Global Surgical Tourniquets Market: Overview
As world population is set to age at a steady pace, so is the global surgical tourniquets market set to see growth. To add to this is the increase in disposable income in many parts of the world leading to more people opting for surgery as opposed to ignoring it wherever even a slight chance is possible. Besides, knee replacement surgeries are on a steep rise, leading to a hopeful future for the market under discussion. In United States alone, more than 600,000 knee replacements are performed each year.
It is therefore predicted that the global surgical tourniquets market will see an upward trajectory in the forecast period of 2019 to 2027. The translated market worth that it generates is significant for players.
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Global Surgical Tourniquets Market: Notable Development
Stryker acquired K2M group Holdings completed in 2918, a leader in providing minimally invasive solutions including tourniquets. Stryker’s acquisitions of 2019 that include companies like Arrinex, Inc., a medical device company and OrthoSpace, Ltd. deals in advanced technology for the treatment rotator cuff tears. All three acquisitions point towards Stryker’s attempts at increasing its market share and influence.
The market for surgical tourniquets is fairly fragmented. Prominent players include Stryker Corporation (US), Zimmer Biomet (US), Hammarplast Medical (Sweden), VBM Medizintechnik (Germany), AneticAid (UK), Delfi Medical Innovations (Canada), Zhangjiagang Huaxin Medical Equipment Factory (China). Continual efforts towards product updation and strategic collaborations like those made my Stryker are key to maintaining edge over competitors.
Global Surgical Tourniquets Market: Key Trends and Drivers
Worldwide, due to age, road accidents and sports injuries, surgeries are increasing at a massive scale and this is leading to growth of global surgical tourniquets market. Some of the major factors that will push the market higher are outlines below.
- As per a recent report - World Population Prospects: the 2019 Revision - number of aging people (65 and over) is set to increase by 2050. The data reveals that one in six would fall into this age bracket. The increase is significant from 2019 level of one in eleven. This ageing population represents rise in knee and spine surgeries. In UK, 70000 knee replacements take place annually. Besides, with 200 million women worldwide suffering from osteoporosis, the charts would only go higher.
- With more people are adopting an active lifestyle, opting for sport and fitness, there are more people with related injuries. In the United States of America itself, there are about 30 million youth participating in sports. Out of these, about 3.5 million injure themselves annually. These include knee injuries as well as rotator cuff injuries. These often demand immediate care, especially in case of bleeding. Therefore, an increase in growth in the surgical tourniquets market is predicted. It is noteworthy here that with injury risks associated with high pressure, manufacturers are striving towards minimum pressure products.
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Global Surgical Tourniquets Market: Regional Analysis
A surge in demand for surgical tourniquets market across the globe would be observed owing to their increase in adoption of trauma care devices. Currently, Europe and North America lead the market on account of presence of key players in the region and availability of skilled healthcare staff. The trend will continue considering healthcare is primary focus for masses.
In Asia Pacific (APAC), countries like India and China will have an edge considering a large population base. Moreover, number of people of age 65 and above are set to increase. In India alone, the this demographic would have a number of 173 million by 2026. Besides, there is a shift in moving of manufacturing units to the APAC region. In 2016, Zimmer Biomet Holdings partnered with Indo UK Institutes of Health to train orthopedic surgeons on the latest developments so they can use advanced technologies with ease. It comes as no surprise then that the market in the region will register a stellar CAGR.
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
- Insights and Tools based on data-driven research
- 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
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
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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10. What will be the barrier to entry for new players in the market?
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