NEW YORK, The global medical tapes and bandages market size is expected to increase by USD 3.99 billion between 2021 and 2026, expanding at a CAGR of 9.06% during the forecast period.
The market will observe substantial growth in the hospitals segment owing to increased hospitalization rates. Also, the availability of reimbursement policies that cover the treatment of pressure ulcers in hospital settings will foster the market growth in the hospitals segment.
Technavio has announced its latest market research report titled Medical Tapes and Bandages Market by End-user and Geography – Forecast and Analysis 2022-2026
Technavio has announced its latest market research report titled Medical Tapes and Bandages Market by End-user and Geography – Forecast and Analysis 2022-2026
Our full report on the medical tapes and bandages market offers a comprehensive analysis of the market size, growth variance, YOY growth rates, and future growth opportunities for market players.
Technavio analyzes the medical tapes and bandages market by end-user (hospitals, clinics, ambulatory care centers, and home care) and geography (North America, Europe, Asia, and Rest of World (ROW)).
The hospitals segment accounted for the maximum share of the market. Hospitals have dedicated emergency departments that offer specialized services through physicians, nurses, and other healthcare practitioners. They offer treatments and perform invasive, minimally invasive, and non-invasive surgical procedures, which makes hospitals major end-users of wound care products such as medical tapes and bandages. The market growth in the segment will be significant during the forecast period.
In terms of revenue, the growth contribution from the North American market will be significant during the forecast period. The regional market is majorly led by the US, which is home to a number of major vendors such as 3M Co., Johnson and Johnson Inc, and Cardinal Health Inc. In addition, the number of community hospitals in the US has increased significantly over the years. This has increased the availability of emergency departments across the country, which is driving the growth of the regional market.
The rising number of surgical procedures worldwide is expected to have a positive impact on the growth of the medical tapes and bandages market during the forecast period. The rising number of diseases and injuries has increased the demand for surgical care globally. Every year about 550,000-600,000 knee replacement procedures are performed in the US alone. This number is projected to increase by 170%-190% by 2030. Similarly, in low and middle-income countries about 10%-11% of the population is affected by site infection post-surgical procedures. The rising prevalence of such conditions is increasing the demand for surgical care, which is increasing the consumption of medical tapes and bandages at hospitals, clinics, and ambulatory care centers, thereby driving the growth of the market.
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