Medical Tapes And Bandages Market Latest Research On Industry Growth, Trends, Top Players, & Key Regions By 2027

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According to Nova one advisor, the global Medical Tapes And Bandages market value was estimated at US$ 6.8  billion in 2020 and is projected to reach US$ 10.6 billion by 2027, registering a CAGR of 5.2% from 2020 to 2027. The report contains 150+ pages with detailed analysis.

Overview of Medical Tapes And Bandages Market Study

Medical Tapes And Bandages market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

The rising number of surgeries, increasing incidence of chronic wounds, and rising geriatric population are the major factors that are expected to drive the growth of the medical tapes and bandages market during the forecast period. However, the rising awareness about advanced wound care products is expected to restrain market growth in the coming years.

Medical Tapes and Bandages Market Dynamics

Driver: Growing prevalence of diseases and conditions affecting wound healing capabilities

Chronic wounds mainly include wound such as diabetic foot ulcers, pressure ulcers, venous leg ulcers, and other chronic wounds. A diabetic foot ulcer is a major complication of diabetes. As diabetes slows down the healing process, all types of ulcers, other chronic and acute wounds, even minor cuts, take time to heal, prolonging treatment type, which in turn increases consumption of medical tapes and bandages used for dressings and re-dressings. In addition, due to prolonged healing time, in some cases, even minor cuts turn into chronic wounds, further increasing the demand for dressings.

Below mentioned are some important statistics related to the major complications associated with diabetes:

  • According to the International Diabetes Federation (IDF), the global diabetic cases will increase from 415.0 million in 2015 to 642.0 million by 2040.
  • The CDC estimates that one in three American adults will have diabetes by 2050.
  • The risk of amputation is 25 times more in diabetic patients than those without diabetes (Source: IDF).
  • It also reported that more than 100 million adults in the US alone are diabetic or prediabetic. Nearly 25% of diabetics in the US develop foot ulcers during their lifetime, while as much as 15% of the total diabetic population suffers from diabetic foot ulcers (DFUs).

Restraint: Rising awareness about advanced wound care products

Advanced wound care accelerates the healing process for many chronic wounds by providing and promoting a moist environment. As basic/traditional wound care products take a large amount of time for healing of wounds and are less effective in certain types of wounds, advanced wound care products are being used as first-line therapy wherever infection control and healing speed are major concerns. Considering their effectiveness, coupled with the limitations of basic/traditional wound dressings, advanced and active wound care products are expected to cannibalize the market for medical bandages and tapes in the coming years.

Opportunity: Growth potential in emerging economies

Emerging markets such as China, India, Brazil, and Mexico are expected to offer significant growth opportunities to players operating in the medical tapes and bandages market. This can primarily be attributed to the rising trend of medical tourism in these emerging countries. The availability of high-quality surgical treatments at lower costs is the key factor attracting patients towards these countries for undergoing elective surgeries. The increasing popularity of cosmetic surgeries and developing healthcare infrastructure in emerging countries are the other major factors that are expected to offer growth opportunities to market players. In order to leverage the high growth opportunities for medical tapes and bandages in emerging markets, manufacturers are strategically focusing on expanding their presence in these markets.

Regulatory policies in the Asia-Pacific region are more adaptive and business-friendly due to the less stringent regulations and data requirements. Moreover, the increasing competition in mature markets will further compel the manufacturers of medical tapes and bandages to focus on emerging markets.

Challenge: Increasing pricing pressure on market players

In response to the increasing government pressure for reducing healthcare costs, several healthcare providers have aligned themselves with group purchasing organizations (GPOs) and integrated health networks (IHNs). These organizations aggregate the purchasing volume of their members and bargain for a competitive price with suppliers as well as manufacturers of surgical devices. GPOs and IHNs negotiate heavily for the bulk purchase of surgical products.

For instance, IPC Group Purchasing (IPC) supplies medical products, including bandages, dressings, medical tapes, and many other products from 3M, Covidien, ConvaTec, CareFusion, Welch Allyn, and a number of other companies to its network of 21 hospitals. Due to high volume purchases, IPC negotiates with its suppliers for prices and transfers the benefits to its customers as well. As a result, through bulk purchasing, IPC supplies all medical products at around 15% lesser price to its customers.

This bulk purchasing trend is increasing the pricing pressure on market players and decreasing their profit margins. Furthermore, small and medium-sized manufacturers that offer a limited range of medical tapes and bandages are facing a significant burden owing to the increasing power of GPOs and IHNs in the US. However, it is expected that the rising focus on the development of low-cost products will reduce the impact of this challenge to a certain extent in the coming years.

In terms Application, the surgical wound treatment segment is expected to account for the largest share of the medical tapes and bandages market in 2020.

Based on application, the medical tapes and bandages market is segmented into surgical wound, traumatic wound, burn injury, ulcer, sports injury, and other treatments. The large share of this application is due to increasing number of surgeries across the globe.

In terms of product segment, bandages segment is expected to account for the largest share during the forecast period.

Based on products, the medical tapes and bandages market is segmented into medical tapes and bandages.  Large share is attributed to bandages segment as bandages protect wounds from trauma, bacteria, and dirt; absorb fluid from draining wounds; and maintain a moist environment to expedite healing.

The hospitals segment is expected to register the highest CAGR during the forecast period

Based on end-users, the medical tapes and bandages market has been segmented based on end-user category—, hospitals, ambulatory surgery centers, clinics, home care settings and other end users. Only hospitals have the infrastructure and personnel required to treat ailments such as chronic wounds, burns, and traumatic and laceration cases. Such treatments utilize all types of medical tapes and bandages. For example, almost all major surgeries require pre-and post-surgery catheter insertion, which involves the use of medical tapes to secure.

Asia Pacific market is expected to grow at the highest CAGR during the forecast period.”

The Asia Pacific market is projected to register the highest CAGR during the forecast period. The market growth in Asia Pacific can be attributed to increasing demand for wound care products, rising geriatric population, and increasing prevalence of chronic wounds in the region.North America dominated the global medical tapes and bandages market in 2020

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COVID-19 Impact on Medical Tapes And Bandages Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Medical Tapes And Bandages market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Medical Tapes And Bandages market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Medical Tapes And Bandages market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Medical Tapes And Bandages market include:

3M Company (US), Johnson & Johnson (US), Cardinal Health Inc. (US), Medline Industries Inc.(US), Essity (Sweden), McKesson Corporation (US), Integra Lifesciences Holdings Corporation (US), Smith & Nephew Plc., (US), B. Braun Melsungen AG (Germany), PAUL HARTMANN AG (Germany), Beiersdorf AG (Germany), Nitto Denko Corporation (Japan), Mölnlycke Healthcare (Sweden), Coloplast A/S (Denmark), and Nichiban (Japan).

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Global Medical Tapes and Bandages Market, by Application

  • Surgical Wound Treatment
  • Traumatic Wound Treatment
  • Ulcer Treatment
  • Sports Injury Treatment
  • Burn Injury Treatment
  • Other Applications

Global Medical Tapes and Bandages Market, by Product

  • Bandages
  • Medical Tapes

Global Medical Tapes and Bandages Market, by End User

  • Hospitals
  • Ambulatory Surgery Centers
  • Clinics
  • Home Care Settings
  • Other End Users

Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/medical-tapes-and-bandages-market

Why Buy this Report?

The purpose of Nova one advisor’s Medical Tapes And Bandages market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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