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25 February 2021, New York, USA – The global medical tapes and bandages market is expected to witness robust growth, thanks to rising demand for surgical wound dressing. According to the US Agency for Healthcare Research and Quality (AHRQ), every year more than 2.5 million patients develop pressure ulcers in the United States. A pressure ulcer is a serious concern among the rising population of elderly due to rising disability. Moreover, pressure ulcers can increase the risk of this vulnerable demographic to serious challenges like infections, immense pain, and increased reliance on healthcare. The infections or more specifically, hospital-acquired infections remain a serious concern in the United States. The center for Disease Prevention and Control (CDC) notes that HAIs are an important concern as it relates to morbidity and mortality in the United States. Each year, the HAIs result in significant increases in the United States’ expenditure on health, resulting in over 110,800 surgical site infections, in 2015. Moreover, one out of 25 patients is affected by HAIs in US hospitals today. The growing demand for the treatment of pressure ulcers, the rising population of the elderly, and growing advancements in medical tapes and bandages materials will promise robust growth during the 2021-2027 period.
Surgical Wounds in Chronic Treatment to Remain a Major Prospect for Growth
According to the 2002 forecast from the World Health Organization, chronic disease remains the leading cause of disability, and death worldwide. Major chronic diseases led to 60% of all deaths globally, and 43% of the burden in 2002. The statistics remain grim in 2020, as organizations like CDC aim to control the spread of chronic diseases in key markets like the United States. For example, according to the CDC, 6 in 10 adults in the United States are suffering from chronic illnesses, while 4 in 10 exhibits two more chronic illnesses. Furthermore, chronic illnesses remain the leading cause of disability and death in the United States, while bringing healthcare in the country to its knees with, $3.8 trillion in costs each year. Furthermore, wound dressing promises a major relief for patients, with advanced medical treatments. Today, the technology to repair skin lesions exists. Moreover, today’s technology in wearable can engage inpatient monitoring to diagnose medical wounds at early stages, treat chronic wound symptoms, reduce infection in a non-invasive manner, and provide patients with an accelerated path to rehabilitation. The growing incidences of chronic care, the rising economic burden on healthcare, and increased advancements in wound dressing promise major growth for the global medical tapes and bandages market.
Rising Efficacy of Medical Treatments Across Europe Remains a Key Driver for Growth
According to Eurostat, the results due to accidents in Europe in 2016 amounted to over 1,46,000. Moreover, despite the precious loss of lives, the total numbers remained a low (3.2%) of the total number of injuries. The growing efficacy of European healthcare systems and rise in advancements in surgical treatment as well as wound dressing remain an important drivers of rehabilitation in the EU. Moreover, due to the rising elderly population in the EU, chronic diseases also continue to increase in incidences and impact across Europe. According to Eurostat, over 1.2 million Europeans died from cancer in the EU in 2016, accounting for more than one-quarter (25.8%) of all deaths across the continent. Moreover, work-related injuries are also on the rise in the EU. According to Eurostat, there were over 3,332 fatal accidents at work in the EU in 2018, an increase of 60 deaths compared to the year before. Moreover, almost three-quarters of all accidents resulted in wounds, injuries, sprains, strains, concussions, and internal injuries. The rise of a sedentary lifestyle, growing accidents at work, rising efficacy of healthcare, and advanced wound dressing solutions will promise major growth for the global medical tapes and bandages market.
Rising Sports Injuries to Remain a Key Driver of Growth
According to Stanfordchildrens.org, over 30 million children in the US participated in form of organized sports each year. Moreover, this results in over 3.5 million injuries each year, with increased downtime of participating, and almost one-third of these injuries are sports-related. According to the American Academy of Paediatrics, death from sports injury remains rare, while brain injury remains a leading cause of death. Furthermore, 50% of injuries occur during sports, and recreational activities like skating, skateboarding, and bicycling. The organization also notes that more than 7,75,000 children under the age of 14 are treated at emergency rooms for sports-related injuries each year. Most of these injuries occur due to falls, being struck by an object, collisions, and overexertion. Incidences of injuries due to bicycle-related injuries, playground, sports occur most often among children aged between 5-14 years olds. Most organized sports-related injuries also occur during practice (62%). The growing incidences of sports-related injuries increased minimal-invasive surgery treatment options, and a high-insured rate for children across key countries like the United States remains a promising draw for growth for players in the global medical tapes and bandages market.
Asia Pacific Region Likely to Register Growth at Fastest CAGR
Rising disposable incomes, expanding access to healthcare facilities, and large population will likely drive robust growth in the Asia Pacific region for players in the global medical tapes and bandages market. The region remains home to countries like India, wherein road accidents, fires still remain major concerns. For example, according to the Ministry of Road Transport and Highways in India, accident related deaths in India accounted for 1,51,113 in 2019, with over 449,002 accident incidents during the 2019-2020 period. The rising initiatives to curb road accidents resulted in 0.20% less deaths in the next year. The growing demand for wound dressing in the country, with high numbers of accidents, burn victims, due to large population, and growing disposable income will promise major growth for players in the global medical tapes and bandages market.
The global medical tapes and bandages market remains an innovative, and promising landscape. Some key players in the global medical tapes and bandages market are, Mölnlycke Health Care AB, Smith & Nephew PLC, Medtronic, Ethicon Inc. (JOHNSON & JOHNSON), Beiersdorf AG, 3M, and Urgo Medical.
The Global Medical Tapes and Bandages Market Report is Segmented as Below:
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