April 06, 2022 07:48 ET | Source: Fortune Business Insights Fortune Business Insights

Pune, India, April 06, 2022 (GLOBE NEWSWIRE) -- The global market for medical tape is expected to rise during the forecast period due to increasing number of surgeries and utilization of these tapes. Fortune Business Insights™ publishes this information in a report titled, "Medical Tape Market, 2022-2028". As per the report, the medical tape market size was USD 1.10 billion in 2020. The market size is expected to rise from USD 1.14 billion in 2021 to USD 1.61 billion by 2028 at a CAGR of 5.0% during the projected period.

Medical tapes have rising demand and applications in wound care and wound supportive closure. These tapes are also highly used in patient monitoring and wearable devices such as electrode fixtures, ostomy bags, and splint attachments. Also, the tapes are selected on the basis of porosity, water resistance, shear strength, and adhesive strengths. Increasing utilization of these tapes in surgeries and the rising number of surgical procedures are expected to boost the market during the projected period.

December 2021: Boyd Corporation announced the acquisition of MBK Tape Solutions to expand wearable technologies such as biosensor, transdermal patches, and medical wearable expertise.

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North America holds the highest global medical tape market share during the forecast period. The region stood at USD 0.56 billion in 2020 and dominated the global market due to increasing hospital admissions. Also, the rising adoption of elective procedures is expected to dominate the market in the coming years.  

Europe holds the second-largest position in the global market. The increasing number of surgical procedures and rising demand for medical consumables are expected to drive the market in this region.

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Key players in the market implement several business growth strategies such as forming strategic alliances, partnerships, mergers, and acquisitions. These strategies allow key players to expand their business reach and implement innovative ideas to develop the products. Implementing innovative product development ideas allow key players to propel growth by attracting global customers and satisfying their needs. 

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The Report Lists the Key Companies in the Global Market

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