By exerting pressure on the injury, they are utilised as a first-line treatment. These are simple to apply and aid in the reduction of oedema.
The North American region plays a huge role in the growth of the global compression bandages market and is expected to do so in the forecast year as well, owing to the widespread presence of numerous diseases among the elderly. Next in line, the Asia Pacific region is also expected to be the critical regional factor in the growth of the global compression bandages market because of its rising population and healthcare expenditure. The governments of developing nations, like India and China, are also emphasising healthcare awareness and increasing medical infrastructure, which is proportionately growing the demand for compression bandages. Europe is also a potential growth region for this market with growing awareness of chronic wounds and effortless accessibility of various bandages.
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The prevalence of leg ulcers is particularly high, which is driving up the demand for compression bandages. Compression bandages are also used in the treatment of lymphedema. The prevalence of lymphedema is rapidly increasing, which is fuelling the market for compression bandages. The industry demand would be augmented by the expansion of the market as a result of increased investment by key players in developing regions.
Headquarters: Heidenheim, Germany
Paul Hartmann AG is a Germany-based holding company that is principally engaged in the field of medical and healthcare products. The company operates through four segments, namely wound management, incontinence management, infection management, and other group activities. In 2020, the company employed 10,625 staff worldwide and generated sales of EUR 2,43 billion.
Headquarters: Watford, England, United Kingdom
Smith + Nephew is a global medical technology company specialising in advanced wound management products, arthroscopy products, therapy products, and orthopaedic reconstruction products. Their products are sold in about 100 countries. The company supports healthcare professionals to return their patients to health and mobility, helping them to perform at their fullest potential.
Headquarters: Reading, Berkshire, England
ConvaTec is a global medical technology business focused on serving people and care givers in the areas of advanced wound care, ostomy care, continence and critical care, and infusion care. The product portfolio has grown to include a complete ostomy care line and advanced wound care line. The same spirit of inventiveness and collaboration continues amongst 9,900 employees serving caregivers, patients, and customers globally.
Headquarters: Minnesota, United States
3M Company is a diversified American corporation manufacturing a wide range of products, including abrasives, adhesive tape and related products, and consumer-electronics components. The firm also designs and manufactures materials used in tamperproof packaging and develops methods for assuring the security of documents such as driver’s licenses. Its products are manufactured in more than 100 plants worldwide.
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