Compression therapy is used as a first line of treatment for venous leg ulcers and ischemic ulcers. Advantages such as simple application procedure, enhanced patient concordance, and reduced slippage make compression bandages an effective treatment method for chronic wound management. Compression bandages can be re-usable or disposable. The compression induces vascular changes at the wound site by forcing blood and plasma from the interstitial spaces back into the lymphatic and vascular compartments.
Rise in prevalence of venous leg ulcer, increase in physicians’ interest in improving quality of patients’ life, rise in manufacturer focus on business expansion in potential developing regions, and affordability of compression bandages are the major factors expected to drive the global compression bandages market during the forecast period. However, rise in adoption of advanced wound care active therapies to reduce the risk of infection is likely to restrain the global compression bandages market during the forecast period.
The global compression bandages market can be segmented based on product, material, application, region, and end-user. Based on product, the global compression bandages market can be divided into multilayer compression bandages, short stretch compression bandages, and long stretch compression bandages. The multilayer compression bandages segment is anticipated to expand at a rapid pace primarily due to increase in focus of manufacturers on developing products with a higher life cycle and lower frequency of replacements. In terms of material, the global compression bandages market can be classified into polyester, latex, and others. The other material types include cotton and other material types.
Based on application, the global compression bandages market can be categorized into wound management, trauma, deep vein thrombosis, lymphedema, and others. The wound management segment can be further divided into venous ulcers, arterial ulcers, diabetic foot ulcers, and other lower limb ulcers. In terms of end-user, the global compression bandages market can be segmented into hospitals, long term care centers, clinics, skilled nursing facilities, ambulatory surgical centers, home-use, and other outpatient settings. The hospital segment is estimated to hold major market share throughout the forecast period, due to the improving health care infrastructure in developing countries and increasing group purchasing policies employed by multispecialty hospitals.
In terms of region, the global compression bandages market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to account for a dominant market share during the forecast period owing to presence of favorable reimbursement policies, significant economic burden of chronic wounds, and strong brand value of existing major market players with established distribution networks.
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The compression bandages market in Asia Pacific is likely to expand at a rapid CAGR in terms of value during the forecast period. Some of the major reasons behind this are significant population base for diabetes and obesity resulting in rise in incidence rates of chronic wounds, increase in patient demand for affordable care, and rise in physician preference for compression therapy in treatment of venous leg ulcers with an objective of improving quality of patients’ life, among others.
The wound care treatment is characterized with unmet clinical need of edema and exudate management. The major market players are focused on development of innovative products to address this unmet medical need, which serve as major opportunities for the growth of global compression bandages market during the forecast period.
The strong emergence of local manufacturers offering products at lower average selling prices is resulting in reduced exports and rise in domestic sales of compression bandages. This is seen as a characteristic trend among high expansion potential developing countries in global compression bandages market. The prominent players operating in the global compression bandages market are 3M, Cardinal Health, ConvaTec Inc., BSN medical, PAUL HARTMANN AG, Smith & Nephew plc, Andover Healthcare, Inc., Mölnlycke Health Care AB, Beiersdorf AG, Baxter International Inc, among others.