Zimmer Biomet Holdings, Stryker Corporation, and Ulrich GmbH & Co. KG were the leading players in the global tourniquet market in the recent years. They have so far been the only three players to offer all three products types in the market, i.e. systems, disposable cuffs, and reusable cuffs.
In a research report published by Transparency Market Research, it is shown that the competitive edge in the global tourniquet market is expected to remain very high till 2023. This is an extremely dynamic market, marked by a constant need for technological innovation to maintain a decent level of product differentiation. Moreover, the key players in this market are all based in the same key geographical regions, thus adding to market saturation in these regions and intensifying competition.
The threat of new entrants is, however, expected to remain medium over the years to come. New players are attracted to this field of medical devices owing to the increasing number of emergency surgeries, they have to face the increasingly stringent government regulations, especially in developed economies.
The global market for tourniquets is expected to reach US$408.6 mn by 2023. It is projected at a CAGR of 9.3% in terms of revenue, within a forecast period from 2015 to 2023. By the end of 2016, this revenue is calculated to reach US$217.6 mn.
Tourniquet systems have so far been the more popular product segment in this market. They are expected to continue being the dominant segment till 2023. By 2023, the tourniquet systems are expected to reach US$240.2 mn. On the other hand, tourniquet cuffs are expected to gain a substantial volume of demand over the years to come. This segment is progressing at a CAGR of 9.7% from 2015 to 2023.
Road Accident Cases on the Rise, Increasing Demand for Tourniquets
“The key driver currently acting on the global tourniquet market is the increase in the number of road accidents that are occurring across the world. A large volume of patients suffering from limb trauma comes from road accidents, while a relatively lower number comes from slips, falls, and industrial accidents. These cases are a primary requirement for tourniquets and an increase in their number signifies an increase in the demand for tourniquets,” states a TMR analyst.
Another factor proving to be beneficial to the demand for tourniquets is the increasing healthcare expenditure on a global scale. Both patient spending and government incentives have increased over the recent past and have added a considerable impetus to the technological developments in the usage and function of tourniquets.
Tourniquet Cuffs in Low Demand Over Infection Fears
The use of reusable tourniquet cuffs without the necessary precautions form one of the leading causes of infections spreading to patients. This not only adds to the complications of treatment, but also increase the duration of stay of the patient in the hospital and their medical bills. Tourniquet cuffs are known to easily spread infections as they are applied to the skin with high pressures. This has caused many patients to reject the use of tourniquet cuffs, thereby creating a significant hurdle in the sale of reusable ones.
“Players and even new entrants to the global tourniquet market can look forward to the massive set of opportunities ready in Asia Pacific at the moment. This region is undergoing a large-scale healthcare reform and advancement of infrastructure, thereby increasing the number of patients that can gain access to medical facilities. This is expected to generate a big rise in demand on a large array of medical devices, including tourniquets,” the analyst added.
The information presented in this review is based on a Transparency Market Research report, titled, “Tourniquet Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2023.”
Key segments of the Global Tourniquet Market
Global Tourniquet Market, by Product
- Tourniquet System
- Tourniquet cuffs
Global Tourniquet Market, by Application
- Arm cuffs
- Leg cuffs
Global Tourniquet Market, by End-User
Global Tourniquet Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
- Latin America
- Rest of the World
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
US Office Contact
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
7 of 10 large enterprizes view our Report to take the right decision.View Report