Medical Tapes and Bandages Market: Current Analysis and Forecast (2021-2027)

Report Description

Medical Tapes and Bandages Market was valued at US$ 7 billion in 2020 and is expected to grow at a CAGR of 4% over the forecast period (2021-2027).Medical tapes are pressure-sensitive adhesive tapes which are used for supporting bandage or other wound dressings.  The different types of diseases need different types of bandages for their healing. For instance, the Ohio State University has developed a Prototype of biofilm bandage which will help the patients with better wound treatment in March 2019. These bandages belong to a class of therapies called electroceuticals, which are devices that use electrical impulses to treat medical issues such as wounds. Also, a surge in cases of chronic diseases like diabetes, cardiovascular diseases, and cancer are adding pace to the growth of the medical tapes and bandages market.

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Moreover, the increasing mergers and acquisitions among companies along with constant research activities are also adding pace to the growth in the demand for medical tapes and bandages. For instance, in April 2021, the leading global hygiene and health company “Essity” acquired Bayport Brands which gave Essity the distribution rights of the wound care technology “Sorbact” in Australia and New Zealand. This acquisition further accelerates the growth in the advanced wound care market. Furthermore, the rising technological innovation in devices is also promoting the growth of medical tapes and bandages globally. For instance, the North-western University team has developed a new device, called a “regenerative bandage”, which rapidly heals painful wounds, hard-to-treat infections without using drugs. At the time of head-to-head tests, this bandage healed diabetic wounds 33% faster than the other most popular bandages available in the market.

The COVID-19 pandemic impacted the medical tapes and bandages industry in the early phase of the forecast period. For instance, according to the University of Birmingham in May 2020, more than 72.3% of elective surgeries were canceled during the period of COVID-19 across 190 countries. The highly canceled surgeries were observed in the field of orthopedic specialty, accounting for almost 6.3 million surgeries in only 12 weeks during the COVID-19 pandemic. The cancellation of surgeries reduced the use of medical tapes and bandages and shown a slight decline in this market for 12 weeks. But after that when surgeries again started this market started boosting at a continuous pace and it is estimated that this market will further upsurge in the forecast period.

Sales of Leading First Aid Tape/Bandage/Gauze/Cotton Brands in the United States in 2019 (USD Mn)

Medtronic PLC, Smith & Nephew PLC, 3M Healthcare, Johnson & Johnson, Cardinal Health, Inc., Medline Industries, Inc., Derma Sciences Inc., Molnlycke Health Care AB, McKesson Corporation, and 3L Medicinal Products Group are some of the prominent players operating in the medical tapes and bandages market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Product, Medical Bandages segment holds the major share”

Based on products, the market is bifurcated into medical tapes and medical bandages. Further, the medical tapes segment is sub-divided into fabric tapes, paper tapes, plastic tapes, and other tapes. Same way, the medical bandage segment is further divided into muslin bandage rolls, elastic bandage rolls, triangular bandages, orthopedic bandages, elastic plaster bandages, and other bandages. The medical bandages segment grabbed the major market in 2020 and it is anticipated to upsurge in the forecast period. The bandages protect against wounds, injuries, bacterial infections, and dirt. Also, it absorbs fluids from draining wounds and sustains a moist atmosphere to accelerate healing.

“Amongst Application, Surgical Wound segment is accounted for the majority of market share”

Based on application, the market is bifurcated into surgical wounds, traumatic wounds, ulcers, sports injuries, burn injury and other injuries. The surgical wounds segment accounted for the major revenue portion in 2020 owing to the increasing instances of different types of surgeries across the world.

“Amongst End-User, Hospitals & Clinics segment holds the major share”

Based on end-user, the market is bifurcated into hospitals & clinics, ambulatory surgery centers, retail, and others. The hospitals & clinics segment is anticipated to observe lucrative growth in 2020. As, hospitals have the significant infrastructure and facilities to treat any types of diseases like chronic wounds, burns, traumatic wounds, and laceration cases.

“North America signifies one of the largest markets of Ventricular assist devices market”

For a better understanding of the market dynamics of the Ventricular assist devices market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World. North America constitutes a major market for medical tapes & bandages and generated maximum revenue in 2020 owing to the presence of key companies and advanced infrastructures.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

Customization Options:

Medical Tapes & Bandages Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Medical Tapes and Bandages Market were the three major steps undertaken to create and analyze the adoption of medical tapes and bandages in different segments across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the ventricular assist devices sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the medical tapes and bandages through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the medical tapes and bandages market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are product, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of medical tapes and bandages in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of medical tapes and bandages. Further, we conducted factor analysis using dependent and independent variables such as the increasing prevalence of diseases and conditions affecting wound healing capabilities will upsurge the demand for medical tapes and bandages. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the medical tapes and bandages industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the medical tapes and bandages market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of medical tapes and bandages across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the medical tapes and bandages market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the medical tapes and bandages market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, application, and end-user of the medical tapes and bandages market.

Main Objective of the Medical Tapes and Bandages Market Study

The current & future market trends of medical tapes and bandages were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of medical tapes and bandages in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product, application, flow, and end-user
• Define and analysis of the regulatory framework for the medical tapes and bandages industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the medical tapes and bandages market for the major region
• Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and Rest of the World
• Company profiles of the medical tapes and bandages market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry