(PharmaNewsWire.Com, October 28, 2021 ) According to the new market research report "Medical Tapes and Bandages Market by Product (Tape (Fabric, Paper, Plastic), Bandage (Gauze, Adhesive, Cohesive, Elastic, Compression)), Application (Surgery, Trauma, Ulcer, Sports, Burns), Enduser (Hospital, ASC, Clinic, Homecare) - Global Forecast to 2026", published by MarketsandMarkets™, the global Medical Tapes and Bandages Market is projected to reach USD 8.6 Billion by 2026 from USD 7.1 Billion in 2021, at a CAGR of 4.0 % during the forecast period.
Browse in-depth TOC on "Medical Tapes and Bandages Market" 341 – Tables 42 – Figures 269 – Pages
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
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).
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