According to the new market research report by MarketsandMarkets, the global medical tapes and bandages market is projected to reach USD 7.39 Billion by 2022 from USD 6.13 Billion in 2017, at a CAGR of 3.8%.
Rising awareness about advanced Wound Care is expected to hinder the growth of the medical tapes market. Advanced wound 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 to heal wounds and are less effective for 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 seen as a prominent restraint for the market.
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Factors such as rising number of surgeries, increasing incidence of chronic wounds, and rising geriatric population are driving the growth of the market.
The medical bandages segment is expected to witness the highest growth during the forecast period
By product type, the market is categorized into medical tapes and bandages. In 2017, the medical bandages segment is expected to account for the largest share. And it is also expected to continue dominating the market during the forecast period. This can be attributed to the rising geriatric population and the high number of surgical procedures. People who have diabetes are more susceptible to chronic wounds that require continuous care, which also drives the growth of medical bandages market.
The surgical treatment segment is expected to dominate the market in 2017
By application, the market is segmented into surgical treatment; traumatic and laceration injury treatment; sport and burn injury treatment; ulcer treatment; and treatment of other injuries and wounds. In 2017, the surgical treatment segment is expected to account for the largest share of the market, majorly due to the high number of surgical procedures being performed worldwide.
Based on end users, the hospitals segment is estimated hold the largest share of the market in 2017
Based on end users, the market is categorized into hospitals, clinics, ambulatory surgical centers and homecare setting. The hospitals segment accounted for the major share of the market in 2016, owing to a large number of surgical procedure being performed in hospitals apart from a high number of chronic wound treatments. This trend is expected to continue in 2017 as well.
Asia-Pacific is expected to dominate the medical tapes and medical bandages market in 2017
Geographically, the medical tapes and medical bandages market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the largest share of the market in 2017, followed by North America. The market in Asia-Pacific is primarily driven by the availability of huge population base which is aging, and affected with diabetes and other conditions requiring surgical intervention to treat.
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The major players in the market include 3M Company (U.S.), Medtronic plc (Ireland), Johnson & Johnson Consumer Inc. (U.S.), Medline Industries, Inc. (U.S.), BSN Medical (Germany), Cardinal Health, Inc. (U.S.), Beiersdorf (Germany), Nitto Denko Corporation (Japan) Nichiban Co., Ltd. (Japan), Lohmann & Rauscher (Germany), Derma Sciences Inc. (U.S.), Smith & Nephew (U.K.), B Braun Melsungen AG (Germany), PAUL HARTMANN AG (Germany), Mölnlycke Health Care (Sweden), Andover Healthcare Inc. (U.S.), Dukal Corporation (U.S.), Dynarex Corporation (U.S.), AVCOR Health Care Products, Inc (U.S.), Tetra Medical Supply Corporation (U. S.), Kerma Medical Products Inc. (U.S.), and DermaRite Industries, LLC. (U.S.)