Global Medical Tapes Market to Witness 5.8% CAGR by 2024

(Newswire.net — June 21, 2017) New York City, New York — Persistence Market Research (PMR) in its report, anticipates the global medical tapes market to reach 5.8% CAGR during 2016-2024. The report also include some of the key trends and factors expected to influence the medical tapes market.

Major factors and trends driving the growth of medical tapes market globally

Factors such as manufacturers extending the product line, rise in Healthcare Acquired Infections (HAIs), clinicians concerned about safety of patients, growth in the development of single patient use tapes and the increase in innovation are contributing in the growth of medical tapes market.

Key trends driving the growth of medical tapes market include increasing awareness among patient and physicians on the use of medical tape for securement, growth in the incidence of injuries, burns and wounds. In order to increase the market share, manufacturers are also focusing on introducing new products with enhanced safety.

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However, with the rise in Medical Adhesive Related Skin Injuries (MARSI), absence of guidelines for using medical tapes and rise in adoption of alternative treatment methods are anticipated to restrict the development of medical tapes market globally.

Silk cloth medical tapes product type to register 5.0% CAGR in terms of value

The report is divided on the basis of the application, product type, region and distribution channel. Product type segment includes elastic tapes, adhesive tapes, silk cloth tapes, silicone tapes and paper tapes. Among all these, silk cloth medical tapes segment is anticipated to be the largest segment in terms of value, reaching 5.0% CAGR during 2016-2024. Easy availability and growing use of silk cloth medical tapes in healthcare is boosting its growth. In terms of the most preferred product type by physicians and patients, silicon tapes is expected to grow, registering 6.6% CAGR between 2016 and 2024.

In terms of application, the market has been segmented into surgeries & securement and wounds & injuries. In 2015, the wounds & injuries segment accounted for 68.2% of revenue share in the global medical tapes market. The report expects the wounds & injuries segment to remain dominant during 2016-2024.

While hospitals segment on basis of distribution channel was anticipated to have 44.6% revenue share by the end of 2016 due to rise in a number of hospitalizations.

Latin America and Asia Pacific anticipated being the fastest growing emerging markets

The report has covered five major regions including Latin America, North America, Europe, Middle East & Africa and Asia Pacific. Latin America and Asia Pacific are expected to be the fastest growing markets in the global medical tapes market. Moreover, owing to the increasing number of patients and favorable market conditions, China and India are anticipated to dominate Asia Pacific medical tapes market.

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However, Asia Pacific and North America are estimated to account for 60% revenue share of global medical tapes market. While Asia Pacific is projected to reach 7.0% CAGR during 2016-2024. In most of the regions, silk cloth tapes act as a major contributor towards the revenue.

According to the report, most of the leading players are focusing on entering new markets to enhance their market share. Hence, these market players are introducing cost-effective and innovative medical tapes to strengthen their position in medical tapes market globally. Leading market players profiled in the report are Johnson & Johnson, 3M, Paul Hartmann AG, Andover Healthcare Inc., Scapa Group PLC, Medtronic Plc. and Ad Tape & Label.