Browse Market Research Report @ http://www.transparencymarketresearch.com/tourniquet-market.html
This highly dynamic and competitive market features the presence of a large number of tourniquet suppliers. The market is driven by the demand for technologically advanced devices. Increased attempts from companies to introduce innovative products, such as the A.T.S.3000 manufactured by Zimmer Biomet Holdings, Inc., are expected to intensify the competition further, states TMR in a recent report. The top vendors in the market, Zimmer Biomet Holdings, Inc. and Stryker Corporation have their operations in North America, leading to a saturated marketplace.
Rising Number of Road Accidents Uphold Need for Tourniquet Systems in Emergency Healthcare Services
Besides industrial accidents, slips, and falls, road accidents are one of the most common causes of serious limb injuries across the world. The WHO states that in 2013, nearly 1.24 mn people died worldwide due to road accidents. Moreover, several millions suffer serious fractures and limb injuries from road accidents every year across the world. The WHO also mentions in a report that only 28 countries in the world, accounting for a mere 7% of the world’s population, have comprehensive and well defined road safety laws.
Lenient countries are thus highly susceptible to witnessing an increased number of accidents triggered by risk factors such as drinking and driving, speeding, and failure to use motorcycle helmets. The rising numbers of consumer vehicles entering the roads every year, especially in developing countries, also leverage the risk of road accidents in the absence of proper traffic rules and regulations.
As tourniquets form one of the first lines of treatment for emergency orthopedic injuries and accident patients, the rising numbers of road accidents will require an increased number of tourniquets in hospitals and other healthcare settings over the future. Developing countries in Asia Pacific, in a bid to improve their healthcare infrastructures and enhance the management of accident cases, will be the leading consumers of tourniquets.
Rising Healthcare Expenditures to Boost Increased Inclusion of Tourniquets at Healthcare Facilities
Rising healthcare expenditures across developed and developing countries is also boosting the demand for tourniquets across hospitals and trauma centers. The Centers for Medicare & Medicaid Services revealed that healthcare spending in the U.S. increased from 3.6% in 2013 to 5% in 2014.
Developing countries such as India, China, and Philippines are witnessing financial support from their respective governments and provisions for enhancing healthcare services to the populations.
North America is presently the leading regional market for the tourniquet market; it accounted for a dominant 53.3% share in the global market in 2014. A huge rise in road accidents and excellent healthcare facilities, combined with the presence of two of the world’s leading tourniquet device and systems manufacturers have worked in favor of the regional market. However, Asia Pacific will lead to the most lucrative growth opportunities for the global tourniquet market, which will exhibit a 9.9% CAGR from 2015 to 2023 in the region.
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The market had an opportunity worth US$184.6 mn in 2014 and is expected to expand at a healthy 9.3% CAGR from 2015 to 2023, and rise to US$408.6 mn by 2023. Hospitals emerged as the largest end-users of tourniquet systems and cuffs in 2014, accounting for a massive 73.3% share in the global market.
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