(MENAFN- iCrowdNewsWire) The Medical Tapes Market will be worth US$ 1,757.2 Million at a CAGR of 5.8% from 2024. With interconnected ecosystems taking the center stage, advancements in technology are bound to bring about a digital alteration in the healthcare vertical. Also, bio-based medications are on the anvil.
In a new report titled 'Medical Tapes Market: Global Industry Analysis and Forecast 2016 – 2024', Persistence Market Research analyzes the performance of the global medical tapes market over an eight-year period and provides insights on the key factors and trends likely to influence the market during the forecast period (2016 – 2024).
The global medical tapes market is expected to register a CAGR of 5.8% during the forecast period 2016–2024. In this report, the global medical tapes market is tracked in terms of value and is calibrated to obtain market revenue estimates.
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Company Profile
- 3M
- Johnson & Johnson
- Paul Hartmann AG.
- Scapa Group PLC
- Andover Healthcare Inc.
- Ad Tape & Label
- Medtronic
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Market dynamics
Rising incidences of Healthcare Acquired Infections (HAIs), product line extensions from manufacturers, increasing innovation, concern about patient safety among clinicians, and development of single patient use tapes are major factors driving the growth of the global medical tapes market currently.
Other trends boosting market growth are increasing awareness regarding the use of medical tapes for securement among physicians and patients and rising incidence of wounds , burns, and injuries. In addition, medical tapes manufacturers in the global medical tapes market are focusing on introducing differential products with enhanced safety and applications to increase their market share.
However, adoption of alternative treatment methods, increasing incidence of Medical Adhesive Related Skin Injuries (MARSI), and a lack of guidelines regarding proper selection and usage of medical tapes are expected to hamper the growth of the global medical tapes market.
Market forecast
The global medical tapes market is segmented based on product type, application, distribution channel, and region. On the basis of product type, the market has been segmented into adhesive tapes, elastic tapes, silicone tapes, paper tapes, and silk cloth tapes. The silk cloth medical tapes segment is expected to remain the largest segment, registering a CAGR of 5.0% in terms of value over the forecast period.
The wider application of silk cloth medical tapes in various healthcare conditions and easier availability is expected to contribute to their growing popularity. The silicone tapes segment is expected to emerge as the most preferred product type for both patients and physicians globally over the forecast period, and is expected to register a CAGR of 6.6% during the forecast period 2016-2024.
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On the basis of application, the global medical tapes market has been segmented into wounds & injuries and surgeries & securement. The wounds & injuries segment dominated the global medical tapes market in revenue terms in 2015 and is projected to continue to do so throughout the forecast period. The hospitals segment is estimated to account for 44.6% revenue share of the global medical tapes market by 2016 end owing to increased number of hospitalizations.
On the basis of region, the market has been segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. This report assesses trends driving each market segment and offers analysis and insights about the potential of medical tapes in specific regions. Asia Pacific is estimated to dominate the global medical tapes market with maximum value share of the overall market by the end of 2016.
By 2024, the North America and Asia Pacific markets are expected to account for over 60% revenue share of the global medical tapes market. In terms of value, Asia Pacific is estimated to be the dominant market, registering a CAGR of 7.0% over the forecast period.
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