Tourniquet Market Expected to Reach US$ 408.6 Mn Globally in 2023: Emerging Trends and New Technologies Research 2016-2024 - TMR

Jun 02, 2016, 10:30 ET from Transparency Market Research

ALBANY, New York, June 2, 2016 /PRNewswire/ --

According to a new market report published by Transparency Market Research "Tourniquet Market - 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.

Tourniquets are modern technology devices which is used to stop the continuous blood loss from any part of the body. The blood loss can be caused due to tragic accidents or open surgeries performed on patients with serious ailments. Tourniquet devices has taken a high drift in the market due to the presence of various end users such as hospitals, research units, medical camps and non-institutional program. These end users use the tourniquet devices for different practices including initiation of a surgery in an orthopedic department, donation of blood, etc. Increase in road accident is another driving factor for the growth of tourniquet market as these devices are mostly used to stop the continuous flow of blood from the injured body part.  The aforementioned factors would drive the growth of the tourniquet market over the forecast period.

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Based on products, the global tourniquet devices market is segmented into tourniquet system and tourniquet cuffs which is further sub-segmented into disposable and reusable cuffs. The tourniquet systems are medical devices which is used with a monitor control technique and regulates various activities needed during a medical practice. The easy handling and control activities of the tourniquet system are the major factors for the largest share of the market in 2014. Disposable cuffs are generally used during surgical activities in order to stop the blood loss. Disposable cuffs provide lesser risk of cross-contamination as these cuffs are discarded right after their first use. On the other hand, the reusable tourniquet cuffs can be cleaned/sterilized and hence can be used on multiple patients due to its better durability and sustainability. The disposable cuffs market segment is anticipated to expand at the fastest CAGR as it involves lesser risk of cross-contamination and infection as compared to reusable cuffs.

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Based on application, the tourniquet market can be segmented into leg and arm cuffs. Leg cuffs would grow at the swiftest rate due to minor complications associated with arms cuffs. Leg and lower leg tourniquet cuffs are designed for usage on thighs, tapered lower legs for foot and ankle surgeries. The unique contour shape of these cuffs facilitates enhanced fit in the thigh as well as tapered lower leg of a typical adult patient.

Similarly, based on end user, the tourniquet market is segmented into hospitals, physician/clinic, non-institutional. Hospital contributed largest share of the tourniquet market in 2014 due to vast availability of the tourniquet devices in hospitals. In hospitals, tourniquets are used in external hemorrhage control or in limb amputation with multiple bleeding points to allow immediate management of airway and breathing problems. Thus, all the above mentioned factors accentuates the market growth during the forecast period from 2015 to 2023.

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The global tourniquet market exhibits intense competition among the existing players. The tourniquet market is consolidated, with limited number of established players in the market. 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.

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