[New Report] Latex Tourniquet Market is estimated to be US$ 762.2 million by 2030 with a CAGR of 7.50% during the forecast period – By PMI

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Prophecy Market Insights latest research report on the Latex Tourniquet Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.

Covina , Sept. 11, 2023 (GLOBE NEWSWIRE) — Introduction:

Latex Tourniquet can be employed in a variety of situations, including emergencies, surgery, and post-operative rehabilitation. They also help in distending veins for phlebotomy. Manual and pneumatic are different types of latex tourniquet.

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Growing accidental injuries and rising number of vehicle accidents has given rise in demand for market growth. Growing geriatric population and increased number of joint replacement procedures has further propelled the demand for Latex Tourniquet market growth.

Key Highlights:

  • In June 2023, SourceMark Medical launched new comprehensive line of self-branded and single use pneumatic tourniquet cuffs. The new launched product help in minimizing infection risk, reduce handling costs and also help in protecting against bacterial infection.

Analyst View:
Wide variety of applications such as in surgeries for limbs to achieve bloodless surgery has contributed in market growth. Further, the ability of tourniquet in stopping blood flow has given rise in demand for latex tourniquet use in emergency situations. Reusable property and wide use in surgical sector has fulfill the demand for Latex Tourniquet market growth over the forecast period.

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Report Scope:

Attribute Details
Base year for estimation 2020
Forecast period 2020 – 2030
Accounted in 2020 US$ 370.6 million
Estimated to be in 2030 US$ 762.2 million 
CAGR         7.50%
Market representation Revenue in USD Million & CAGR from 2020 – 2029
Market Segmentation By Product– Manual and Pneumatic
By Application– General Medical Tourniquets and Emergency Tourniquets
Regional scope North America – U.S., Canada
Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America – Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage Revenue forecast, company share, competitive landscape, growth factors, and trends

Market Challenges:

  • Latex Allergies: One of the primary challenges in the latex tourniquet market is the prevalence of latex allergies among healthcare professionals and patients. Latex allergies can lead to severe reactions, which necessitate the use of latex-free alternatives. Manufacturers need to address this concern by producing non-latex tourniquets and clearly labeling their products.
  • Regulatory Compliance: The medical device industry is subject to stringent regulations and standards in various countries. Manufacturers must navigate complex regulatory requirements to ensure their products meet safety and quality standards. Keeping up with evolving regulations can be a significant challenge.
  • Competition: The latex tourniquet market is competitive, with numerous manufacturers vying for market share. This competition can lead to price pressures and the need for continuous product improvement to stand out in the market.
  • Technological Advancements: While technological innovations can drive market growth, they also present challenges for manufacturers. Staying up-to-date with the latest technologies, such as automated inflation and pressure monitoring, requires ongoing research and development efforts.
  • Supply Chain Disruptions: The COVID-19 pandemic highlighted vulnerabilities in global supply chains. Disruptions in the supply chain, whether due to pandemics, natural disasters, or other factors, can lead to delays in production and distribution.
  • Environmental Concerns: Increased awareness of environmental sustainability has prompted the healthcare industry to consider the environmental impact of medical devices. Manufacturers may face pressure to develop more eco-friendly products and packaging.
  • Quality Control and Product Safety: Ensuring the quality and safety of tourniquets is paramount. Manufacturers must maintain rigorous quality control processes to avoid product defects or recalls, which can damage their reputation and bottom line.
  • Changing Healthcare Practices: Evolving healthcare practices, such as minimally invasive surgery and telemedicine, may reduce the demand for certain types of tourniquets. Manufacturers must adapt to these changing practices and develop products that meet emerging needs.
  • Economic Factors: Economic downturns and fluctuations in healthcare spending can impact the latex tourniquet market. Budget constraints in healthcare facilities may lead to cost-conscious purchasing decisions.
  • Global Health Crises: The COVID-19 pandemic demonstrated how unforeseen global health crises can disrupt the healthcare industry. Manufacturers need to have contingency plans in place to address such crises and maintain product supply.

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Key players:

  • Stryker Corporation
  • Zimmer Biomet
  • Hammarplast Medical
  • ulrich medical
  • VBM Medizintechnik
  • AneticAid
  • Delfi Medical Innovations
  • Pyng Medical
  • OHK Medical Devices
  • Zhangjiagang Huaxin Medical Equipment Factory
  • Hangzhou Zhengda Medical Co.
  • Dessillons & Dutrillaux
  • Daesung Maref

Future outlook:

  • Continued Shift Away from Latex: The market is likely to continue its trend away from latex tourniquets due to concerns about latex allergies. Manufacturers will increasingly focus on producing latex-free or non-allergenic alternatives to meet the demands of healthcare facilities and patients.
  • Technological Advancements: Expect ongoing technological innovations in tourniquet design and functionality. This may include the integration of smart features for precise pressure monitoring, wireless connectivity, and automation for improved patient care and usability.
  • Increased Emphasis on Safety: Patient and healthcare worker safety will remain a top priority. Manufacturers will invest in product designs that minimize the risk of injury and infection transmission, such as single-use, disposable tourniquets.
  • Sustainability and Eco-Friendly Products: The healthcare industry’s growing focus on sustainability will likely influence the tourniquet market. Manufacturers may develop environmentally friendly materials and packaging options to align with sustainability goals.
  • Personalization and Customization: As healthcare becomes more patient-centered, there may be a demand for personalized tourniquet solutions that cater to individual patient needs and preferences.
  • Global Expansion: Emerging markets with expanding healthcare infrastructures will offer growth opportunities for tourniquet manufacturers. Companies may look to expand their presence in these regions.
  • Telemedicine and Remote Monitoring: The growth of telemedicine and remote patient monitoring may impact tourniquet use in certain healthcare settings. Tourniquets with remote monitoring capabilities could see increased adoption.
  • Regulatory Compliance: Manufacturers will need to stay vigilant about changing regulatory requirements, especially in terms of safety, quality, and labeling. Compliance with evolving regulations will be crucial for market access.
  • Supply Chain Resilience: The lessons learned from the COVID-19 pandemic will encourage companies to invest in supply chain resilience and diversification to prevent disruptions.
  • Education and Training: Ongoing education and training programs for healthcare professionals and patients will be essential to ensure the safe and effective use of tourniquets.

Conclusion:

The latex tourniquet market is facing a range of challenges and opportunities as it moves forward into the future. While the market has been evolving due to concerns about latex allergies and the need for greater safety and innovation, it continues to be a critical component of medical care, especially in surgical and clinical settings.

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