The global medical tapes and bandages market is expected to post a CAGR close to 4% during the period 2019-2023, according to the latest market research report by Technavio.
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A key factor driving the growth of the market is the growing demand from critical care and trauma care facilities. Urgent care and trauma care centers are the primary end users of medical tapes and bandages as they are dedicated centers that offer ambulatory care services, such as the primary treatment of injuries and illness, that takes place outside the emergency care department. These centers are witnessing increasing patient traffic as these centers offer immediate treatment for medical emergencies. Thus, the demand from major trauma care centers will fuel the demand for medical bandages and tapes, thereby driving market growth.
As per Technavio, the development of nanomaterial-based wound therapy products and smart bandages will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global medical tapes and bandages market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Medical Tapes and Bandages Market: Development of Nanomaterial-Based Wound Therapy Products and Smart Bandages
Advances in nanotechnology have helped to attract the attention of wound therapy product manufacturers toward the application of nano materials in wound therapy products. Nano materials can help to address the complications associated with non-healing wounds and their chronic nature. Nanotechnology-based therapies in wound care are aimed at the efficient repair of damaged tissues and facilitation of the healing process. Currently, researchers across the world are focusing on the development of smart bandages made from nano particles, which exhibit antibacterial properties, or directly incorporate nano particles to bandages that can be loaded with wound healing drugs and growth factors such as interleukin and platelet-derived growth factor. Wound-healing drugs can be released in a controlled manner to the affected area and boost the skin regeneration process. The focus is on using nano particles such as zinc oxide, silver nano particle, and chitinous nano composite as advanced dressing materials. The increasing focus on the development of such smart drug delivery systems and the use of nanocomposites for bandage manufacturing are expected to offer growth opportunities in advanced wound care therapies during the forecast years.
“Apart from the development of nanomaterial-based wound therapy products, the rising number of surgical procedures worldwide, the increasing incidence of sports injuries and chronic wounds, and the significant demand from the geriatric population are some other major factors that are expected to boost market growth during the forecast period,” says a senior analyst at Technavio.
Global medical tapes and bandages market: Segmentation analysis
This market research report segments the global medical tapes and bandages market by end-user (hospitals, ambulatory care centers, clinics, and home care) and geographical regions (North America, Europe, Asia, and ROW).
The North American region led the market in 2018, followed by Europe, Asia, and ROW respectively. However, during the forecast period, the Asian region is expected to register the highest incremental growth. This is due to the region offering significant growth opportunities to multinational medical tapes and bandage manufacturers such as Nitto Denko Corp, Smith and Nephew, Johnson & Johnson among others.
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Five Forces Analysis
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