New York:, Feb. 02, 2023 (GLOBE NEWSWIRE) -- As per this new industry analysis by Persistence Market Research, the global adhesive bandages market was valued at US$ 452.5 million in 2021 and is projected to exhibit a CAGR of 3.1% between 2022 and 2032. Adhesive Bandages Market is expected to reach US$ 634.4 million by the end of 2032,
Sports injuries can cause fractured bones, cuts, bruises, strains, sprains, tears, and other disorders. Increase in the number of injuries caused by leisure activities such as cycling and other sports is set to drive the demand for adhesive bandages. Soft tissue, cartilage, and skin injuries are becoming more frequent.
The market is also projected to grow due to the increasing number of surgeries that result in surgical wounds would. Due to COVID-induced lockdowns, it was observed that there was a 48% decrease in surgical volumes in the United States. However, as things opened up, surgery rates rebounded rapidly.
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Increasing age slows down the healing process. High risk of chronic disease in the aging population makes them more susceptible to chronic wounds. Also, other problems such as heart and blood vessel issues that arise with growing age limit the supply of nutrients to the wounds, making them worse. This rise in the aging population marks an opportunity for market growth.
As a result of the increasing demand for adhesive bandages across the world, key market players are focusing on product innovation & development and the launch of bandages with different themes.
For instance:
- On June 15, 2021, Johnson & Johnson launched new OURTONE™ strips. These strips are available in three shades of brown, giving communities of color more bandage alternatives.
Key Takeaways from Market Study
- In 2021, medicated adhesive bandages accounted for 65.4% share of the market owing to the increase in the number of accidents.
- Due to increasing demand for safe, convenient, and efficient adhesive bandages, the woven fabric materials segment dominated the market with 46.9% market share.
- The wound management segment led the application category, accounting for 40.1% market share.
- Hospital pharmacies dominated the distribution channel category with a market share of 44.3%.
- North America topped the list by region with a market share of 35.4% at the end of 2021.
“The adhesive bandages market is anticipated to see steady growth over the forecast period owing to the increasing number of injuries & chronic wounds and surgical procedures being carried out across the world,” according to a researcher of Persistence Market Research.
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Market Competition
- 3M Company
- Cardinal Health Inc.
- ConvaTec Group Plc
- B. Braun SE
- Beiersdorf Aktiengesellschaft
- Dynarex Corp.
- Johnson and Johnson
- Medline Industries Inc.
- Medtronic Plc
- Smith and Nephew plc
- Nitto Denko Corporation
Product development technologies, partnerships, collaborations, mergers, and acquisitions are being prioritized by key market participants such as Medline Industries Inc. and Elkem who are manufacturing and bringing new products into their portfolios.
- A strategic alliance was formed in November 2021 between Curad, a registered trademark of Medline Industries, and renowned illustrator and artist Kendra Dandy. As a part of the partnership, her unique artwork will be shown on CURAD's traditional adhesive bandages. With the intention of healing in style, the new bandage range features motifs including pineapple, papaya, banana, and dragon fruit.
- In February 2021, Elkem agreed to purchase a brand new facility in France near Lyon that was specially created for the production of highly specialized organo functional silicones (OFS).
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the adhesive bandages market in its latest study, presenting a historical demand assessment of 2012 to 2021 and projections for 2022 to 2032.
The research study is
- based on the product type (medicated, non-medicated), material (woven fabric, latex strips, others),
- based on the application (wound management, edema control, pain management, orthopedic management, others),
- based on the distribution channel (hospitals pharmacies, retail pharmacies, online pharmacies), across seven key regions of the world.
For additional insights on how the growth of the adhesive bandages market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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Our expert team of industry analysts comprising management graduates, medical professionals, engineers, and project managers provides insights on emerging therapy areas, diagnostic tools, medical devices and components, reimbursement and market access, biotechnology, and life science research products and services to equip decision-makers with sound inputs and strategic recommendations.
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