Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Pressure Bandages Market – Life Savors Post Serious Injuries
Pressure bandages is an important first-aid technique used in the medical settings after a serious injury to assist healing. The pressure bandages provide compression to the injured blood vessels by facilitating blood clot formation, thereby treating rapid blood loss or hemorrhage. The pressure dressings are highly suited at stabilizing wounds on limbs. The bandages also find application in treating venomous snake bites, to avoid venom progression into the bloodstream. Pressure bandages are ideal emergency tools for severe injuries such as sports injuries and accidents.
The global pressure bandages market was valued at US$ 188.8 million in 2017 and is expected to witness a robust CAGR of 4.8% over the forecast period (2017 - 2025).
Figure 1. Global Pressure Bandages Market (US$ Mn), by Region, 2017
SOURCE: COHERENT MARKET INSIGHTS ANALYSIS (2017)
Increasing incidence of chronic leg ulcers to augment market growth
The efficient management of venous leg ulcers represent a significant clinical problem, draining the financial resources. Majority of ulcers can be treated by using moderate compression bandages. Moreover, compression bandages are commonly recommended for 2-3 days by the physiotherapists for most acute injuries to reduce pain and swelling. According to the study published by Circulation Foundation, 2015, venous disease is the underlying cause of chronic leg ulcers accounting for over two third or 80% of all leg ulcers. The study also states that the other reason for the formation of leg ulcers include arterial disease contributing to 15% of leg ulcers and diabetes, rheumatoid arthritis accounting approximately 5% leg ulcers. Thus, increasing prevalence of diseases and disorders causing leg ulcers is a major factor to increase the adoption of pressure bandages thus propelling the market growth in the region. North America dominates the pressure bandage market, owing to increasing prevalence of diabetes, presence of major market players, and higher recommendations of the pressure bandages by the doctors post injuries. According to the American Diabetes Association, 2015, around 30.3 million Americans or 9.4% of the population was diagnosed with diabetes. According to the Cleveland Clinic Foundation, an estimated 15% of diabetic population is expected to develop foot ulceration during their lifetime, where lower extremity amputations in the U.S. are preceded by a foot ulcer. Thus, the rise in diabetes inadvertently increases the risk of formation of leg ulcers, which is expected to bolster the demand of pressure bandages market. Also, wide availability of products for treating venous leg ulcers contributes to market growth of pressure bandages. For instance, Setopress, high compression bandage by Medline Industries, Inc. provides graduated high compression in the management of venous leg ulcers. Moreover, Profore and Proguide, multi-layer compression bandaging systems developed by Smith and Nephew apply sustained graduated compression for the management of venous leg ulcers and associated conditions.
Higher convenience offered by the pressure bandages to accelerate the market growth
The elastic long stretch bandages are highly extensible device. They are easy to apply and can accommodate changes in leg geometry, expansion, and contraction allowing easier movement. The bandages can sustain pressure for extended time periods and can be extended up to 140-200% as compared to short-stretch or low elastic bandages. The products available in the global market offer variety of bandaging systems designed to allow optimal management of diseases such as edema, ulcers. For instance, JOBST, a compression bandage by BSN Medical reduces swelling and stabilize the size of the limb before being measured and fit for the JOBST compression garment. Also, SurePress high compression elastic bandage by ConvaTec Inc., a reusable bandage has yellow indicator line and two rectangular extension indicators for easy application and is appropriate for a variety of leg sizes provides sustained compression. The bandage is indicated for venous leg cancers and can be used in combination with SurePress Absorbent Padding. Some of the major players operating in the global pressure bandages market include Medtronic Plc, Smith & Nephew, 3M, ConvaTec, Inc., Cardinal Health, Inc., Johnson & Johnson, Nitto Denko Corporation, Persys Medical, Tytek Medical, and BSN Medical.