Medical Tapes and Bandages Market in terms of revenue was estimated to be worth $7.1 billion in 2021 and is poised to reach $8.6 billion by 2026, growing at a CAGR of 4.0% from 2021 to 2026. The major factors expected to drive market growth during the forecast period are rising geriatric populations and increased demand for post-surgical rehabilitation products.
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Driver: Growing prevalence of diseases and conditions affecting wound healing capabilities
Chronic wounds mainly include wounds such as diabetic foot ulcers, pressure ulcers, venous leg ulcers, and other chronic wounds. A diabetic foot ulcer is a major complication of diabetes. As diabetes slows down the healing process, all types of ulcers, other chronic and acute wounds, even minor cuts, take longer to heal, prolonging treatment types, which in turn increases consumption of medical tapes and bandages used for dressings and re-dressings. Furthermore, because of the long healing times, minor cuts can become chronic wounds, increasing the demand for dressings.
Opportunity: Growth potential in emerging economies
Emerging markets such as China, India, Brazil, and Mexico are expected to offer significant growth opportunities to players operating in the medical tapes and bandages market. This can primarily be attributed to the rising trend of medical tourism in these emerging countries. The availability of high-quality surgical treatments at lower costs is the key factor attracting patients to these countries for elective surgeries. The increasing popularity of cosmetic surgeries and the developing healthcare infrastructure in emerging countries are the other major factors that are expected to offer growth opportunities to market players. In order to leverage the high growth opportunities for medical tapes and bandages in emerging markets, manufacturers are strategically focusing on expanding their presence in these markets.
Regulatory policies in the Asia-Pacific region are more adaptive and business-friendly due to the less stringent regulations and data requirements. Moreover, the increasing competition in mature markets will further compel the manufacturers of medical tapes and bandages to focus on emerging markets.
Key Market Players
Prominent players in the medical tapes and bandages market include 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), Beiersdorf AG (Germany), Nitto Denko Corporation (Japan), Mölnlycke Healthcare (Sweden), Coloplast A/S (Denmark), and Nichiban (Japan).
In terms Application, the surgical wound treatment segment is expected to account for the largest share of the medical tapes and bandages market.
Based on application, the medical tapes and bandages market is segmented into surgical wound, traumatic wound, burn injury, ulcer, sports injury, and other treatments. The large share of this application is due to increasing number of surgeries across the globe.
Based on products, the medical tapes and bandages market is segmented into medical tapes and bandages. Large share is attributed to bandages segment as bandages protect wounds from trauma, bacteria, and dirt; absorb fluid from draining wounds; and maintain a moist environment to expedite healing.
Based on end-users, the medical tapes and bandages market has been segmented based on end-user category—, hospitals, ambulatory surgery centers, clinics, home care settings and other end users. Only hospitals have the infrastructure and personnel required to treat ailments such as chronic wounds, burns, and traumatic and laceration cases. Such treatments utilize all types of medical tapes and bandages. For example, almost all major surgeries require pre-and post-surgery catheter insertion, which involves the use of medical tapes to secure.
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Asia Pacific dominated the global medical tapes and bandages market in 2020
The Asia Pacific market dominated the medical tapes and bandages market and registered highest CAGR during the forecast period. The market growth in Asia Pacific can be attributed to increasing demand for wound care products, rising geriatric population, and increasing prevalence of chronic wounds in the region.
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