The global medical tapes and bandages market is anticipated to reach USD 10.97 billion by 2025, according to Grand View Research. The increasing geriatric population is resulting in increased incidence of chronic diseases and injuries, rising prevalence of ulcers, diabetic foot, and surgical procedures. These are among the key factors that are driving the market growth. According to estimates published by the WHO, the global population base pertaining to the age group 60 years and over, is expected to reach 2 billion in 2050.
Increasing incidence of diseases such as pressure ulcers, diabetic ulcers, and venous stasis ulcers is likely to propel the growth in demand for advanced wound care products for treating these conditions. According to the data by National Center for Biotechnology Information, in early 2017, chronic wounds affected ~5.7 million patients in the United States, and are estimated to cost USD 20 billion annually, thus impacting the market growth positively.
The bandages segment accounted for the largest share in 2016 owing to the rising number of surgical procedures and rise in medical conditions. The surgical wound treatment segment is anticipated to dominate the market in the years to come. The growth of this segment can be attributed to the increasing prevalence of diabetic foot, chronic heart disease, and lifestyle disorders resulting in rise in surgical procedures.