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The global Surgical Tourniquets Market is estimated to be valued at US$ 518.52 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Surgical tourniquets are medical devices that are used to control blood flow to the limbs during surgery. They are applied around an arm or leg at the root of the limb, close to the torso. This safely and effectively occludes blood flow during the surgery allowing the surgeon to have an optimal visual field. There are different types of surgical tourniquets available including tourniquet cuffs, tourniquet instruments and tourniquet accessories. Surgical tourniquets provide benefits such as reduced blood loss during surgery, better visualization of the operative field and shorter operating time for the surgeon. With the growing number of surgeries across the world, demand for surgical tourniquets is increasing.
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Market key trends:
One of the key trends in the surgical tourniquets market is increasing adoption in emerging economies. Countries like India, Brazil, China and others are witnessing significant growth in the number of surgical procedures performed due to growing medical infrastructure and healthcare expenditure. This is expected to drive the demand for surgical tourniquets in these regions. Furthermore, manufacturers are also focusing on developing technologically advanced tourniquets with features like automatic inflation and deflation which is enhancing their utility especially in emergency situations. Product launches and innovation will continue to influence the competitive dynamics in the global surgical tourniquets market during the forecast period.
Porter’s Analysis
Threat of new entrants: The surgical tourniquets industry requires high capital investment for R&D and manufacturing. Strict regulations from organizations like FDA also pose a barrier for new players.
Bargaining power of buyers: Buyers have high bargaining power due to availability of alternativeproducts. They can negotiate on price and demand value-added services.
Bargaining power of suppliers: A few major players dominate the supply market. Suppliers thus have moderate bargaining power.
Threat of new substitutes: Alternatives like hemostatic gauze pose potential threat. However, tourniquets have well-established demand as safer option.
Competitive rivalry: The industry has presence of few major players. Intense competition exists around pricing and new product innovations.
Key Takeaways
The global surgical tourniquets market is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing number of surgical procedures and growing demand for accurate bloodless surgical fields. North America dominates the market currently due to high penetration of advanced medical facilities.
The market size for surgical tourniquets was valued at US$ 518.52 Mn in 2023. Stringent regulatory environment and increasing healthcare expenditure will drive the growth of the market during the forecast period.
Key players operating in the surgical tourniquets market are Zimmer Biomet, Stryker Corporation, Delfi medical innovations inc., Hammarplast Medical AB, OHK Medical Devices Inc., Pyng Medical Corp., Beijing Jinxinxing Medical Device Factory, SourceMark, AneticAid. Stryker Corporation leads with largest market share attributed to wide product portfolio and global brand recognition.
