The global medical tape market is estimated to grow at a CAGR of 6.76% from 2023 to 2028. The market size is anticipated to reach USD 10.34 billion in 2023 and USD 14.34 billion by 2028.
Medical tapes and medical bandages are a type of healthcare equipment mainly used as tools to patch up wounds and stop blood loss from hurting oneself. This equipment is quite often used with surgeries to seal sutures and cuts. These tapes and bandages cover and properly constrain the wounded area to seal it tight and not allow any external environmental sources that could impart bacteria or viruses and cause infections in the injured area. Post-surgical complications often involve the area of surgery getting infected; therefore, these tapes and bandages are essential for healthcare settings. In addition, the recordings and bandages have strong adhesive nature, which sticks to the skin and has a firm grasp. However, they are also porous and breathable, needing air to pass through the wound. Tapes are made with different components and types, like surgical tapes, anti-infective dressings, and dry dressings, based on their functionality.
Impact of COVID-19 on the global medical tapes and bandages market:
The covid-19 pandemic, discovered in China, spread worldwide and caused several deaths and misfortune. The pandemic caused severe economic loss and recession due to the closure of all businesses and services. The strict lockdown implications led to disruptions of the demand and supply chain for many productions leading to colossal waste creation and loss of investment for people. Many households became unemployed without any source of revenue, and companies started to lay off people to save income. The government-initiated relief funds for the financially suffering people. The healthcare sector was the most drastically affected segment.
The pandemic has had a negative impact on the medical tapes and bandages market due to restrictions on production and supply but mainly due to the surgical tapes lost during the pandemic. The pandemic led to the postponement of many elective surgical procedures. Almost all other healthcare sectors were incredibly neglected, and covid-19 patients were being focused on during the pandemic; even wound dressing took the second priority after covid patients. Therefore, the need for medical tapes and bandages significantly reduced during the pandemic, along with orthopedic surgical procedures. However, the market is expected to bounce back in the post-covid era as their need is still essential to society.
MARKET DRIVERS:
The rising cases of medical errors resulting in patient infections and the need to better the patient's safety during treatments are majorly propelling the global medical tapes and bandages market.
Growing innovation and demand for natural skin wound healing tapes and bandages that cause fewer side effects and are suitable for your skin are expected to propel the market's growth. Many market participants are now developing new and better medical tapes and bandages for improved quality of treatment. Furthermore, there is a significant increase in chronic and auto-immune diseases such as cancer. Growing cases of conditions prone to become chronic even at the slightest injury are driving the advancement of the market. Cardiovascular problems and people with diabetes need to avoid injuries no matter how insignificant they might be. In addition, technological progress and the growth of minimally invasive surgeries and ambulatory services need medical tapes and bandages.
Increased cases of road accidents to trigger medical tapes and bandages market expansion.
Road accidents are the major causes of fatal injuries which require immediate assistance. According to the WHO, approximately 1.3 million people annually lose their lives to road accidents, and around 20 to 50 million people suffer injuries. Low and middle-income countries are especially prone to accidents and therefore require the assistance of medical tapes and bandages.
MARKET RESTRAINTS:
The introduction of new and better-wound care products which can replace medical tapes and bandages, along with the stringent regulations associated with the approval and usage of medical tapes and bandages due to concerns regarding patient safety, are restraining the development of the market in the forecast years.
This research report on the global medical tapes and bandages market has been segmented and sub-segmented based on product, application, end-user, and region.
Global Medical Tapes and Bandages Market - By Product:
Based on the product, the medical bandages segment is expected to dominate the worldwide market for medical tapes and bandages during the forecast period owing to the wide range of applications associated with bandages, such as keeping a wound sealed, stabilizing a fracture, and supporting it, sports injuries, post-operation damages, and others along with the fact that different materials bandages are made from for all these different situations propel the growth of the segments.
Global Medical Tapes and Bandages Market - By Application:
Based on the application, the surgical wound treatment segment led the medical tapes and bandages market in 2022. This dominance is due to the increasing number of surgical infections and surgical wounds due to the procedures. In addition, the rising number of minimally invasive surgeries and concern for patient safety are propelling the market growth.
The ulcers segment is also expected to grow significantly due to the frequent ulcers contracted by patients with diabetes and the geriatric population.
Global Medical Tapes and Bandages Market - By End-User:
Based on the end-user, the hospital segment accounted for the largest share of the global medical tapes and bandages market in 2022 due to the fact that recovering patients needing medical tapes and bandages take much time, which is only possible in hospital settings. In addition, hospitals are credible sources of treatment and have access to many services, becoming the best place for treating wounds and surgeries.
Global Medical Tapes and Bandages Market - By Region:
Geographically, North America accounted for the largest share of medical tapes and bandages worldwide in 2022 due to an increase in sports injuries, an increase in orthopedic procedures, an increase in the number of auto accidents, a rise in the prevalence of chronic diseases, a highly developed healthcare infrastructure, the presence of qualified professionals, and an increase in the number of hospital visits and surgical procedures. In addition, the growing technological advancements in medical tapes and bandages are making the market in the region grow. Furthermore, dominant players in countries like the U.S. and Canada are another reason for the market advancements.
Asia-Pacific is also expected to have significant growth in the region due to the prevalence of chronic diseases, the rising geriatric populations, and the need for better healthcare services and wound treatment procedures in countries like China, India, Japan, etc.
KEY MARKET PLAYERS:
Urgo Medical, Molnlycke Health Care AB, Ethicon Inc. (JOHNSON & JOHNSON), Medtronic, 3M, Beiersdorf AG, Winner Medical Group, Dynarex Corporation, McKesson Corporation, Cardinal Health, 3L Medicinal Products Group, B. Braun Melsungen AG, Paul Hartmann AG, and Smith & Nephew PLC are some of the notable companies in the global medical tapes and bandages market profiled in this report.
RECENT MARKET DEVELOPMENTS:
In July 2022, In Thailand and Southeast Asian nations, 3M agreed to transfer the rights to the Neoplast and Neobun brands and related assets. While 3M's surgical tapes, dressings, and first aid bandages are manufactured under the Neoplast name, Neobun produces menthol plasters for muscular discomfort. This goal is to prioritize other areas within its consumer health and safety division as part of continuous strategic portfolio management (CHSD). According to a statement by 3M, the transaction, which is anticipated to close in the fourth quarter of 2022, won't materially affect 3M's financial performance.
Frequently Asked Questions
As per our research report, the global medical tapes and bandages market size is projected to be growing at a CAGR of 6.76% from 2023 to 2028.
Based on application, the surgical wound segment dominated the global medical tapes and bandages market in 2022.
Geographically, the North American region accounted for the major share of the global medical tapes and bandages market in 2022.
Urgo Medical, Molnlycke Health Care AB, Ethicon Inc. (JOHNSON & JOHNSON), Medtronic, 3M, Beiersdorf AG, Winner Medical Group, Dynarex Corporation, McKesson Corporation, Cardinal Health, 3L Medicinal Products Group, B. Braun Melsungen AG, Paul Hartmann AG, and Smith & Nephew PLC are a few of the leading players in the medical tapes and bandages market.
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1800
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: sales@marketdataforecast.com
Reports By Region