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Nov 06, 2024

Medical Tape and Bandage Market Size to Hit US$ 11.10 Billion By 2032, With an Exhibiting CAGR of 4.12% | Research by SNS Insider

The Medical Tape and Bandage Market driven by rising prevalence of chronic wounds, such as diabetic foot ulcers, pressure ulcers, and surgical wounds, has significantly increased the demand for

The Medical Tape and Bandage Market driven by rising prevalence of chronic wounds, such as diabetic foot ulcers, pressure ulcers, and surgical wounds, has significantly increased the demand for advanced wound care products.

Pune, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Medical Tape and Bandage Market Size & Growth Analysis:

“According to SNS Insider Research, The Medical Tape and Bandage Market Size was valued at USD 7.80 Billion in 2023 and is expected to reach USD 11.10 Billion by 2032 and grow at a CAGR of 4.12% over the forecast period 2024-2032.”

The medical tape and bandage market is experiencing growth due to a higher prevalence of wound infections, increasing road accidents, and patient safety concerns. There is also a growing burden of pressure ulcers and diabetic foot ulcers which are driving the demand for the market. For example, diabetic foot ulcers affect over 25% of patients with diabetes and lead to amputation in more than 20% of cases. According to the American Diabetes Association, approximately 34.2 million people which is 10.5% of the total U.S. population have diabetes, including nearly 1.6 million with type 1 diabetes.

In the U.S. alone, 1.5 million people are diagnosed with diabetes each year, and it is projected that by 2060 the number of people living with diabetes will triple. The increasing prevalence of diabetes and the rise in diabetic foot ulcers are expected to drive demand for medical tapes and bandages in the coming years. Additionally, sports injuries, ranging from minor strains and sprains to more severe fractures and dislocations, are also contributing to the demand for these products.

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Key Players Analysis Listed in this Report are:

Ethicon Inc. (JOHNSON & JOHNSON)

Smith & Nephew PLC

3M

Cardinal Health

Mölnlycke Health Care AB

Beiersdorf AG

B. Braun Melsungen AG

Paul Hartmann AG

McKesson Corporation

Dynarex Corporation

Other Players

Medical Tape and Bandage Market Report Scope:

Report Attributes

Details

Market Size in 2023

US$ 7.80 Billion

Market Size by 2032

US$ 11.10 Billion

CAGR

CAGR of 4.12% From 2024 to 2032

Base Year

2023

Forecast Period

2024-2032

Historical Data

2020-2022

Key Regional Coverage

North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)

Key Growth Drivers

•The Global Aging Population Is a Significant Driver, As Older Adults Are More Prone to Injuries, Surgeries, And Chronic Wounds, Necessitating the Regular Use of Medical Tapes and Bandages. •The Increasing Incidence of Chronic Conditions Such as Diabetes, Where Wound Care Is Essential, is Driving the Demand for Medical Tapes and Bandages.

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Segmentation Dynamics

The hospital end-user segment accounted for over 29% of the revenue in 2023. Hydrogel dressings for wounds and fractures are primarily intended for hospital use. The increase in surgeries and surgery-related wounds seems to be a key factor driving the growth of this segment. Surgical site infections are linked to longer hospital stays and constant monitoring. Furthermore, the rising incidence of venous leg ulcers and diabetic foot ulcers in these settings is expected to boost market growth by increasing the production of medical tapes and bandages.

The hospital's end-use segment is expected to experience the fastest compound annual growth rate (CAGR) from 2024 and beyond. The high prevalence of surgical wounds is a major factor propelling growth in this segment. There is a growing demand for clinics to track the progress of surgical wound dressings. Hospitals offer wound care services to patients needing post-surgical wound care, treatment for chronic wounds, trauma, and more. These tapes and bandages aid in preventing contamination and infection at wound sites, addressing hospitals' top concern of controlling infection spread and contributing to growth during the forecast period.

Medical Tape and Bandage Market Key Segmentation:

By Product

Medical Tapes

Bandages

By Application

Surgical Wound Treatment

Burn Injury Treatment

Ulcer Treatment

Sports Injury Treatment

Traumatic Wound Treatment

Others

By End User

Ambulatory Surgical Centers

Home Care Settings

Clinics

Hospitals

Regional Insights

North America accounted for 46% of the global market share in 2023. This is mainly due to the high number of sports injuries and road accidents, as well as the presence of key market players in the region. The Asia Pacific market is expected to experience lucrative growth opportunities due to an increase in surgeries and hospital admissions, well-established healthcare infrastructure, and favorable reimbursement and regulatory scenarios in the healthcare industry. Additionally, the incidence of chronic diseases and the presence of major players are expected to drive overall market growth and increase product demand, ultimately leading to segment growth during the forecast period.

Recent Developments

In May 2023, Medline's CURAD brand introduced Rain Naturals, a new collection of adhesive bandages made with natural ingredients. These bandages are designed to treat and protect wounds gently.

In January 2023, H.B. Fuller launched Swift Melt 1515-I to expand its presence in the IMEA region (India, the Middle East, and Africa). This product is specifically developed for medical tape applications that require bonding with the skin in hot and humid environmental conditions like those found in the Indian subcontinent.

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Key Takeaways

North America continued to lead the global market in 2023, holds 46% in 2023 due to a higher number of sports injuries, road accidents, and a well-developed healthcare infrastructure.

From 2024 to 2032, the hospital segment is expected to see the highest growth rate as a result of an increase in surgical procedures and the need for infection prevention.

Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

6. Competitive Landscape

7. Medical Tape and Bandage Market Segmentation, by Product

8. Medical Tape and Bandage Market Segmentation, by Application

9. Medical Tape and Bandage Market Segmentation, by End-User

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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