MEDICAL TAPES MARKET ANALYSIS

Medical Tapes MarketSize and Trends

Global medical tapes market is estimated to be valued at US$ 1,794.5 Mn in 2023 and is expected to exhibit a CAGR of 3.9% during the forecast period (2023-2030).

Market Size in 2023: US$ 1,794.5 Mn

Forecast Period: 2023 to 2030

Forecast Period 2023 to 2030 CAGR: 3.9%

2030 Value Projection: US$ 2,338.9 Mn

Figure 1. Global Medical Tapes Market Share (%), By Product Type, 2023

Figure 2. Global Medical Tapes Market Value (US$ Million), By Region, 2023

Global Medical Tapes Market - Drivers

Increasing Incidence of Road Accidents

Increasing incidence of road accidents which can cause injuries is expected to drive the global medical tapes market growth over the forecast period. For instance, in June 2022, according to World Health Organization (WHO),  1.3 million people die every year as a result of road traffic crashes. The vulnerable road users account for more than half of all traffic fatalities: pedestrians, cyclists, and motorcyclists. 93% of the world's fatalities on roads occur in low- and middle-income countries, even though these countries have approximately 60% of the world's vehicles.

Increasing Cases of Injuries

Increasing cases of injuries is expected to drive the global medical tapes market growth over the forecast period. For instance, on April 5, 2023, according to Safe Work Australia, over 497,300 (3.5%) individuals of the working population experienced a work-related injury or illness in in 2021-22 in Australia.

Global Medical Tapes Market - Segmentation

Global medical tapes market report is segmented into product type, application, end user, and region.

By Product Type, the market is segmented into adhesive tape, elastic tapes, silicone tapes, paper tape, and silk cloth tapes. Out of which, the adhesive tape segment is expected to hold a dominant position in the global medical tapes market during the forecast period, owing to increasing wounds due to road accidents and injuries as well as surgeries.

By Application, the market is segmented into wounds and injuries and surgeries and securement. Out of which, the surgeries and securement segment is expected to hold a dominant position in the global medical tapes market during the forecast period, owing to increasing prevalence of chronic diseases such as cancer and diabetes, and road accidents.

By End User, the market is segmented into Hospitals, Ambulatory Surgical Centers, Clinics, and Home Care Settings. Out of which, the hospitals segment is expected to dominate the market over the forecast period, owing to increasing prevalence of road accidents and chronic diseases, and treatment of disease in hospital.

 By Region, North America is expected to dominate the global medical tapes market over the forecast period and this is attributed owing to the rise of surgeries and hospital admissions for chronic diseases.

Among all the segmentations, the product type segment has the highest potential due to increasing prevalence of road accidents over the forecast period. So, the key players are focusing on growth strategies such as product launches. For instance, on February 6, 2023, 3M, a multinational conglomerate operating in the worker safety, healthcare, and consumer goods industries, launched its new medical adhesive that can stick to the skin for up to 28 days, and is intended for use with a wide array of health monitors, sensors, and long-term medical wearable. Prior to 2022, the standard wear time for extended medical adhesives was up to 14 days. 3M doubled that standard to help deliver a more patient-centric model of care.