The new report by Expert Market Research titled, ‘Global Compression Bandages Market Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global compression bandages market, assessing the market based on its segments like product, material, applications, end use, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 5%
The compression bandages will experience rapid growth in the forecasting years because of increasing patients for lymphedema. The compression bandages can be indicated for such patients to reduce the swelling and puh fluid out of the tissues. The wound management is also being increasingly done with the help of compression bandages. The diabetes patients have higher risk of getting inflicted with chronic injury. The diabetes patients are large in number with constant growth of patient base. This will provide impetus to the growth of compression bandages industry. The deep vein thrombosis and other uses of compression bandages will further propel the market.
Industry Definition and Major Segments
Compression bandages follow the principle of compression therapy where a material like cloth is used to put pressure on wounded area. These stretchable bandages can reduce swelling for wounds and also help in the treatment of lymphedema by reducing edema. They are found to be quite effective in ulcer treatment.
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Based on product, compression bandages ae categorised as follows:
- Short Stretch Bandages
- Long Stretch Bandages
- Multilayer Compression Bandages
The materials used in the compression bandages are segmented into:
The compression bandages are classified on the grounds of applications into:
- Wound Management
- Deep Vein Thrombosis
It finds end-uses in the following industries:
- Hospital and Ambulatory Surgical Centres
- Nursing Care Centers
- Home Care
The report also covers the regional compression bandages markets like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The key players in the compression bandages market have been investing to improve the clinical efficacy of the product. There has been an increased focus on the quality of life by the medical community. The proper management of edema through the compression bandages can improve the patient’s quality of life. This will lead to a spurt in the demand for compression bandages. The cost of compression bandages has been reduced in the developing economies because of the entrance of local manufacturers. The government has also been active in upgrading the healthcare facilities. These factors will cause the market for compression bandages to grow rapidly.
Key Market Players
The major players in the market are Paul Hartmann AG, Smith & Nephew plc, ConvaTec Group PLC, B. Braun Melsungen AG, and 3m Co., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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