The latest market report published by Credence Research, Inc., “Global Medical Tapes and Bandages Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Medical Tapes and Bandages Market generated revenue of around USD 8.9 billion in 2021 and is anticipated to grow a CAGR of over 3.3% during the forecast period from 2022 to 2028 to reach around USD 10.8 billion in 2028.
One of the main reasons influencing market expansion is the introduction of new products that streamline processes and make them safer and more efficient. For instance, in May 2019, 3M signed a legally binding agreement to buy the advanced wound care and specialty surgical solutions businesses of Acelity and its KCI Subsidiaries. This move was made to diversify the company’s product line and support the anticipated market growth in the coming years. Additionally, tapes and bandages are used to treat small wounds. Therefore, the anticipated increase in accidents will increase demand for medical tapes and bandages, which is anticipated to fuel significant market expansion throughout the forecast period.
Medical tapes and bandages market is bifurcated into Product, Application, End Use, and Geography. Based on product, the market is categorized into medical tapes, fabric tapes, paper tapes, plastic tapes, others, medical bandages, gauze bandages, adhesive bandages, cohesive and elastic bandages, and others. Based on application, the global market is segmented into surgical wounds, traumatic wounds, burn injuries, ulcers, sport injuries, and others. Based on end use, the market is categorized into hospitals and clinics, ambulatory surgical centers, and others. The market is segmented based on geography: North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
North America is the dominating region in terms of the global market for medical tapes and bandages. The growing number of orthopedic procedures conducted in the United States drives the demand for bandages and medical tapes. Additionally, the old practice of traditional wound dressing has been replaced with the use of new kinds of bandages and tapes, facilitating quick healing. The existence of large companies developing cutting-edge products is one of the factors encouraging growth in the area. The governments of US and Canada have also put into place several policies and programs in the healthcare sector that promote the adoption of novel medical procedures, the development of technology, and enhanced healthcare infrastructure.
The market for medical tapes and bandages is driven by several factors, including the growing incidence of sports injuries, the aging population, and the increasing prevalence of chronic conditions such as diabetes, which can lead to wounds that require dressings. The market is also driven by the development of advanced and specialized tapes and bandages, which offer improved performance and comfort for patients.
There are several opportunities for businesses in the medical tapes and bandages market:
Developing specialized tapes and bandages for specific indications: For example, there is a demand for tapes and bandages that are specifically designed for use on sensitive skin or for use in wet environments.
Offering a wide range of products: Medical tape and bandage products come in a variety of shapes and sizes, and there is a demand for products that can accommodate different body types and sizes.
Focusing on comfort and ease of use: Patients are more likely to use medical tapes and bandages if they are comfortable and easy to apply.
Utilizing new materials and technologies: The market for medical tapes and bandages is constantly evolving, and companies that are able to develop products using new materials or technologies may have a competitive advantage.
Expanding distribution channels: Companies can expand their customer base by increasing their distribution channels, such as through partnerships with hospitals, clinics, and retail stores.
Why Buy This Report-
- The report provides a qualitative and quantitative analysis of the global medical tapes and bandages market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
- In-depth analysis of the global medical tapes and bandages market segmentation based on product, application, and end-use.
- Major countries in each region with their import/export statistics
- The global medical tapes and bandages market report also include analyzing the global, regional, and country level, along with key market trends, significant players analysis, market growth strategies, and key application areas.
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