Market Leader - Medical Tapes and Bandages Market
The medical tapes and bandages market is projected to reach USD 8.6 Billion by 2026 from USD 7.1 Billion in 2021, at a CAGR of 4.0 % during the forecast period. The rising number of surgeries, increasing incidence of chronic wounds, and rising geriatric population are the major factors that are expected to drive the growth of the medical tapes and bandages market during the forecast period. However, the rising awareness about advanced wound care products is expected to restrain market growth in the coming years.
The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2017–2021 to expand their global presence and increase their market shares in medical tapes and bandages market. The key growth strategies adopted by the top players in the market include product launches and approvals, agreements, expansions, and acquisitions. Acquisitions were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market. In 2020, the medical tapes and bandages market was dominated by 3M Company (US), Johnson & Johnson (US), Cardinal Health Inc. (US), Medline Industries Inc. (US), and Essity (Sweden).
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As of 2020, 3M Company (US) holds the leading position in the global medical tapes and bandages market. 3M is a prominent player in the medical tapes and bandages market, owing to its long presence, strong brand recognition, and broad product portfolio. The company mainly focuses on developing new and innovative products to expand its portfolio and address the unmet needs of healthcare professionals and patients. The company is focused on launching newer products and enhancing its current offerings, along with diversifying the product portfolio through acquisitions of promising players in the wound care market. Furthermore, through its R&D efforts, the company offers its customers a wide range of innovative products. All these developments and continuous organic and inorganic growth will further augment the progress of the company.
Johnson & Johnson (US) is one of the leading players in the global medical tapes and bandages market. The company has a broad portfolio of medical bandages and tapes along with medical gauzes and other devices. Moreover, Johnson & Johnson has a strong presence across the globe. The brand BAND-AID has been renowned over the years and is the number one recommended doctor’s choice when it comes to first-aid and home-care settings wound management. Johnson & Johnson also enjoys a great amount of brand loyalty and thus caters to a large customer base. This will definitely help the company in the long term in terms of market capitalization.
Cardinal Health (US) is a key player in the medical tape and bandages market. The company has a broad medical equipment product portfolio, which includes infection control supplies, patient care consumables, wound management products, anesthesia supplies, and others. The company could expand in other markets to broaden its revenue generation, such as countries in Europe, Asia, and Latin America.
Related Reports:
Medical Tapes and Bandages Market by Product (Tape(Fabric, Paper, Plastic), Bandage(Gauze, Adhesive, Cohesive, Elastic, Compression)), Application (Surgery, Trauma, Ulcer, Sports, Burns), Enduser (Hospital, ASC, Clinic, Homecare) - Global Forecast to 2026
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