A recent research report published by Grand View Research, Inc. suggests that the global medical tapes and bandages market would reach a valuation of USD 10.97 billion by 2025. High incidences of chronic diseases and injuries and rise in surgical procedures are expected to propel the demand for medical taps and bandages. Growing demand for advanced wound care products due to rising cases of diabetic ulcers, pressure ulcers, and venous stasis ulcers would drive the market during the forecast years (from 2018 to 2025).
Increasing geriatric population base, which is prone to skin sensitivity, is also expected to boost the market growth in the near future. Rising cases of skin inflammation and trauma conditions caused due to dressing as a result of skin sensitivity would also fuel the market growth as it demands highly advanced dressing products. The wound caused by surgery, burns, or trauma generally leads to an infection. Thus, high incidences of wound infection are also likely to increase the demand for advanced wound dressing in the future. On the other hand, side effects on the skin caused due to the wound dressing techniques is considered as one of the major restraining factors for the global market.
Full Research Report On Medical Tapes & Bandages Market Analysis:
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The global medical tapes and bandages market is segmented on the basis of product, application, end-use, and region. On the basis of product, the market is categorized into tapes (plastic, fabric, and paper tapes) and bandages (muslin bandage rolls, elastic, triangular, orthopedic, and elastic plaster bandages). In 2016, the bandages segment held the largest industry share due to rise in surgical procedures. In the tape segment, paper tapes are expected to witness a rapid demand as these tapes provide greater comfort as compared to other tapes.
Based on application, the market is segmented into surgical wound treatment, traumatic wound treatment, ulcer treatment, sports injury, burn injury, and other injury. Surgical wound treatments segment led the application segment in the past and is said to continue to grow further in the forecast years. On the basis of end-use, the market is classified into hospitals, ambulatory surgery centers, clinics, and homecare. The hospital segment is expected to retain the major share in future as a result of rise in surgeries because of growing adoption of health insurance due to improved coverage by insurance companies.
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Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA). In 2016, North America acquired the maximum share due to the presence of a large pool of target population and high awareness among people regarding diseases and wound infections, particularly in the US. As per statistics by the National Center for Biotechnology Information (NCBI), chronic wounds affected around 5.7 million patients in US in the early 2017.
Asia Pacific is estimated to expand at the highest growth rate from 2018 to 2025 on account of availability of numerous growth opportunities, especially in the emerging countries including Japan and China. This growth is credited to the factors such as increasing disposable income, growing population, and increasing awareness about diseases and wound infections. In addition, increasing cases of diabetes in these regions is also expected to boost the market growth in Asia Pacific. Approximately, 60.0 % of the global diabetes cases are from this region, as per Asian Diabetes Prevention Initiative.
Key players operating in the global medical tapes and bandages market include Derma Sciences Inc.; Smith & Nephew PLC; Medline Industries Inc.; Molnlycke Healthcare Inc.; and Cardinal Health Inc. Major strategies followed by these companies to maintain their market positions include development of advanced wound treatment products and M&A activities. For instance, Smith & Nephew PLC recently introduced its new PICO 7 Single Use Negative Pressure Wound Therapy System or sNPWT in Europe. The new, single-use negative pressure system delivers efficient vacuum and better leak management and also includes dressing-full indicator for sNPWT devices, which reduces unwanted dressing changes or wastage.
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