The medical tape market will revolve around the point of service

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 key drivers and trends that are likely to influence the market over the forecast period (2016 – 2024).

The global medical tape market is expected to register a CAGR of 5.8% during the forecast period 2016-2024. In this report, the global medical tape market is tracked in terms of value and calibrated to derive market revenue estimates.

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Company Profile

3M
Johnson & Johnson
Paul Hartmann AG.
Scapa Group PLC
Andover Health Inc.
advertising tape and label
Medtronic
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Market dynamics

The increasing incidence of healthcare acquired infections (HAI), product line extensions from manufacturers, increasing innovation, concerns about patient safety among clinicians and the development of single-use strips are factors which are currently driving the growth of the global medical tape market.

Other trends driving the growth of the market are rising awareness of the use of medical tapes for securing among doctors and patients and increasing incidence of wounds, burns and injuries. Additionally, medical tape manufacturers in the global medical tape market are focusing on introducing differential products with improved safety and applications to increase their market share.

However, adoption of alternative treatment methods, rising incidence of medical adhesive related skin injury (MARSI), and lack of guidelines regarding proper selection and usage of medical tapes are expected to hamper the growth of the global market medical tapes.

Market forecasts

The global medical tape market is segmented on the basis of product type, application, distribution channel, and region. Based on product type, the market has been segmented into adhesive tapes, elastic tapes, silicone tapes, paper tapes, and silk fabric tapes. The silk fabric medical tape segment is expected to remain the largest segment, registering a CAGR of 5.0% in value during the forecast period.

The wider application of silk fabric medical tapes in various health care conditions and their easier availability are expected to contribute to their growing popularity. The silicone tape segment is expected to become the preferred product type for patients and doctors 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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Based on application, the global medical tape market has been segmented into Wounds & Injuries and Surgeries & Securing. The wounds and injuries segment dominated the global medical tape market in terms of revenue in 2015 and is expected to continue to do so throughout the forecast period. The hospital segment is estimated to account for 44.6% of the global medical tape market revenue by the end of 2016 owing to the increase in the number of hospitalizations.

Based on region, the market has been segmented into North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. This report assesses the trends driving each market segment and offers analysis and insights into the medical tape potential in specific regions. Asia-Pacific is estimated to dominate the global medical tape market with maximum value share of the overall market by the end of 2016.

By 2024, North America and Asia-Pacific markets are expected to account for more than 60% of the global medical tapes market revenue. 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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This press release was published on openPR.