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Medical Tapes and Bandages Market Growth

Medical Tapes and Bandages Market to Reach US$ 11.4 bn by 2031, driven by expansion and emergence of wound care management sector: Global Insight Services

New York, September 2022: According to a new research study by Global Insight Services (GIS), the global medical tapes and bandages market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 11.4 billion by 2031.

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Medical Tapes and Bandages Market: Key Trends and Drivers

The global increase in the incidence of chronic diseases such as cancer, diabetes, and other autoimmune diseases is expected to drive market growth. Moreover, factors such as the adoption of unhealthy & sedentary lifestyles, antimicrobial resistance, smoking, and alcohol consumption are some of the other major factors contributing to the rise in the prevalence of non-communicable diseases. Furthermore, according to the WHO in April 2021, Non-communicable diseases (NCDs) claim the lives of 41 million people each year, accounting for 71% of all deaths worldwide. In addition, cardiovascular illnesses kill 17.9 million people per year, followed by cancer (9.3 million), respiratory disorders (4.1 million), and diabetes (1.5 million). As a result of the rising prevalence of chronic conditions, the number of surgeries being performed has also increased which is anticipated to increase the demand for medical tapes and bandage products, propelling the market growth.

Medical Tapes and Bandages Market: Restraints & Challenges

Increasing pricing pressure on market players may impede the overall industry growth. In response to the increasing government pressure for reducing healthcare costs, several healthcare providers have aligned themselves with group purchasing organizations (GPOs) and integrated health networks (IHNs). These organizations aggregate the purchasing volume of their members and bargain for a competitive price with suppliers as well as manufacturers of surgical devices. GPOs and IHNs negotiate heavily for the bulk purchase of surgical products. For instance, IPC Group Purchasing (IPC) supplies medical products, including bandages, dressings, medical tapes, and many other products from 3M, Covidien, ConvaTec, CareFusion, Welch Allyn, and a number of other companies to its network of 21 hospitals. Due to high volume purchases, IPC negotiates with its suppliers for prices and transfers the benefits to its customers as well. As a result, through bulk purchasing, IPC supplies all medical products at around 15% lesser price to its customers.

This bulk purchasing trend is increasing the pricing pressure on market players and decreasing their profit margins. Furthermore, small and medium-sized manufacturers that offer a limited range of medical tapes and bandages are facing a significant burden owing to the increasing power of GPOs and IHNs in the US. However, it is expected that the rising focus on the development of low-cost products will reduce the impact of this challenge to a certain extent in the coming years.

Medical Tapes and Bandages Market Report Findings https://www.globalinsightservices.com/reports/medical-tapes-and-bandages-market/

The medical tapes segment is likely to hold a dominant medical tapes and bandages market share and grow at a substantial CAGR during the forecast period.

Based on product, it is segmented into bandages, and medical tapes. In 2021, medical tapes segment dominated the market and accounted for the largest revenue share in 2021. The majority of medical tapes are used to dress up both acute and chronic wounds. Over the projection period, drivers driving the market include an increase in the use of medical tapes and increased awareness of the use of medical adhesive products in sports injuries. Furthermore, these goods have a number of advantages, such as silicone-based tapes that allow for consistent adhesion and are pleasant on the skin, which is predicted to help the market flourish. The medical tapes segment is further fragmented into plastic tape, paper tape, fabric tape, and other tapes. The other tapes include silicone, acrylic, and rubber tapes.

The ulcer treatment segment is anticipated to hold a majority of the medical tapes and bandages market size throughout the study period.

Based on application, it is segmented into surgical wound treatment, traumatic wound treatment, ulcer treatment, sports injury treatment, burn injury treatment, and others. Among them, ulcer treatment segment accounted for significant share in 2021. The increasing cases of chronic diseases, especially diabetes, and the rising geriatric population in the country are the major driving factors for the segment growth. For instance, a 2018 systematic MEDLINE and PubMed review found the U.K. had the lowest (23.9/100,000 persons), whereas Spain had the highest annual incidence of all peptic ulcer disease (141.8/100,000 persons). Therefore, considerable segment growth is anticipated during the forecast period.

The ambulatory surgery centers segment is anticipated to hold a majority of the medical tapes and bandages market size throughout the study period.

Based end-user, it is segmented into hospitals, ambulatory surgery centers, clinics, home care settings, and others. Among these, ambulatory surgery centers segment is expected to grow with the highest CAGR during the forecast period. The segment’s expansion will be fueled by an increase in the number of ambulatory surgery facilities and surgical procedures during the forecast period. Furthermore, one of the primary drivers of the industry is the rising prevalence of surgical wounds. Surgical wound dressings necessitate continual monitoring, which is driving up patient demand for clinics. As a result, such factors are likely to boost segment growth during the projection period.

The Asia Pacific region is estimated to exhibit the highest growth rate during the medical tapes and bandages market forecast period.

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific accounted for the significant market share and expected to register the fastest CAGR from 2022 to 2031. Asia Pacific is expected to register the fastest CAGR of 4.05% from 2022 to 2030. The presence of a large patient pool and the growing need for technologically advanced & cost-efficient healthcare solutions are expected to present significant regional growth opportunities in the market. Moreover, the rising elderly population and the growing burden of chronic diseases are factors expected to boost the demand for medical tapes and bandages in the Asia Pacific in the coming years. According to World Health Organization (WHO), (NCD Burden in the South-East Asia Region: Regional Action Plan and Targets), in 2008, approximately 7.9 million people died due to various non-communicable diseases in the region. It also reported that cardiovascular diseases, diabetes, and cancer were the most common diseases in the region. However, a limited number of advanced healthcare facilities, lack of skilled professionals, and poor healthcare reimbursement scenario may hinder market growth in the region.

Competitive Landscape

The global medical tapes and bandages market report includes players such as 3M Company (US), Johnson & Johnson (US), Cardinal Health Inc. (US), Medline Industries Inc.(US), Essity (Sweden), McKesson Corporation (US), Integra Lifesciences Holdings Corporation (US), Smith & Nephew Plc., (US), B. Braun Melsungen AG (Germany), and PAUL HARTMANN AG (Germany), among others. In addition, major vendors are focused on developing smarter technologies for surface disinfections. For instance, in April 2019, Smith & Nephew PLC purchased Osiris Therapeutics, Inc. with the goal of speeding up the development of its medical bandages and tapes product line, thus boosting its client base and market reach.

Recent Developments in the Medical Tapes and Bandages Market:

  • In April 2022, 3M Nexcare Duo bandages recognized as a Product of the year award winner.
  • In April 2021, Essity acquired Bayport Brands which gave Essity distribution rights of the wound care technology Sorbact in Australia and New Zeland from Bayport Brands this will further accelerate the growth in the wound care market.
  • In April 2020, Medline Industries partnered with Yale New Haven for the exclusive supply of medical supplies along with supply chain and logistics solutions.
  • In October 2019, 3M Company acquired Acelity Inc. will further accelerate 3M as a leader in advanced wound care, which is a significant and growing market segment.
  • In April 2019, Smith & Nephew PLC purchased Osiris Therapeutics, Inc. with the goal of speeding up the development of its medical bandages and tapes product line, thus boosting its client base and market reach. Additionally, key players are invest

Medical Tapes and Bandages Market Report Coverage

  • The report offers a comprehensive quantitative as well as qualitative analysis of the current global medical tapes and bandages market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
  • A thorough analysis of market trends and restraints is provided.
  • Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
  • The forecasts in this report are made by examining the recent trends along with future medical tapes and bandages market potential from 2021 to 2031 in terms of revenue.
  • Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the medical tapes and bandages market are also analyzed.
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global surface disinfectants industry.

Global Medical Tapes and Bandages Market Segments

By Product

  • Bandages
  • Medical Tapes

By Application

  • Surgical Wound Treatment
  • Traumatic Wound Treatment
  • Ulcer Treatment
  • Sports Injury Treatment
  • Burn Injury Treatment
  • Others

By End-user

  • Hospitals
  • Ambulatory Surgery Centers
  • Clinics
  • Home Care Settings
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Rest of World
    • Latin America
    • Middle East
    • Africa

Key Players Profiled in the Report

•            3M Company (US)

•            Johnson & Johnson (US)

•            Cardinal Health Inc. (US)

•            Medline Industries Inc.(US)

•            Essity (Sweden)

•            McKesson Corporation (US)

•            Integra Lifesciences Holdings Corporation (US)

•            Smith & Nephew Plc., (US)

•            B. Braun Melsungen AG (Germany)

•            PAUL HARTMANN AG (Germany)

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