BANDAGES MARKET ANALYSIS

Bandages MarketSize and Trends

Bandages Market- Dynamics

The market of medical bandages is expected to grow at a significant pace owing to growing number of surgical procedures and increase in medical causalities. According to Journal of Diabetes Research, in 2018, global prevalence of diabetes developing the lifetime risk of person with foot ulcer is 25%.  This is expected to propel demand for advanced wound care products or bandages which provide relief after treatment of a fresh or moist wound.

The innovations by key players in bandages which are used for covering up the cuts and scrapes, is another factor that is expected to boost the market growth. For instance, in 2017, Johnson & Johnson innovated Skin-Flex, a new BAND-AID brand bandage that stay on for 24 hours. One of the properties of this bandage is that it dries instantly and also stays on for 24 hours, even after exposure to water during hand washing.

Furthermore, approvals from regulatory bodies is expected to propel the bandages market growth. For instance, in February 2019, Axiostat, a wound care product developed in India by Axio Biosolutions, received U.S. Food and Drug Administration approval. The bandage is designed to stop uncontrolled bleeding from wounds.

Moreover, increasing incidence of chronic diseases such as diabetic ulcers, pressure ulcers, and rising geriatric population are factors driving the bandages market. According to the American Burn Association (ABA), in 2016, 486,000 burn injuries received the medical treatment in the US. The prevalence of burn cases in addition to the burden of surgeries and trauma cases are expected to drive growth of the bandages market throughout the forecast period.

Bandages Market- Trends

Rising awareness of advance wound care products, which serve as an alternative to bandages, may restrain growth of the global bandages market. Advanced wound care products are able to effectively reduce the time of wound healing which may hinder demand in the bandages market.

Market- Trends