According to the latest report by Persistence Market Research (PMR), the global medical tapes and bandages market is expected to witness sluggish growth. The market is estimated to increase to 3.6% CAGR during the forecast period 2017-2022. It is also expected to reach US$ 7,403.0 million revenue by the end of 2022.
In order to fasten the process of healing the wound, and provide protection from bacteria and environmental factors such as water, air, etc. medical tapes and bandages are being used on a large scale. Manufacturers are focusing on introducing new medical bandages and tapes products such as skin sensitive tapes, anti-bacterial tape and bandages, tapes for sports professionals that can resist the movement for a long time. Factors including the rise in aging population, increasing number of accidents, the rise in a number of surgeries being conducted and the growth in the knowledge of taking proper care of wounds are contributing to the market growth.
Emergence of Advanced Wound Care Products to Hamper the Growth of Medical Tapes and Bandages Market
Increasing use of the advanced wound care products is hampering the global medical tapes and bandages market. Proper wound management as per the condition of the patient and type of wound is also being focused on. Hence, to provide the right treatment for wounds, medical professionals are using advanced wound care products that can be applied in the early stage of treatment, resulting in the quick healing and reduced risk of infection. Various types of wounds include traumatic, surgical, arterial, diabetic, pressure, and venous. Hence, treating different types of wounds require various types of wound care product as per the wound.
Advanced wound care products facilitating fast wound healing are being produced by manufacturers which can be used for both primary and secondary dressing. For example, foams, alginates, hydrocolloids, hydrogels, etc. Advanced wound care products are also being developed that can maintain a stable temperature around the wound, provide oxygen flow, relieves pain, and removes dead tissue and prevents scarring.
Global Medical Tapes and Bandages Market: Segmental Insights
The global medical tapes and bandages market is segmented on the basis of end user, product type and application. Based on the product type, medical bandages are expected to witness growth in the global medical tapes and bandages market. By the end of 2022, medical bandages are estimated to reach nearly US$ 5,900 million revenue.
By end user, market segmentation includes hospitals, clinics, home care settings and ambulatory surgery centers. Among these, Hospitals are expected to dominate the global medical tapes and bandages market. By the end of 2017, hospitals are estimated to account for more than half of the revenue share.
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Based on the application, surgical wound treatments are expected to emerge as the largest segment in terms of application. Surgical wound treatment is estimated to exceed US$ 3,100 million revenue by the end of 2022.
Geographically, the global medical tapes and bandages market is categorized into Europe, North America, Asia Pacific Excluding Japan (APEJ), Latin America, Japan, and the Middle East and Africa (MEA). Among these, North America is expected to dominate the global medical tapes and bandages market. North America is estimated to exceed US$ 2,200 million revenue by the end of 2022. Prevalence of chronic wounds, orthopedic injuries and rise in the surgeries are resulting in the increasing use of bandages and medical tapes in the region. Meanwhile, APEJ and Europe are also expected to witness growth during the forecast period 2017-2026.
Global Medical Tapes and Bandages Market: Competitive Assessment
Leading market players in the market are 3M Company, Medtronic plc, B. Braun Melsungen AG, Smith & Nephew Plc, Johnson & Johnson, Medline Industries Inc., Cardinal Health, Inc., Nitto Denko Corporation, Paul Hartmann AG, Beiersdorf Aktiengesellschaft, and Lohmann & Rauscher International GmbH & Co. KG.