The Medical Tapes and Bandages market is expected to witness a CAGR of 4.1% during the forecast period. Certain factors that are driving the market growth include rising incidence of wound infection and increasing patient safety concerns, and growing incidence of pressure ulcers, diabetic foot, and surgical procedures.
An increase in the number of surgical procedures is one of the key drivers boosting the medical tapes and bandages market’s growth. As recognized by WHO and several other international agencies, surgical care is inevitable to manage several health conditions, which include cardiovascular diseases, injuries, cancer, obstructed labor, birth defects, and other conditions.
In addition, Ulcerative Colitis (UC) has an uneven presence in major geographical regions across the world. It is common in most of Europe and North America and uncommon in most of the developing Asian countries. Hence all these factors are expected to fuel market growth over the forecast period.
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Key Market Trends
Application in Ulcer Treatment is Expected to Register a High Growth Rate
Diabetic Foot Ulcer (DFU) is one of the chronic wounds that are very common in diabetic patients. It is prevalent in nearly 15% to 20% of the diabetes patients (as per Dong-il Chun et al., Journal of Clinical Medicine 2019). Products range from normal saline to growth factors, ulcer dressings, and skin substitutes that have been shown to be highly effective in healing foot ulcers.
Moreover, the incidence of diabetes is also expected to increase in the future as per the International Diabetes Federation 2019 report. In 2019, there were 463 million diabetic patients worldwide, which is expected to increase to 578 million by 2030, as per the report statistics. Increasing the incidence of diabetes is also expected to increase the incidence of DFU, which will increase the demand for the medical tapes & bandages market. This is expected to help the market growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America has dominated the global market studied, in 2018. An increase in the number of road accidents and rising prevalence of chronic diseases are the major factors driving the growth of the market studied.
According to the data published by the Insurance Institute for Highway Safety, in 2016, there were 34,439 fatal motor vehicle crashes in the United States, out of which 37,461 deaths occurred. It resulted in 11.6 deaths per 100,000 people. In addition, every year, the US government spends a significant percentage of its GDP on healthcare.
According to a report published by the Organization for Economic Co-operation and Development (OECD), 2018, about 18% of the country’s GDP is spent on healthcare. Hence all these factors are expected to help the market growth.
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