Bandages Market - Size, Trends, Outlook, and Opportunity Analysis, 2019–2026
Bandage is a strip of woven material used to bind up the wound and protect the injured part of the body. The main function of bandages is to provide support to the dressing placed on to a particular part of the body to restrict the movement of that part which further leads to reduction in pain or swelling. Bandages are available in a wide range of types, from generic cloth strips to specialized shaped bandages, which are designed for a specific limb or part of the body.
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Bandages Market- Dynamics
The market of medical bandages is expected to grow at a significant pace owing to growing number of surgical procedures and increase in medical causalities. According to Journal of Diabetes Research, in 2018, global prevalence of diabetes developing the lifetime risk of person with foot ulcer is 25%. This is expected to propel demand for advanced wound care products or bandages which provide relief after treatment of a fresh or moist wound.
The innovations by key players in bandages which are used for covering up the cuts and scrapes, is another factor that is expected to boost the market growth. For instance, in 2017, Johnson & Johnson innovated Skin-Flex, a new BAND-AID brand bandage that stay on for 24 hours. One of the properties of this bandage is that it dries instantly and also stays on for 24 hours, even after exposure to water during hand washing.
Furthermore, approvals from regulatory bodies is expected to propel the bandages market growth. For instance, in February 2019, Axiostat, a wound care product developed in India by Axio Biosolutions, received U.S. Food and Drug Administration approval. The bandage is designed to stop uncontrolled bleeding from wounds.
Moreover, increasing incidence of chronic diseases such as diabetic ulcers, pressure ulcers, and rising geriatric population are factors driving the bandages market. According to the American Burn Association (ABA), in 2016, 486,000 burn injuries received the medical treatment in the US. The prevalence of burn cases in addition to the burden of surgeries and trauma cases are expected to drive growth of the bandages market throughout the forecast period.
Rising awareness of advance wound care products, which serve as an alternative to bandages, may restrain growth of the global bandages market. Advanced wound care products are able to effectively reduce the time of wound healing which may hinder demand in the bandages market.
Bandages Market- Regional Dynamics
Regional segmentation of the global bandages market includes North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold a dominant position in the global bandages market over the forecast period, owing to a rising number of orthopedic procedures being carried out in the U.S. In 2018, the global bandages market was dominated by North America due to increasing incidence of chronic wounds, reimbursement policies, and increasing geriatric population.
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Moreover, key players in the global bandages market are engaged in business strategies such as partnerships and product development such as new wound dressing for treatment of chronic and non-chronic wounds ranging from diabetic foot and pressure ulcers, venous leg ulcers, to trauma wounds and surgical wounds. For instance, on December 2017, Navamedic ASA announced that it has entered into an agreement with Chemviron Carbon Ltd. for the launch and commercialization of Zorflex, a 100% activated carbon wound contact dressing which helps to accelerate the treatment of chronic and non-chronic wounds.
Asia Pacific is projected to be the fastest growing market over the forecast period due to the presence of key players and healthcare organizations in the region, as well as the rise in geriatric and diabetes prone population.
Bandages Market- Competitive Analysis
Key players operating in the global bandages market include 3M, Medtronic, Derma Sciences Inc., Johnson and Johnson Consumer Inc., Medline Industries Inc., B. Braun Melsungen AG, Smith & Nephew, Avcor Healthcare Products, Lohmann & Rauscher and Dermarite Industries, LLC.
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