Global Medical Tapes and Bandages Market to Grow at a CAGR of 6.1% during 2022 – 2028
Published | 22 July 2022
Global Medical Tapes and Bandages Market is flourishing owing to the increasing prevalence of chronic wound infections and an increasing number of accidents along with the growing awareness as well as the benefits of medical tapes and bandages…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Medical Tapes and Bandages Market was worth USD 7.9 billion in the year 2021. The market is projected to grow at a CAGR of 6.1%, earning revenues of around USD 11.75 billion by the end of 2028. The Global Medical Tapes and Bandages Market is booming because of the rising demand for waterproof bandages, transdermal patches, and butterfly stitches are expected to provide ample opportunities for market expansion. Moreover, factors such as an aging population and an increase in ulcers, diabetic foot, and wound infections are expected to drive the global market for medical tapes and bandages. Also, during the forecast period, the rising number of accidents further contributes to the growth of the market. Furthermore, the global medical tapes and bandages market is expected to grow due to ongoing advancements in medical adhesives and favorable government initiatives. However, the Global Medical Tapes and Bandages Market may be hampered by a lack of awareness about advanced wound care.
The Growing Advantages of Medical Tapes and Bandages
Medical tapes are hypoallergenic, pressure-sensitive adhesive tapes that are easy to remove and do not irritate the skin. Baby and elderly people should use hypoallergenic tapes. The skin can breathe because of its microporous nature. Because the majority of medical tapes contain zinc oxide, which aids in infection prevention, they are frequently white. Furthermore, zinc oxide is present in sports tapes and strapping tapes. Its use prevents sports injuries, soft tissue tears, and wound protection. Zinc oxide tapes reduce moisture because they retain their integrity even after extended wear. Furthermore, medical tapes and bandages are available in a variety of styles, sizes, widths, and lengths to meet the needs of patients. Additionally, more surgeries are anticipated in the coming years, along with an increase in surgical wounds, traumatic wounds, ulcers, sports injuries, burn injuries and all other kinds of injuries.
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Rising Prevalence of Chronic Wound Infections
One of the main factors influencing the market's growth is the increased prevalence of chronic wound infections, which is also being accompanied by an increase in healthcare practitioners' awareness of patient safety. Intensive care and prompt dressings are necessary for several conditions, including ulcerative colitis (UC), diabetic foot, pressure ulcers, and diabetic foot. Additionally, the growing geriatric population is driving up the demand for surgical operations, which is driving the market's expansion. Following this, the rising incidence of Hospital Acquired Infections (HAIs) around the world is also assisting the market's expansion. Other growth-promoting aspects include new product developments like the creation of waterproof and antibacterial adhesives and bandages. Innovative biomaterials, skin substitutes, hydrogel, alginate, and foam are being used by product producers to create strong tapes and bandages for treating huge wounds. The market is predicted to increase as a result of additional factors, such as intensive research and development (R&D) efforts and considerable advancements in the healthcare infrastructure.
Challenge: Increasing Pricing Pressure on Market Participants
Several healthcare providers have allied themselves with group buying organizations (GPOs) and integrated health networks in response to growing government pressure to lower healthcare costs (IHNs). These groups pool the collective purchasing power of their members and negotiate a fair price with suppliers and surgical device producers. GPOs and IHNs engage in intense haggling when purchasing surgical supplies in bulk. For instance, IPC Group Purchasing (IPC) provides its network of 21 hospitals with medical supplies including bandages, dressings, medical tapes, and many more items from 3M, Covidien, ConvaTec, CareFusion, Welch Allyn, and various other companies. Moreover, IPC bargains with its suppliers over costs because of the enormous amount of purchases it makes, and it also passes the savings forward to its clients. IPC provides all medical products to its customers at a price reduction of about 15% as a result of bulk purchasing. Furthermore, this trend of buying in bulk puts further pressure on prices, which lowers profit margins for market participants. Furthermore, the growing influence of GPOs and IHNs in the US is placing a heavy burden on small and medium-sized manufacturers who only provide a limited selection of medical tapes and bandages. However, it is anticipated that in the upcoming years, the impact of this difficulty will be somewhat lessened by the increasing emphasis on the development of low-cost products.
Segmental Coverage
Global Medical Tapes and Bandages Market – By Application
Based on application, the Global Medical Tapes and Bandages Market is segmented into Surgical Wound Treatment, Traumatic Wound Treatment, Ulcer Treatment, Sports Wound Treatment, Burn Injury Treatment, and Other Applications. Among these, the ulcer treatment segment holds the largest market share. One of the chronic sores that diabetic individuals frequently experience is diabetic foot ulceration (DFU). It is common in between 15% and 20% of people with diabetes (as per Dong-il Chun et al., Journal of Clinical Medicine 2019). Products that have been proven to be extremely helpful at curing foot ulcers include everything from regular saline to growth factors, ulcer dressings, and skin substitutes. Moreover, diabetes incidence is predicted to rise along with DFU incidence, which would boost demand for the market for medical tapes and bandages. This is anticipated to support market expansion.
Impact of COVID-19 on Global Medical Tapes and Bandages Market
The COVID-19 epidemic had an impact on the market for medical tapes and bandages in the early part of the projection period. Due to widespread lockdowns, denial of wound care services, postponed or canceled elective surgeries, and an increase in skin injuries among COVID-19 medical care professionals, it is anticipated that the wound care market will experience a significant decline throughout the projection period. The demand for wound care products is expected to rise significantly in the second half of the projected period, nevertheless. The COVID-19 outbreak will have a negative influence on the market for advanced wound dressings. Traditional wound dressings include surgical tapes, anti-infective dressings, and dry dressings. Traditional wound coverings are less efficient and take a lot longer to cure wounds than more recent ones. These dressings cannot be used to treat certain wound types, most notably burn wounds. These limitations are expected to restrict the market growth for conventional wound dressings. Lockdowns might affect the supply chain for these items anywhere in the world. Although the medical tapes and bandages sector is not expected to be significantly impacted by the COVID-19 pandemic, these dressings are commonly used in home care settings.
Competitive Landscape
The leading market players in the Global Medical Tapes and Bandages Market are Medtronic, 3M, B. Braun Melsungen AG, Johnson & Johnson, Smith & Nephew Plc, Nitto Denko Corporation, Beiersdorf Aktiengesellschaft, Lohmann & Rauscher International GmbH & Co. KG, Other Prominent Players. The Global Medical Tapes and Bandages Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Medical Tapes and Bandages Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Medical Tapes and Bandages Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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