Medical Tapes Market to represent a significant expansion at CAGR of 5.8% by 202

Posted by Bisvjeet on November 1st, 2018

Rapid and effective bandaging the wounds is a rudimentary medical procedure that not only improves health condition, but also avoid further blood loss and tissue decay. For healthcare organizations in every part of the world, assessing the growth of global medical tapes market is essential for planning and managing medical supplies beforehand. Lack of medical tapes can cause havoc in a hospital, while use of ineffective and outdated ones shall add to the patients’ woes. Clinics, ambulatory centers, and hospitals continue to adopt the latest range of surgical tapes in order to retain the faith of patients in such preliminary medical procedures. 

The global market for medical tapes or surgical tapes attained a market value of US$ 1,065.4 million in 2015. According to a report developed by Research Report Insights (RRI), titled “Global Market Study on Medical Tapes: Hospitals End User Segment to Retain Market Dominance Through 2024,” the global medical tapes market is anticipated to expand at a steady CAGR of 5.8% and reach market value of US$ 1,757.2 million by the end of forecast period 2016-2024. 

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Pressure sensitivity remains the pivotal criteria for production as well as use of medical tapes. Since wound management as a clinical method holds significant regards in the medical industry, medical tapes continue to garner demand from all corners of the world. Adhesives applied to such pressure sensitive tapes are hypoallergenic – skin adhering – and do not cause skin damages upon removal. The global medical tapes market continues to witness transformation from introduction of newer range of surgical tape products that include additional antiseptic materials, besides the wrapping microporous material and the adhesives. Breathable tapes or kinesio tapes are among such products that are actively proliferating the global medical tapes market for being widely used by athletes or other fitness professionals in the world.

 The report has illustrated factors that either drive the growth of the global market or curb the use of medical tapes. Product line extensions of medical supplies manufacturers is a key driver for the growth of global medical tapes market. Additionally, incidences of HAIs are on the rise, urging medical professionals to apply sterilized surgical tapes on the wounds of injured patients. Discordantly, factors that inhibit the market’s growth include growing availability of advanced wound management products and increasing awareness of medical adhesive related skin injuries (MARSI). 

Growth of the global medical tapes market is discerned on the basis of products, application and distribution channels. Skin cloth tapes, among products, dominate with 29.1% global market share while silicone tapes are eyeing for fastest growth in the forecast period. Wound & injuries, as an application of medical tapes, will account for over 65% of the global market through 2024, while hospitals will remain the dominant distribution channel after accounting for over 44% share of global market revenues. 

The report has also fragmented the expansion of global medical tapes market into key regions such North America, Latin America. Asia, and Middle East & Africa, among others. Amidst all, Latin America and Asia-Pacific regions will render fastest growth, with latter’s medical tapes market accounting for over 30% of the global market. Some of the leading players compiled in the report include, Johnson & Johnson, Andover Healthcare Inc., Medtronic Plc., 3M, Paul Hartman AG, Ad Tape & Label, and Scapa Group PLC., among others