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The market for the compression bandages has been rapidly increasing in the developing regions such as China and India. This is because of the emergence of the local manufactures who have reduced the price for compression bandages. This has led to increase in the accessibility and affordability of compression bandages. The growing population with increasing disposable income has more incidents of chronic wounds which in-turn is leading to a surge in the demand for compression bandages.
In the product segment, short stretch bandages dominate the market because of their better cost performance and reusability. The multilayer compression bandages will also have significant growth because of the increasing lymphedema patients and less replacements required. Lymphedema was one of the largest application segments for the compression bandages owing to rising incidence of breast cancer which raises the lymphedema risk in the patients. Deep vein thrombosis is also expected to have significant growth because of increasing patient base. Qound management segment will also grow rapidly because of the growing patients with leg ulcers. Hospital and ambulatory surgical centres are likely to be the largest end use segment in compression bandages. The reason is increasing investment in healthcare infrastructure by government.
The key players in the market are making efforts to improve their product capabilities and expanding their product range. On October11, 2019, 3M Co. (NYSE: MMM), a key player in compression bandage market, announced the completion of acquisition of Acelity, Inc and its subsidiaries. The Acelity business was known for its advanced wound dressing solutions. This also included compression bandages. A successful acquisition can increase the growth of compression bandages industry in the coming years.
Market Analysis by Product, Material, Application, End Use and Regions:
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The major players in the global compression bandages market are Paul Hartmann AG, Smith & Nephew plc, ConvaTec Group PLC, B. Braun Melsungen AG, and 3m Co., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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