By 2024, Tourniquet Market will expand at a healthy 4.2% CAGR

According to a new market report published by Transparency Market Research “Tourniquet Market – (By Product – Tourniquet Systems, Tourniquet Cuffs; By Application – Arm Cuffs, Leg cuffs; By End-Users: Hospitals, Physician/Clinic, Non-institutional) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023” the global tourniquet market was valued at US$ 184.6 Mn in 2014 and is estimated to reach US$ 408.6 Mn by 2023 at a CAGR of 9.3% from 2015 to 2023.

Tourniquet device is a medical equipment which checks excessive bleeding from the affected body part by compressing the blood vessels and nerves. Tourniquet has been identified as one of the most reasonable options for controlling hemorrhages. User-friendly design, durability and low cost are some of the prime factors which increases the demand for tourniquet devices in hospitals and clinics. Increasing incidence of orthopedic injuries, military war injuries, and growing hospital admissions for surgeries are boosting the growth of the tourniquet market.

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The global tourniquet market has been segmented into four major regions: North America, Europe, Asia Pacific, and Rest of the World, which are further categorized into various countries under each region. North America accounted for the largest market for the global tourniquet market in 2014. Dominance of North America has been attributed to increasing incidence of accidents which leads to serious limb injuries. The use of disposable tourniquet cuffs are on the rise in North America due to the product’s lower price and lesser risk of contamination. In addition, technological advancement associated with tourniquet system and cuffs would have a positive impact on the growth of the tourniquet market. North America comprises Canada and the U.S. North America was the largest market for tourniquet in 2014 primarily due to increasing incidence of road accidents leading to traumatic injuries and rapid introduction of advanced tourniquet devices. Furthermore, major players such as Zimmer Biomet and Stryker Corporation are based in North America. This is likely to boost market growth in the region.

Europe is the second largest market for global tourniquet market in 2014 due to increasing geriatric population undergoing surgeries, high awareness about available tourniquet cuffs, and favorable reimbursement policies. Germany has the largest market share of Europe tourniquet market due to improved health care infrastructure and a developed medical technology market. Factors attributed to the rapid growth of the tourniquet market in Europe are growing trend toward adoption of disposable tourniquet cuffs and increasing incidence of traffic-related injuries, sports injuries, and occupational injuries. The forecast reveals that countries in rest of the Europe would expand at the fastest CAGR during the forecast period.

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Asia Pacific was the third largest market for tourniquet devices in 2014, and is anticipated to grow at the highest CAGR during the forecast period. Emerging markets in Asia Pacific hold immense growth potential due to factors such as rise in road accidents, increase in the prevalence of limb surgeries, growing health care expenditure, and improving health care infrastructure. For instance, according to the Central Bureau of Health Intelligence (India), the number of government hospitals in India has increased since year 2000 which is a strong reason for promising growth of the market in Asia Pacific region. Growth in medical tourism and market saturation from North America and Europe is one of the major factors for the increasing demand for tourniquet devices. China was the largest market for tourniquets in Asia Pacific. Presence of large population suffering from orthopedic injuries in countries such as Japan, China, and India adds to the large patient pool. This in turn increases the number of tourniquet cuffs used in surgeries.

The global tourniquet market exhibits intense competition among the existing players. The market is consolidated, characterized by the presence of few established companies. Major players operating in the global tourniquet market are Zimmer Biomet Holdings, Inc., Stryker Corporation, Delfi Medical Innovation, Inc., Hammarplast Medical AB, Pyng Medical Corporation, ulrich Medical, and VBM Medizintechnik GmbH.

Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.