Medical Tape Market
Number of pages: 100 | Report Format: PDF | Published date: February 07, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 1.08 billion |
|
Revenue Forecast in 2030 |
US$ 1.64 billion |
|
CAGR |
4.80% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Material, Application, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global medical tape market was valued at US$ 1.08 billion in 2021 and is expected to register a revenue CAGR of 4.80% to reach US$ 1.64 billion by 2030.
Medical Tape Market Fundamentals
Medical tape, also known as surgical tape, is a type of adhesive tape used in medical and first-aid settings to secure dressings, IV lines, and other medical devices to the skin. It is typically manufactured using a flexible and breathable material, such as paper or cloth, and is coated with an adhesive that is gentle on the skin and can be easily removed without causing pain or irritation.
Medical tape is used in a variety of healthcare settings, including hospitals, clinics, and home healthcare, and is an essential tool for wound care and protection. Medical tapes are used as a bandage in medicine and first aid to secure a dressing onto a wound. It has a soft hypoallergenic adhesive and breathable material so that oxygen may reach the skin. The medical tape often comprises zinc oxide to prevent infection around the wound.
The demand for medical tape can vary depending on several factors, including overall healthcare spending, population growth, and the prevalence of medical conditions that require the usage of tape. In general, as the global population continues to age and the prevalence of chronic conditions increases, the demand for medical tape is expected to rise. Additionally, advancements in medical technology and the increasing usage of medical devices that require tape for secure placement are also likely to drive the demand for medical tape in the next few years.
The COVID-19 pandemic had a significant impact on the demand for medical supplies, including medical tape. The increased need for personal protective equipment (PPE) and surge in the patient volume have led to a temporary shortage of some medical supplies, including medical tape, in some regions.
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Medical Tape Market Dynamics
The global medical tape market revenue growth is mainly driven by increasing demand for surgical procedures and technological advancements. Additionally, growing number of hospitals and clinics, increasing prevalence of chronic diseases, and rising numbers of key players contribute to the revenue growth of the global medical tape market. Moreover, increasing demand for blood diagnostic testing and the introduction of novel products fuel the global medical tape market revenue growth.
The medical tape market faces several challenges, including:
Despite these challenges, the market for medical tape is expected to grow in the future, driven by an increasing global population, rising prevalence of chronic diseases, and advancements in medical technology.
Medical Tape Market Ecosystem
The global medical tape market has been analyzed from four perspectives: material, application, end user, and region.
Medical Tape Market by Material
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Based on material, the global medical tape market has been segmented into paper, fabric, plastic, and others.
The paper segment leads the global medical tape market owing to increasing demand for paper bandage plaster due to its high durability, biocompatibility, and highly adhesive-holding nature. Additionally, the low cost of paper and easy availability of raw materials are fueling the revenue growth of the paper medical tape market. Moreover, the introduction of new products and the presence of a significant number of key players are contributing to the revenue growth of the global paper medical tape market.
Medical Tape Market by Application
Based on application, the global medical tape market is segmented into wound care, IV, set placement, post-operative care, and others.
The wound care segment leads the global medical tape market owing to the increasing application of medical tape in wound care management and rising number of trauma cases and accidents. Additionally, growth in the number of hospitals and clinics is expected to fuel the global wound care medical tape market revenue growth. Moreover, the increasing number of surgical procedures and rising awareness about serious illnesses that may cause wounds that may not be treated well are boosting revenue growth in the wound care segment.
Medical Tape Market by End User
Based on the end user, the global medical tape market has been segmented into hospitals, clinics, ambulatory centers, and others.
The hospitals segment leads the global medical tape market owing to increasing patient footfall in the hospitals for the dressing of wounds and treatment. Additionally, a growing number of hospitals and clinics and favorable reimbursement policies are contributing to the revenue growth of the hospitals segment of the global market.
Medical Tape Market by Region
Based on the region, the global medical tape market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the global medical tape market in terms of revenue share. The large share of North America in the global market can be attributed to the increasing number of hospitals and ambulatory centers and growing prevalence of chronic diseases in the region. Also, developed infrastructure and advanced healthcare systems fuel the North America medical tape market. Moreover, growing healthcare expenditure and favorable reimbursement policies are boosting the North America medical tape market.
The market in Asia Pacific is also expected to show the highest revenue growth in upcoming years owing to the increasing population, high prevalence of chronic diseases, and developing healthcare system in several emerging economies of the region.
Medical Tape Market Competitive Landscape
The prominent players operating in the global medical tape market are:
Medical Tape Market Strategic Developments
North America and Asia Pacific are the key revenue growth regions in the global medical tape market.
The increasing prevalence of chronic diseases, introduction of novel products, and the presence of a significant number of key players are driving revenue growth in the global medical tape market.
The global medical tape market is expected to register a revenue CAGR of 4.80 % during the forecast period from 2022 to 2030.
The global medical tape market is expected to be valued at US$ 1.64 billion by 2030.
3L Medicinal Products Group, 3M Company, B. Braun Melsungen AG, Beiersdorf AG, Cardinal Health, Dynarex Corporation, Ethicon Inc. (JOHNSON & JOHNSON), McKesson Corporation, Medtronic Plc, Molnlycke Health Care AB, Paul Hartmann AG, Smith & Nephew PLC, Urgo Medical, and Winner Medical Group, Inc. among others.
*Insights on financial performance are subject to the availability of information in the public domain