The global tourniquet market is intensely competitive and is fairly dynamic, characterized by the presence of a vast number of players, notes Transparency Market Research (TMR). The top players operating in the market are Stryker Corporation, Zimmer Biomet Holdings, Inc., and ulrich GmbH & Co, with the first two companies in North America. Some of the leading vendors of the market are VBM Medizintechnik GmbH, Delfi Medical Innovation, Inc., Hammarplast Medical AB, and Pyng Medical Corporation.
Several players are keen on developing highly functional tourniquet systems and cuffs and are expanding their product portfolio, in order to gain a competitive edge over others. The launch of safe and reliable systems, equipped with automatic control, is likely to intensify competition in the market in the coming years. The advent of disposable tourniquet cuffs has also shaped the competitive landscape considerably.
The global tourniquet market stood at US$184.6 mn in 2014 and is projected to rise at an impressive CAGR of 9.3% during 2015–2023. Expanding at this pace, the market is anticipated to reach US$408.6 mn by the end of 2023.
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Based on product type, the market is segmented into tourniquet systems and cuffs, while the latter segment is further bifurcated into disposable and reusable. Of these, the market for disposable tourniquet cuffs is anticipated to rise at a significant CAGR of 9.9% from 2015 to 2023. Regionally, the Asia Pacific market for tourniquets is projected to rise at 9.9% CAGR during the forecast period. The regional market is likely to be propelled by the rising demand for technologically advanced surgical technology for traumatic injuries, especially among a burgeoning middle class populations.