Medical Tape Market 2023 Size, Share, Revenue Trends and Growth Drivers
The Medical Tape Market 2023 Size Forecast to 2030 research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data.
The global medical tape market size was USD 1.10 billion in 2020. The market is projected to grow from USD 1.14 billion in 2021 to USD 1.61 billion in 2028 at a CAGR of 5.0% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with medical tape witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a lower growth of 4.4% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. Medical Tape Market Size, Share & COVID-19 Impact Analysis, By Material (Paper, Fabric, Plastic, and Others), By Application (Wound Care, IV Set Placement, Post-Operative Care, and Others), By End-User (Clinics, Hospitals & ASCs, and Others), and Regional Forecast, 2021-2028
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Market Growth Drivers:
The increasing prevalence of chronic diseases, especially in the U.S., the U.K., China, and India, is projected to increase the number of hospital admissions. This is expected to fuel the demand for medical tape and grow the market. For instance, according to data estimated by Statista in 2021, the total number of hospitals increased from 5,724 in 2010 to a staggering 6,090 in 2018. Additionally, there is a higher number of inpatient hospitalization, which is increasing the adoption of medical consumables. The subsequent rise in adoption of tapes is projected to fuel the growth of the market. Also, major market players in developed and emerging countries are actively involved in the development of better tapes with an aim to provide better product offerings at an affordable cost. Hence, such initiatives are anticipated to drive the growth of the market during the study period.
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Who are the Major Medical Tape Market Vendors?
- Cardinal Health (Ohio, U.S.)
- 3M (Minnesota, U.S.)
- Beiersdorf (Hamburg, Germany)
- Smith and Nephew (London, U.K.)
- McKesson Corporation (Texas, U.S.)
- Medtronic PLC (Dublin, Ireland)
- Medline Industries (Illinois, U.S.)
- Avery Dennison Corporation (California, U.S.)
- Nichiban (Tokyo, Japan)
- Paul Hartmann AG (Heidenheim, Germany)
- Nitto Denko Corporation (Osaka, Japan)
- Scapa Group PLC (Ashton-under-Lyne, U.K.)
Market Share Analysis:
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favourable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period [2022 – 2029].
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