Combat Dressing Market is Estimated to Witness High Growth Owing to...

Combat Dressing Market is Estimated to Witness High Growth Owing to Opportunity in Growing Military Expenditure

Сообщение 2023-12-28 05:59:49

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Combat dressing refers to medical dressings used to control bleeding at bleeding sites caused by battlefield injuries. Combat dressings contain gauze and a pressure bandage that can be applied with one hand for self-application in emergencies. They provide control of severe bleeding until definitive medical aid becomes available. The growing incidences of armed conflicts across various countries have increased the demand for effective combat dressings to manage casualties on the battlefield. \

The global Combat Dressing Market is estimated to be valued at US$ 5.53 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity

Growing military expenditure across countries is estimated to boost the combat dressing market growth over the forecast period. According to Stockholm International Peace Research Institute (SIPRI), worldwide military expenditure reached an all-time high of $2022 billion in 2021, marking a 0.7% real-terms increase from 2020. Countries such as China, India, the USA, UK, and South Korea have increased their defense budgets to strengthen their military capabilities owing to rising geopolitical tensions. Since combat dressings are an integral part of first aid treatment facilities for soldiers, rise in military budgets will consequently drive the demand for advanced combat dressings, thus supporting the market growth over the next few years.

Porter’s Analysis
Threat of new entrants: Low as this market requires huge investment, established distribution channel and brand recognition.

Bargaining power of buyers: Moderate as there are many established players but the importance of wound care products gives buyers some influence.

Bargaining power of suppliers: Moderate as raw materials are commodity products but quality standards and reliability of supply matters.

Threat of new substitutes: Low as there are no cost effective substitutes for combat dressings which provides better wound care.

Competitive rivalry: High among existing players to gain higher market share through product innovation, brand building and customer retention.

SWOT Analysis
Strength: Established brands, quality products, global distribution network and focus on R&D for new products.

Weakness: Heavy reliance on few key markets, compliance to regulatory standards increases cost of operations.

Opportunity: Growth in military spending of emerging economies, rising cases of injuries on battlefield, scope for licensing & collaborations.

Threats: Price wars among players, stringent Manufacturing regulations, healthcare reforms affecting reimbursements.

Key Takeaways
The global combat dressing market is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 5.53 million.

Regional analysis shows that North America dominates currently due to heavy investments in defense while Asia Pacific is expected to grow at fastest pace driven by increasing defense budgets of China and India.

Key players operating in the combat dressing market are Baker Tilly, BDO, CROWE, Deloitte, Ernst & Young Global Limited, Grant Thornton, KPMG, Mazars, PWC, RSM International, and TMF Group. These players are focusing on new product launches catering to specific wound types as well as improving their manufacturing and supply chain capabilities in emerging markets.

The combat dressing market is consolidated in nature with top 5 players accounting for over 60% share. Focus on manufacturing technologically advanced dressings while ensuring cost competitiveness will be key to success for players in this industry. Regulatory approvals for new compounds and continued medical education promoting proper usage are also important to maximize market potential.

Get more insights on this topic: https://thewion.com/read-blog/135621