Medical Tapes And Bandages Market – Industry Insights by Product and Application

The global medical tapes and bandages market size was valued at USD 8.78 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.5% from 2021 to 2028.

The global Medical Tapes And Bandages Market size is expected to reach USD 14.44 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.5% from 2021 to 2028. The increasing number of accidents, the impact of COVID-19, and technological advancements are the key factors driving the market.

Ambulatory surgery centers (ASCs) offer a variety of services, such as surgical care, diagnostics, and preventive procedures. Surgeries for pain management, urology, orthopedics, restorative, reconstructive, or alterative plastic surgeries and gastrointestinal (GI)-related surgeries are also performed in ambulatory surgery centers. Earlier, ASCs were only capable of performing GI-related minor surgeries, however, with an increase in the number of minimally invasive surgical procedures, services offered by ambulatory surgical centers expanded and grew exponentially. According to the U.S. Department of Health and Human Services (HHS) data records of 2016, there were 17.2 million hospital visits. These included invasive, therapeutic surgeries, and ambulatory surgeries. Around 9.94 million (57.8%) of these surgeries occurred in hospital-owned ambulatory surgery settings and the remaining 7.26 million surgeries (42.2%) were conducted in hospitals.

ASCs are increasing in number and they offer cost-effective services. In addition, favorable reimbursement coverages are being provided with regard to services provided by ASCs. The chances of contracting post-surgical, hospital-related infections are also reduced. ASCs provide specific instructions to patients regarding dressing and post-surgical homecare. Thus, with an increase in the number of ASCs and the number of surgeries being performed, demand for medical tapes and bandages is expected to increase.

Related Press Release @ Medical Tapes And Bandages Market Report

Medical Tapes And Bandages Market Report Highlights

• Based on product, the medical bandages segment held the largest share in 2020. The rising number of road accidents across the globe is the major factor propelling the segment growth
• On the basis of application, the surgical wound segment held the largest market share in 2020 and is expected to witness considerable growth over the forecast period due to the increasing number of surgeries
• By end use, the hospitals segment held the largest market share in 2020 owing to the increasing number of hospitals
• Asia Pacific is expected to witness the fastest growth over the forecast period owing to the rising prevalence of chronic wounds