Global Surgical Tourniquets Market: Overview
As world population is set to age at a steady pace, so is the global surgical tourniquets market set to see growth. To add to this is the increase in disposable income in many parts of the world leading to more people opting for surgery as opposed to ignoring it wherever even a slight chance is possible. Besides, knee replacement surgeries are on a steep rise, leading to a hopeful future for the market under discussion. In United States alone, more than 600,000 knee replacements are performed each year.
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It is therefore predicted that the global surgical tourniquets market will see an upward trajectory in the forecast period of 2019 to 2027. The translated market worth that it generates is significant for players.
Global Surgical Tourniquets Market: Notable Development
Stryker acquired K2M group Holdings completed in 2918, a leader in providing minimally invasive solutions including tourniquets. Stryker’s acquisitions of 2019 that include companies like Arrinex, Inc., a medical device company and OrthoSpace, Ltd. deals in advanced technology for the treatment rotator cuff tears. All three acquisitions point towards Stryker’s attempts at increasing its market share and influence.
The market for surgical tourniquets is fairly fragmented. Prominent players include Stryker Corporation (US), Zimmer Biomet (US), Hammarplast Medical (Sweden), VBM Medizintechnik (Germany), AneticAid (UK), Delfi Medical Innovations (Canada), Zhangjiagang Huaxin Medical Equipment Factory (China). Continual efforts towards product updation and strategic collaborations like those made my Stryker are key to maintaining edge over competitors.
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Global Surgical Tourniquets Market: Key Trends and Drivers
Worldwide, due to age, road accidents and sports injuries, surgeries are increasing at a massive scale and this is leading to growth of global surgical tourniquets market. Some of the major factors that will push the market higher are outlines below.
- As per a recent report – World Population Prospects: the 2019 Revision – number of aging people (65 and over) is set to increase by 2050. The data reveals that one in six would fall into this age bracket. The increase is significant from 2019 level of one in eleven. This ageing population represents rise in knee and spine surgeries. In UK, 70000 knee replacements take place annually. Besides, with 200 million women worldwide suffering from osteoporosis, the charts would only go higher.
- With more people are adopting an active lifestyle, opting for sport and fitness, there are more people with related injuries. In the United States of America itself, there are about 30 million youth participating in sports. Out of these, about 3.5 million injure themselves annually. These include knee injuries as well as rotator cuff injuries. These often demand immediate care, especially in case of bleeding. Therefore, an increase in growth in the surgical tourniquets market is predicted. It is noteworthy here that with injury risks associated with high pressure, manufacturers are striving towards minimum pressure products.
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Global Surgical Tourniquets Market: Regional Analysis
A surge in demand for surgical tourniquets market across the globe would be observed owing to their increase in adoption of trauma care devices. Currently, Europe and North America lead the market on account of presence of key players in the region and availability of skilled healthcare staff. The trend will continue considering healthcare is primary focus for masses.
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In Asia Pacific (APAC), countries like India and China will have an edge considering a large population base. Moreover, number of people of age 65 and above are set to increase. In India alone, the this demographic would have a number of 173 million by 2026. Besides, there is a shift in moving of manufacturing units to the APAC region. In 2016, Zimmer Biomet Holdings partnered with Indo UK Institutes of Health to train orthopedic surgeons on the latest developments so they can use advanced technologies with ease. It comes as no surprise then that the market in the region will register a stellar CAGR.
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