10 March 2021
Visiongain has published a new report on Adhesive Bandages Market Report to 2031: Forecasts By Product Type (Cohesive Fabric Bandages and Flexible Fixation Bandages), By Application (Wound Management, Orthopedic Support, Pain Management, Sports and Athletic Wraps, and Other Applications), By End User (Hospitals/Clinics, Ambulatory Centers, and Other) PLUS COVID-19 Recovery Scenarios.
Global Adhesive Bandages market size is projected to reach US$ XX Million in 2021 and is expected to display strong revenue growth through to 2031.
COVID-19 Impact on Adhesive Bandages Market
The impact of the COVID-19 virus outbreak on certain medical products is estimated to be more prominent due to a decline in non-emergency medical care services and procedures. Over 2 million non-emergency procedures were canceled in the United Kingdom to free up healthcare resources to battle against this virus outbreak. Likewise, the hospitals witnessed a 30-60% drop in hospital visits after the declaration of the pandemic in the United States. As per the statistics published by Tissue Analytics, Inc., from March to April 2020, around a 40% decline has been seen in the hospital visits in wound centers compared to 2019.
Countries altogether have moved healthcare resources such as nurses, hospital beds, medical devices, and essential personnel for the management of patients with coronavirus. This has caused the exception of wound care from the crucial procedures list in most countries. Healthcare facilities with hospitals with dedicated wound care departments and specialized wound care clinics have been shut with the number of beds available in this situation as they are being used for COVID-19 patients. This has affected the patient visits to wound care centers, and casualty departments, mainly in the United States and European countries.
Growing Incidence of Chronic and Acute Wounds to Boost the Demand for Adhesive Bandages Products
Worldwide, the growing incidence of chronic wounds including traumatic and surgical wounds is likely to upsurge the number of patients go through wound care treatment hence eventually demand adhesive bandages to heal quickly from the injuries. According to the group purchasing organization – Prime Source, around 6.5 million people are with chronic wounds in the U.S. The total cost burden of wounds in the U.S. is $39 billion annually.
Similarly, as per the CDC, in the U.S., the total incidence of surgical wounds was nearly 2.8% in 2018. Thus, the rising incidence of hard-to-heal wounds upsurges the demand for these products to heal from acute and chronic injuries and consequently, pushing the global Adhesive Bandage market growth in the forecasted period. The adhesive bandages market is also expected to gain traction due to the rising incidence of adventure activities, sports injuries, recreational activities, and road accidents.
Launch of Adhesive Bandage Products is Driving the Target Industry Growth
The continuous launch of new products by key players to maintain their presence in the market is anticipated to have a positive impact on the target industry growth. For instance, on 16th June 2020, Band-Aid which is a part of Johnson & Johnson launched bandages to "embrace the beauty of diverse skin". The company introduced a range of adhesive bandages in different shades to make its product portfolio more racially inclusive. The company launched its five different shades of adhesive strips on social media show its pledge to endorsing diversity and in support of those protesting for racial impartiality.
Therefore, rising spending in research & development activities and the launch of innovative wound healing products by companies operating in the industry are anticipated to eye witness significant growth.
Growing Awareness in Diabetic-Related Risks
People are looking for an imperative and effective cure for chronic wounds such as diabetic ulcers, vascular ulcers (e.g., venous and arterial ulcers), and pressure ulcers (PUs). Growing awareness is associated with the prevention of sepsis in people with diabetes. People are at high risk to develop sepsis and thus, it will create a lucrative opportunity for the global players to introduce different types and shades of adhesive bandages.
The key players operating in the Adhesive Bandages market are Johnson & Johnson, Medline Industries, Inc., 3M, Beiersdorf Aktiengesellschaft, Smith & Nephew plc, Essity Aktiebolag(publ) / (BSN Medical), Cardinal Health Inc., Detectaplast, ConvaTec, Inc., and DYNAREX Corporation.
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