The surgical tourniquets market is projected to reach USD 509 million by 2024 from USD 347 million in 2019, at a CAGR of 8.0% between 2019 and 2024. The growth of the surgical tourniquets market is mainly driven by the increasing incidences of road accidents & falls, rising geriatric population, and the increasing number of joint replacement surgeries. Emerging markets such as China and India are expected to offer potential growth opportunities to market players in the coming years.
The APAC region is expected to witness the highest growth in the surgical tourniquets market during the forecast period. The growing number of hospitals, rising geriatric population, increasing incidence of trauma injuries, and the improving healthcare infrastructure are some of the key factors driving the growth of the surgical tourniquets market in the Asia Pacific region.
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Stryker Corporation (US) and Zimmer Biomet (US) are the key players operating in this market. Other prominent players in the market include AneticAid (UK), ulrich medical (Germany), VBM Medizintechnik (Germany), Delfi Medical Innovations (Canada), Pyng Medical (Canada), Hammarplast Medical (Sweden), OHK Medical Devices (Israel), Dessillons & Dutrillaux (France), Zhangjiagang Huaxin Medical Equipment Factory (China), Daesung Maref (Korea), and Hangzhou Zhengda Medical Co. (China).
Zimmer Biomet (US) was the leading player in the global surgical tourniquets market in 2019. The company offers orthopedic reconstructive products; sports medicine, biologics, extremities, and trauma products; spine and CMF products; dental implants; and other related surgical products. Zimmer Biomet invests a significant amount of its revenue in R&D activities to increase its presence in the market. For instance, the company invested USD 391.7 million and USD 369.9 million on R&D in 2018 and 2017, respectively. The strong focus of the company on the development of new and advanced products is expected to help it sustain its strong position in the surgical tourniquets market in the coming years.
Stryker Corporation (US) was another leading global player of the surgical tourniquets market in 2018. The company is engaged in the research, development, production, and distribution of a diversified range of healthcare products, including reconstructive, medical & surgical, and neurotechnology & spine products. The company offers surgical tourniquets under its brand name— SmartPump Tourniquet System. Stryker strategically focuses on strengthening its position in the surgical tourniquets market by adopting business strategies such as product launches and collaborations. In line with this, in November 2016, the company collaborated with Indo UK Institute of Health's (IUIH Medicity Program. This collaboration was aimed at providing greater access to affordable primary joint replacements and other healthcare services to patients in India.
Surgical Tourniquets Market by Type (Tourniquets Systems, Tourniquet Cuffs, Tourniquets Accessories), Applications, End User (Hospitals and Trauma Centers, Ambulatory Surgery Centers, Military) - Global Forecast to 2024
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