The number of surgeries and trauma cases around the world is expected to rise during the forecast period, which will lead to market growth. Around 5 million individuals per year pass away as a result of trauma making trauma one of the leading causes of death in the world. According to the Association for Safe International Road Travel (ASIRT) 2018, between 20 million and 50 million people suffer injuries or disabilities due to traffic accidents each year and 1.35 million people pass away as a result. The WHO estimates that deaths from traffic accidents rank as the ninth highest cause of death worldwide. Additionally, bandages and tapes are employed in the management of minor injuries. Therefore, the anticipated increase in accidents is anticipated to increase demand for medical tapes and bandages, which is anticipated to fuel significant market expansion during the forecast period.
According to Data Bridge Market Research the Medical Tapes and Bandages Market accounted for USD 9.05 billion in 2021, and expected to reach USD 880.96 billion by 2029. The market is expected to grow with a CAGR of 3.6% in the forecast period of 2022 to 2029.
“Technological Advancements Facilitate Market Growth”
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 in an effort to diversify the company's product line and support the anticipated market growth in the coming years.
What restraints the growth of Medical Tapes and Bandages Market?
“Risks Associated with Medical Tapes and Bandages Is the Major Challenge Impeding Market Growth”
A barrier enclosure has been suggested for use during intubations where there is a significant risk of aerosolization, according to the National Library of Medicine in September 2020. In the COVID-19 outbreak, more people are turning to noninvasive respiratory support. It is nonetheless associated with a high risk of aerosol development, which might cause diseases in healthcare personnel (HCWs).
Segmentation: Medical Tapes and Bandages Market
The medical tapes and bandages market is segmented on the basis of product, application and end user.
- On the basis of product, the medical tapes and bandages market has been segmented into medical bandages, medical tapes.
- On the basis of application, the medical tapes and bandages market is segmented into surgical wound treatment, traumatic wound treatment, ulcer treatment, sports injury treatment, burn injury treatment, others.
- On the basis of end user, the medical tapes and bandages market is segmented into hospitals, ambulatory surgery centers, clinics, home care settings.
Regional Insights: North America is expected to dominate the Medical Tapes and Bandages Market
North America is expected to dominate the market due to the increase in traffic accidents and the frequency of sports injuries. The presence of sufficient skilled individuals and the region's highly developed healthcare infrastructure will also contribute to the market for medical tapes and bandages growing faster than expected during the forecast period.
- In addition, the Asia-Pacific region is likely to register highest growth rate during the forecast period of 2022 to 2029 because of the incidence of developing nations. Additionally, it is projected that the region's market for medical tapes and bandages would increase quickly in the next years due to the rapid expansion of the medical tourism sector in these nations.
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Recent Developments in Medical Tapes and Bandages Market
- In 2019, Smith & Nephew PLC acquired Osiris Therapeutics, Inc. with the intention of accelerating the development of its line of medical bandages and tapes products and expanding its clientele and market reach.
- In 2019, 3M announced a definitive agreement to acquire Acelity and its KCI Subsidiaries' advanced wound care and specialty surgical solutions segments, with the goal of expanding the company's product portfolio and boosting market growth in the near future.
The Prominent Key Players Operating in the Medical Tapes and Bandages Market Include:
- 3M (U.S.)
- Medtronic (Ireland)
- Johnson & Johnson Services Inc. (U.S.)
- Cardinal Health (U.S.)
- Smith+Nephew (U.K.)
- Medline Industries, Inc. (U.S.)
- B Braun SE (Germany)
- Paul Hartmann AG (Germany)
- Beiersdorf (Germany)
- Nitto Denko Corporation (Japan)
- Mölnlycke Health Care AB (Sweden)
- Nichiban Co., Ltd. (Japan)
- Lohmann & Rauscher GmbH & Co. KG (Germany)
- Tetra Medical Supply Corp. (U.S.)
- Medicom (Canada)
- Kerma Medical Products (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of medical tapes and bandages market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Medical Tapes and Bandages Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
