Global Elastic Bandages Market: Introduction
An elastic bandage can be defined as a stretchable bandage that is utilized to generate localized pressure. Elastic bandages are frequently used for the treatment of muscle sprains and strains. These bandages cause reduction in the blood flow to a particular body part by applying uniform and stable pressure that can confine swelling at the site of injury. Elastic bandages are classified under Class I type of medical devices. Class I devices are not intended to help, support, or sustain life. Furthermore, their usage does not present any high risk of patient injury.
Global Elastic Bandages Market: Dynamics
Rise in Incidence Rate of Injuries in All Age Groups
Increase in number of recreational activities such as adventure sports, and trekking results in multiple cuts, abrasion, minor injuries, and wound formation on body parts. In such instances, elastic bandages are needed. Moreover, number of road accidents has increased globally. These accidents can or cannot be fatal. Some of these non-fatal injuries need rapid application of bandages in order to prevent further damage. According to Stanford Children’s Health, more than 3.5 million children aged 14 years and below get hurt annually while playing sports or taking part in recreational activities in the U.S. As per a WHO report, every year around 1.35 million people die globally due to road accidents and between 20 and 50 million people suffer non-fatal injuries. Thus, these factors are likely to result in an increased demand for elastic bandages thereby, boosting the global elastic bandages market.
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Increase in Incidences of Domestic and Workplace Injuries
Increase in incidences of domestic as well as workplace injuries are major reasons which needed to deal with elastic bandages. Domestic activities such as cooking in kitchen, daily work at home, fall, burns due to hot drinks/cooking, poisoning due to household products are major source of injuries specially among women and children. As per an article published in A Secure Life, every year, more than 3.4 million children experience an unintentional household injury in the U.S. Similarly, workplace injuries and accidents are major concern today due to industrialization which cause severe non-fatal injuries at workplaces. According to International Labor Organization (ILO), around 2.3 million women and men around the globe succumb to work-related accidents or diseases every year. Hence, the increase in number of incidences of domestic and workplace injuries is likely to expand the global elastic bandage market.
Global Elastic Bandages Market: Competition Landscape
Major players operating in the global elastic bandages market include 3M, Cardinal Health, Avcor Health Care, Tetra Medical Supply Corp, Paul Hartmann, Covidien, Kerma Medical Products, DeRoyal Industries, BSN Medical Inc., Patterson Medical, DJO Global, Alimed, Andover Healthcare, Anji FangYuan Sanitary Material, Anji Jixiang, Zhejiang Dongyang Dongsheng Medical Dressing, Anji Chaoqiang Bandage Weaving Factory, Hubei Joy Bone Medical Products, and GSPmed Unilene.
3M is a diversified global manufacturer, technology innovator, and marketer of a wide range of products and services. The company operates through five business segments: Industrial, Safety & Graphics, Health Care, Electronics & Energy, and Consumer. The Consumer segment offers products such as consumer tapes, repositionable notes, home air filtration, cleaning products, consumer bandages, braces & supports, and retail abrasives. The Consumer segment consists of sub-segments such as Home Improvement, Stationery & Office, Home Care, and Consumer Healthcare. Elastic bandages fall under the Consumer Healthcare sub-segment.
BSN Medical (Essity Aktiebolag (publ))
Essity Aktiebolag (publ), a Sweden-based company, acquired BSN Medical in April 2017. The acquisition enabled BSN Medical to enhance its sales in more than 150 countries across the globe. The company offers a broad product portfolio in the wound care, personal care, consumer tissue, orthopedics, and vascular therapies segments, with world-class branded products for health care providers and patients. Essity Aktibolag (publ) operates through three business segments: Personal Care, Consumer Tissue, and Professional Hygiene. Adhesive bandages fall under the Personal Care segment, which consist of incontinence products, baby care products, and medical solutions. Elastic bandages are covered by the company’s medical solutions sub segment.
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Cardinal Health is a global integrated health care services and products company. It provides customized solutions for hospitals, health systems, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices across the world. The company provides clinically proven medical products, pharmaceuticals, and cost-effective solutions that enhance supply chain efficiency from hospital to home. The company operates through two reporting business segments: Medical and Pharmaceutical Products. Its advanced wound care products include dressings, hydrocolloids, hydrogel, and foam, along with other traditional wound healing products.
Global Elastic Bandages Market: Segmentation
The global elastic bandages market can be segmented based on:
- Product Type
In terms of product type, the global elastic bandages market can be classified into:
- General Elastic Bandages
- Colored Elastic Bandages
Based on application, the global elastic bandages market can be bifurcated into:
- For Upper Limbs
- For Lower Limbs
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
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Below is a snapshot of these quadrants.
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The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
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