According to a new report by Future Market Insights titled “Pressure Bandages Market: Global Industry Analysis (2014 – 2021) and Opportunity Assessment (2021 – 2029),” the global Pressure Bandages Market is estimated to grow from US$ 186.5 Mn in 2022 to US$ 257.4 Mn by 2029 end. This reflects a CAGR of 3.3% over the forecast period 2022– 2029.
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The global market represents absolute $ opportunity of US$ 5.1 Mn in 2023 over 2022 and incremental opportunity of US$ 70.9 Mn between 2022 and 2029 North America is currently the most lucrative regional market for pressure bandages, followed by Western Europe and APEJ. However, in terms of annual growth, the Latin America pressure bandages market is anticipated to experience the highest CAGR of 3.9% during 2022-2029.
Global Pressure Bandages Market: Opportunities
- Penetration of orthopaedic treatments in emerging economies including Asia Pacific and MEA is still not as widespread as compared to North America and Europe. This is owing to low awareness regarding advanced wound management and associated risk factors amongst the general as well as obese population
- The retail e-commerce channel has gained significant attraction from consumers in the last few years, and is expected to show rapidly increasing adoption over the forecast period. Sales of pressure bandages through e-commerce have also increased in the last few years with e-commerce companies providing attractive discounts to their customers
Global Pressure Bandages Market: Forecast by Product Type
On the basis of product type, the global market for pressure bandages is segmented into short stretch bandages, long stretch bandages and multi-layer compression systems. In terms of value, short stretch bandages are likely to dominate the market throughout the period of forecast, while the long stretch bandages segment is expected to be the fastest growing segment during 2022-2029.
Global Pressure Bandages Market: Forecast by Application
Segmentation by application includes lymphedema, leg ulcers, deep vein thrombosis and others. The leg ulcers segment is expected to be the most lucrative market for pressure bandages, with an attractiveness index of 1.9, while lymphedema is expected to remain the least attractive in the global market in revenue terms over the forecast period.
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Global Pressure Bandages Market: Forecast by Raw Material
The different segments by raw material include cotton, latex, polyester, and others. Cotton dominated the pressure bandages market in revenue terms in 2021, and the trend is projected to continue throughout the forecast period.
Global Pressure Bandages Market: Forecast by Distribution Channel
On the basis of distribution channel, the global pressure bandages market is segmented into retail stores, online stores, hypermarkets & supermarkets, pharmacies and clinics. Retail stores and online pharmacies segments are expected to reflect an attractiveness index of 1.8 over the forecast period. The retail stores segment accounted for a market share of 41.4% in 2021.
Global Pressure Bandages Market: Forecast by Region
The seven key geographies of North America, Latin America, Eastern Europe, Western Europe, APEJ, Japan and MEA have been covered in this report. North America dominated the pressure bandages market in revenue terms in 2016, and the trend is projected to continue throughout the forecast period. MEA and Japan are expected to remain least attractive in the global market in revenue terms, with a market attractiveness index of 0.2 over the forecast period.
Global Pressure Bandages Market: Key Players
Some of the key players in the global pressure bandages market profiled in the report are BSN Medical (Svenska Cellulosa Aktiebolaget SCA), Smith & Nephew, 3M Inc., Medtronic Plc., Cardinal Health and ConvaTec Inc.
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Pressure bandages Market by Category
By Product Type:
- Short Stretch Bandages
- Long Stretch Bandages
- Multi-layer Compression Systems
By Raw Material:
- Cotton
- Latex
- Polyester
By Application:
- Lymphedema
- Leg Ulcers
- Deep Vein Thrombosis
By Distribution Channel:
- Retail Stores
- Online Stores
- Hypermarkets and Supermarkets
- Pharmacies
- Clinics
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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