Adhesive Bandages Market likely to surpass US$ 4 billion in Value by 2031, registering a CAGR of 4.4%: TMR Report

Wilmington, Delaware, United States, July 21, 2023 (GLOBE NEWSWIRE) -- The global adhesive bandages market is anticipated to register a CAGR of 4.4% from 2023 to 2031, expected to reach a valuation of US$ 4.3 billion.

According to Transparency Market Research, the growth in adhesive bandages sales is majorly attributed to an increase in the prevalence of injuries associated with outdoor activities such as sports or trekking and a rise in the number of accidental injuries.

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According to Stanford Children’s Health, nearly 3.5 million children and adolescents aged 14 and younger get hurt annually while playing a sport or participating in recreational activities in the United States. According to the World Health Organization every year, around 1.35 million people die due to road accidents globally, and between 20 million and 50 million people suffer non-fatal injuries, with a large number incurring a disability as a result of the injury. This is expected to drive the demand for adhesive bandages.

In recent years, workplace safety has gained significant importance. There have been numerous instances of employees injuring themselves in dangerous work environments, such as factories, mines, or oil rigs to name a few. As per data from the National Safety Council, every 7 seconds, a worker is injured on the job. Nearly 26% of accidents happen as a result of slips, trips, and falls, while another 26% get injured due to contact with objects and equipment. To prevent such incidents, demand for adhesive bandages is rising substantially.

Key Takeaways from the Market Report

• As of 2022, the global adhesive bandages market was valued at US$ 2.92 billion
• By 2023-end, a valuation of US$ 3.05 billion has been anticipated for the market on adhesive bandages
• A y-o-y growth rate of around 4.5% was expected for the adhesive bandages market from 2022 to 2023
• By product type, medicated bandages are expected to garner higher sales, expected to increase at a CAGR of over 3%
• By material, woven fabrics held over 45% of the total demand in 2022. However, plastic bandages are expected to surge in popularity
• Wound management is likely to be the key indication area for adhesive bandages
• From 2023 to 2031, the market for adhesive bandages is expected to grow by 1.4x
  

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Adhesive Bandages Market: Key Expansion Drivers

• An increasing prevalence of chronic wounds is expected to accelerate the demand for adhesive bandages. Chronic wounds are major injuries that take time to heal through the typical stages of wound healing. Age causes a slowdown in the wound-healing process. Hence, bandages are needed to speed up the healing process
• Additionally, the aging population sees an increased risk of chronic illnesses due to the body's inherent incapacity to heal. Cardiovascular conditions such as peripheral arterial disease (PAD), coronary artery disease (CAD), and other heart and blood vessel problems limit the supply of blood, oxygen, and nutrients to the wound, which slows the healing process.
• Muscle injuries, skin injuries, soft tissue injuries, cartilage injuries, and fascia are becoming more common as a result of the increasing popularity of leisure activities such as cycling, camping, jogging, and other sports. Consequently, wound dressings requiring bandaging are becoming prevalent.
  

Adhesive Bandages Market: Regional Profile

• North America is expected to be a prominent market for adhesive bandage sales. Within North America, the United States accounts for over 1/5^th of all adhesive bandage demand. Stringent workplace safety regulations and an increase in sports and medical injuries is driving demand
• The market in Asia Pacific is likely to be driven by the rise in patient pool affected by different recreational, work-related, and domestic injuries; increase in the geriatric population; and surge in awareness about wound infections in China, India, Japan, and Australia.

Competitive Landscape

The adhesive bandages market report concludes with the company profiles section that includes key information about the prominent players in the global adhesive bandages market. Market participants focus on strategies such as new product launches, mergers & acquisitions, and partnerships to strengthen their market position. Some prominent players profiled in the report are:

• 3M
• Beiersdorf AG (Maxingvest AG)
• Cardinal Health, Inc.
• ConvaTec, Inc.
• Dynarex Corporation
• Essity Aktiebolag (publ)
• Johnson & Johnson Consumer Inc.
• Medline Industries, LP
• Ortho Medic Care NV
• Smith & Nephew Plc.

Key Market Developments

• In August 2021, Elkem ASA launched silicone adhesive solutions: Silbione MED ADH 4213 and Silbione Biomedical ADH2 M213. These are two-component platinum-catalyzed silicone adhesives designed specifically for applications requiring a tough elastic bond between various substrates.
• In May 2018, Beiersdorf AG entered into a strategic partnership with NetEase Kaola, a China-based online retail platform, for cross-border trade and online sale of its consumer products, especially Hansaplast and Nivea

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Key Segments Covered

Product Type

• Medicated Bandages
  • Cohesive Fabric Bandages
  • Flexible Fixation Bandages
• Non-medicated Bandages
  • Cohesive Fabric Bandages
  • Flexible Fixation Bandages

Material

• Woven Fabric
• Plastic
• Latex Strip
• Others

Indication

• Wound Management
• Edema Control & Pain Management
• Orthopedic Support
• Sports & Athletic Wraps
• Others
  

Distribution Channel

• Hospitals & Clinics
• Retail Stores
• E-commerce
• Others

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
  

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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