SEATTLE, March 15, 2021, (MEDGADGET) — A strip of woven material that is used to bind up the wound and protect the injured part of the body is called a bandage. It is primarily used to restrict the movement of a particular part of the body underdressing, in order to help decrease pain or swelling. There are several types of bandages such as generic cloth strips and specialized shaped bandages that are developed for a specific limb or part of the body.
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Bandages Market- Dynamics
Increasing number of surgical procedures and medical causalities is expected to boost growth of the global bandages market. For instance, according to the Journal of Diabetes Research, in 2018, the global prevalence of diabetes developing the lifetime risk of foot ulcer is 25%. Such scenario is expected to lead to high demand for advanced wound care products or bandages that offer relief after the treatment of a fresh or moist wound.
Key players in the market are focused on product development to expand their product portfolio. For instance, in 2017, Johnson & Johnson developed Skin-Flex, a new BAND-AID brand bandage. The bandage dries instantly and also stays on for 24 hours, even after exposure to water during hand washing. Key players in the market are also focused on approval and launch of new products, which is expected to boost the global bandages market growth. For instance, in February 2019, Axiostat, a wound care product developed in India by Axio Biosolutions, received the U.S. Food and Drug Administration approval. The bandage is designed to stop uncontrolled bleeding from wounds.
Moreover, increasing number of burn cases and growing geriatric population is also expected to boost the bandages market growth. For instance, according to the American Burn Association (ABA), in 2016, 486,000 burn injuries received medical treatment in the US. Moreover, increasing number of surgeries and trauma cases is also expected to boost growth of the bandages market over the forecast period.
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However, increasing preference to alternatives such as advance wound care products is expected to hinder growth of the global bandages market. Advanced wound care products can efficiently reduce the time required to heal a wound.
Bandages Market- Regional Dynamics
On the basis of region, the global bandages market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America held dominant position in the market in 2018, due to increasing incidence of chronic wounds, favorable reimbursement policies, and increasing geriatric population. Moreover, North America is expected to hold dominant position in the global bandages market over the forecast period. This is attributed to increasing number of orthopedic procedures being conducted in the U.S.
Increasing focus of major manufacturers on adopting business strategies such as partnership and product development is expected to contribute to growth of the market. For instance, in December 2017, Navamedic ASA announced that it has entered into an agreement with Chemviron Carbon Ltd. for the launch and commercialization of Zorflex, a 100% activated carbon wound contact dressing, which helps to accelerate the treatment of chronic and non-chronic wounds.
The market in Asia Pacific is expected to witness the fastest growth over the forecast period. This is owing to the presence of key players and healthcare organizations in the region and increasing geriatric and diabetes prone population.
Bandages Market- Competitive Analysis
Key players operating in the global bandages market include, 3M, Medtronic, Derma Sciences Inc., Johnson and Johnson Consumer Inc., Medline Industries Inc., B. Braun Melsungen AG, Smith & Nephew, Avcor Healthcare Products, Lohmann & Rauscher, and Dermarite Industries, LLC.
Bandages Market- Market Taxonomy
On the basis of product type, the global bandages market is segmented into:
On the basis of applications, the global bandages market is segmented into:
- Surgical Treatment
- Traumatic and Laceration Injury Treatment
- Sport and Burn Injury Treatment
- Ulcer Treatment
On the basis of end-user, the global bandages market is segmented into:
- Ambulatory Surgical Centers
On the basis of region, the global bandages market is segmented into:
- North America
- Latin America
- Asia Pacific
- Middle East
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