Global Medical Tapes Market poised to reach US$ 1,671 Mn by 2023 with CAGR of 6.2%

The Global Medical Tapes Market poised to reach US$ 1,671 Mn by 2023 with CAGR of 6.2% over 2017-2023 owing to rising incidence of burns, wounds, and injuries”

Precision Business Insights (PBI) in its report titled “Global Medical Tapes Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2012-2016 and Forecast 2017-2023” assesses the market performance over six years forecast period over 2017-2023. The report analyses the market value forecast, historical market size analysis, and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
The global medical tapes market estimated to be valued at US$ 1,168 Mn in 2017 and projected to reach US$ 1,671 Mn by 2023 owing to increasing product launches such as medical tapes for sports injuries and skin sensitive tapes coupled rising concern over Hospital-Associated Injections (HAIs). Moreover, increasing physicians awareness regarding I.V tubes Securement and favorable patient dynamics are driving market revenue growth of medical tapes across the globe. However, rise in concerns like Medial Adhesive Related Skin Injuries (MARSI) and lack of usage guidelines are hampering the growth of medical tapes market.

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Global Medical Tapes market segmented on the basis of product type, application, end user, and geography
Silk Cloth Tapes Accounted for Higher Revenue Share
Based on product type medical tapes market segmented into silicone tapes, adhesive tapes, paper tapes, elastic tapes, and silk cloth tapes. Silk cloth tapes accounted for larger revenue share in 2016 and projected to decline over the forecast period. However, silicone tapes projected exhibit higher growth rate compared with other medical tapes, which is mainly attributed to associated safety benefits of the silicone tapes.
Asia-Pacific Leads the Global Medical Tapes Market
PBI’s medical tapes market report analyses the market in different geographies such as North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. According to regional analysis, Asia-Pacific accounted for larger revenue share through 2012-2016 and the same trend is projected to follow over 2017-2023. Asia-Pacific and Latin America regions projected to exhibit fastest growth rates among all regions owing to availability of large patient pool and untapped market in the regions.
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New Product Launch and Geographic Expansion Are the Key Strategies Adopted by Market Players
Medical Tapes market further reveals that the key players increasingly adopting new product launches and geographic expansion strategies to improve product offerings and gaining significant geographic presence across the regions. For instance, In 2015, 3M launched Nexcare Sensitive Skin collection, a new line of first aid products specially formulated for sensitive or fragile skin in US market
Key player’s profiles in the report are 3M Company (US), Avery Dennison Corporation (US), Johnson & Johnson (US), Medtronic Plc (Ireland), Nichiban Co., Ltd. (Japan), Nitto Denko Corporation (Japan), PAUL HARTMANN AG (Germany), Scapa Group PLC (UK), and Smith & Nephew Plc (UK)
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