Compression Bandages Market to Reach $1.84 Billion by 2026; Rising Geriatric Population to Propel Growth

The global compression bandages market size is projected to reach USD 1.84 Billion by 2026. The market is expected to gain impetus from the increasing awareness programs as well as bandage pressure optimization. This information is present in a published report by Fortune Business Insights, titled, “Compression Bandages Market Size, Share & Industry Analysis, By Product (Short Stretch Bandages, Long Stretch Bandages, Multilayer Compression Bandages), By Material (Polyster, Latex, Cotton, Others), By Application (Wound Management, Deep Vein Thrombosis, Lymphedema, Others), By End-user (Hospitals & Ambulatory Surgical Centers, Clinics, Nursing Care Centers & Skilled Nursing Facilities, Home Care, Others) and Regional Forecast, 2019-2026.”

The report further mentions that the market was valued at USD 1.21 Billion in 2018. However, it will exhibit a CAGR of 5.3% during the forecast period of 2019 to 2026.

The report classifies the compression bandages market on the bases of product, material, application, end-user, and geography. In terms of product, the market is segregated into short stretch bandages, long stretch bandages, and multilayer compression bandages. On the bases of material, the market is grouped into polyester, latex, cotton, and others.

By application, the market is fragmented into wound management, deep vein thrombosis (DVT), lymphedema, and others. In terms of end-user, hospitals & ambulatory surgical centers, clinics, nursing care centers & skilled nursing facilities, home care, and others. By geography, the market is divided into the Middle East and Africa, Europe, North America, Asia Pacific, and Latin America.

Increasing Number of Government-Launched Awareness Programs to Favor Growth in Asia Pacific

North America is expected to dominate the market due to the rise in the prevalence of venous disease and growing geriatric population in this region. Moreover, an increasing incidence of chronic leg ulcers, deep vein thrombosis, and lymphedema has resulted in the rising usage of compression bandages.

Asia Pacific, on the other hand, is projected to exhibit the highest CAGR during the forecast period. It would occur due to the increasing government initiatives to conduct awareness programs regarding the management of chronic wounds, such as deep vein thrombosis and lymphedema. Emerging countries, namely, India and China are anticipated to showcase higher CAGR in the coming years.

Europe is expected to exhibit steady growth during the forthcoming years due to the presence of renowned compression bandage manufacturers and rising awareness campaigns amongst the masses regarding the effective management procedures of lymphedema and venous ulcers. Furthermore, the availability of a variety of technologically advanced bandages is one of the compression bandages market trends that would fuel growth in this region.

However, the Middle East and Latin America would grow slowly due to the lack of reach and awareness about compression bandages among the populaces. Besides, unavailability of skilled nurses may hinder the compression bandages market growth in this region.

3M to Acquire Acelity Inc. For Expanding its Surgical Wound Care Product Portfolio

In May 2019, 3M, a multinational conglomerate corporation operating in the fields of consumer goods, health care, worker safety, and industry, headquartered in Minnesota, declared that it has signed an agreement to acquire Acelity Inc., a privately held medical device company, based in Texas as well as its KCI subsidiaries. 3M would acquire them from a consortium that includes funds advised by the Apax Funds. The main aim of this acquisition is to expand the company’s presence in innovative surgical wound care. 3M would be able provide comprehensive advanced and surgical wound care solutions to the consumers in order to enhance the patient and provider experience as well as improve outcomes.

Fortune Business Insights profiles some of the prominent companies operating in the compression bandages market. They are Essity (BSN medical GmbH), Paul Hartmann AG, Smith & Nephew plc, Mölnlycke Health Care AB, Lohmann & Rauscher GmbH & Co. KG, B. Braun Melsungen AG, 3M, Cardinal Health, ConvaTec Group PLC, and other prominent players.

Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/compression-bandages-market-100839

The compression bandages market can be segmented into: