October 06, 2022 06:01 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Oct. 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, 2021-2028". 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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The report provides factual information and statistical data about market development and recent trends in the industry. Also, the report highlights the impact of COVID-19 on the market development and business growth strategies to overcome the losses faced during the pandemic. Furthermore, drivers and restraints affecting the market growth are discussed in the report to analyze potential market growth opportunities. The report aims to provide complete information regarding market development and optimum business strategies implemented by the key players.
Increasing Number of Hospitals To Stimulate Market Growth
The market is expected to witness prominent growth during the forecast period, owing to increasing number of hospitals in the segmented regions. Also, developing healthcare infrastructure in developed and developing countries is expected to boost the product demand in the coming years. Furthermore, surgical procedures have increased post-pandemic, thereby increasing product demand and ensuring market growth. Rising technological advancements encourage the key players to adopt new technical alternatives and enhance their product portfolio. These factors are likely to ensure the global medical tape market growth during the projected period.
However, skin damages and nosocomial infections may hinder market growth during the projected period.
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Wound Care Segment Dominates Market During Forecast Period
By material, the market is divided into paper, plastic, fabric, and others.
On the basis of application, the market is segmented into post-operative care, wound care, IV set placement, others.
Based on end-user, the market is segregated into hospitals & ASCs, clinics, and others.
By geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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North America Dominates Global Market Due to Developing Healthcare Infrastructure
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.
Brand Acquisition Allow Key Players to Propel Growth
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.
List of Key Players Mentioned in the Report:
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