Global Medical Tapes Market, By Product Type (Adhesive Tape, Elastic Tapes, Silicone Tapes, Paper Tape, and Silk Cloth Tapes), By Application (Wounds and Injuries and Surgeries and Securement), By End User (Hospitals, Ambulatory Surgical Centers, Clinics, and Home Care Setting), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 1,794.5 Million in 2023 and is expected to exhibit a CAGR of 3.9% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The key market players are focused on adopting growth strategies such as acquisitions and partnerships, and this is expected to drive the global medical tapes market growth. For instance, in September 2021, Soest Medical Group (SMG), a group of companies specialized in the field of medical supplies, and Lohmann GmbH & Co. KG, a manufacturer of adhesive tape systems and adhesives for industry signed an agreement where SMG acquired the reusable drape tape business and knowhow from Lohmann GmbH & Co. KG. This acquisition comprises of drape tapes (DuploMED VP6141 and DuploMED 2806) targeted for the reusable surgical drape market and the global customer base of Lohmann for these tapes.
Global Medical Tapes Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
The COVID-19 pandemic affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems regarding transportation of drugs from one place to another.
The COVID-19 pandemic had a negative impact on the global medical tapes market. The COVID-19 epidemic caused surgeries to be postponed and cancelled, and the decline in surgeries resulted in a decline in the demand for medical recordings. For instance, in April 2020, according to an article published by the World Journal of Emergency Surgery, there was decrease in the elective surgeries during the COVID-19 restrictions.
Global Medical Tapes Market: Key Developments
On March 3, 2023, Bactiguard, a global medtech company, announced the launch of its wound care offerings in the U.K. and Ireland, in collaboration with Quintess Medical and its partner, GS Medical, a full-service medical sales, and distribution firm. The collaboration will not only bring Bactiguard’s Wound Care product range to even more patients and end-users, but also further strengthen Bactiguard’s position in the wound care market. The market for wound care in the U.K. was valued at around US $ 1087.94 million in 2022 and is expected to grow over the coming years.
In July 2022, Smith+Nephew, the global medical technology company, announced the launch of WOUND COMPASS Clinical Support App. WOUND COMPASS Clinical Support App is a comprehensive digital support tool for health care professionals that aids wound assessment and decision-making to help reduce practice variation.
In October 2021, MolecuLight Inc., a Canada-based advanced wound care solutions company, announced the launch of MolecuLightDX, a new point-of-care device model targeted at the unique needs of new expanding wound care market in the U.S. The DX is an expansion of MolecuLightDX’s product line and compliments the MolecuLight i:X, the “workhorse” wound imaging device that has quickly become a standard in wound care practices worldwide, with over 2,000 units sold.
Browse 34 Market Data Tables and 26 Figures spread through 176 Pages and in-depth TOC on “Global Medical Tapes Market”, By Product Type (Adhesive Tapes, Elastic Tapes, Silicone Tapes, Paper Tapes, and Silk Cloth Tapes), By Application (Wounds and Injuries, Surgeries and Securement), By End User (Hospitals, Ambulatory Surgical Centers, Clinics, and Home Care Setting), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/medical-tapes-market-3794
Key Takeaways of the Global Medical Tapes Market:
- Global medical tapes market is expected to exhibit a CAGR of 3.9% during the forecast period. The collaboration with emerging economies offers lucrative growth opportunities for players in the global medical tapes market.
- Among application, the surgeries and securement segment is expected to hold a dominant position in the global medical tapes market during the forecast period due to increasing prevalence of road accidents. For instance, in September 2022, according to the U.K. public sector information website gov.uk, there will likely be 27,450 fatalities and serious injuries (KSI) in 2021, translating to 5.2 fatalities per billion vehicle miles, up from 5.2 in 2019 and down from 5.2 in 2020.
- Among product type, the adhesive tape segment is expected to hold a dominant position in the global medical tapes market during the forecast period and due to increasing injuries and wounds. For instance in January 2021, according to the National Safety Council (NSC), 62 million people - about one in five - sought medical attention for an injury. The death rate in 2021 was 67.8 per 100,000 people - an 11.9% increase from 2020 and a 99% increase over 1992 (the lowest rate on record, 34.0 per 100,000). Comparing 2021 to 2020, home deaths increased by 13.0%, motor-vehicle deaths increased by 11.0%, public deaths increased by 10.5%, and work deaths increased by 8.8%.
- Among region, North America is expected to be the dominant region in the global medical tapes market owing to increasing number of product launches. For instance, in April 2021, 3M, an multinational conglomerate operating in the fields of industry, worker safety, healthcare, and consumer goods, announced the launch of silicone adhesives that balances strength, flexibility, and comfort, 2484 3M Single Coated Medical Film Tape with Hi-Tack Silicone Adhesive on Liner. 2484 3M Hi-Tack Silicone Adhesive is good, conformable, enables up to a seven-day wear time, and minimizes skin cell removal, making it the ideal candidate for applications on fragile skin.
- The major players operating in the global medical devices market include 3M, Johnson & Johnson Services, Inc., Paul Hartmann AG, Scapa Group Ltd (Acquired by Mativ), Milliken, ATL Corp., Medtronic, Medline Industries, LP, Cardinal Health, Smith+Nephew, and McKesson Corporation
