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Global Compression Bandages Market to Grow at a CAGR of 5% During 2021-2026, Aided by Industry Expansion in Developing Regions

According to a new report by EMR titled, ‘Global Compression Bandages Market Report and Forecast 2021-2026’, the market expected to grow at a CAGR of 5% in the forecast period of 2021-2026.

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:

  • The types of compression bandage products are short stretch bandages, long stretch bandages and multilayer compression bandages.
  • The kinds of compression bandage materials are polyester, latex and cotton, among others.
  • The applications for compression bandages include wound management, deep vein thrombosis and lymphedema among others.
  • The industry finds its end use in hospital and ambulatory surgical centers, clinics, nursing care centers, and homecare, among others.
  • The regional markets for compression bandages include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing incidence of chronic wounds, lymphedema, and deep vein thrombosis to augment the market demand.
  • The clinical development of compression bandages because of investment by key players will bolster the industry demand.
  • The rising expense of government in healthcare will boost the industry growth.
  • The rising disposable income and growing awareness for wounds and diseases will accelerate the growth of market.
  • The reduction in cost and easier availability of compression bandages because of local manufacturers will provide impetus to growth of industry.

Key Offerings of the report:

  • The EMR report gives an overview of the global compression bandages industry for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecasted (2021-2026) markets for the product, material, applications, end use and major regions of compression bandages industry. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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