Plastic bandages are adhesive strip bandages commonly used for minor cuts, scrapes, and burns. They provide protection from external contamination and promote wound healing. With rising cases of accidents and injuries globally, the demand for wound healing products has increased considerably.
The global plastic bandages market is estimated to be valued at US$ 11.14 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The growing need for wound healing products is one of the major factors augmenting the plastic bandages market growth. Plastic bandages help protect wounds from potential infections and foreign debris, promoting uninterrupted healing. They provide breathable coverage over minor injuries and absorb drainage from wounds. With rising healthcare costs worldwide, plastic bandages offer a cost-effective solution for wound management compared to alternatives. Therefore, the increasing demand for affordable wound care options is estimated to drive the plastic bandages market during the forecast period.
SWOT Analysis
Strength: Plastic bandages are more flexible, waterproof and long-lasting as compared to cloth or gauze bandages. They maintain sterility and protect wounds from external contamination.
Weakness: Plastic bandages do not breathe well, which can cause accumulation of moisture underneath and irritation to wounds. They are not suitable for wounds with heavy exudate.
Opportunity: Growing incidences of burns, cuts and other minor wounds along with increasing healthcare expenditures in developing nations provide growth opportunities.
Threats: Availability of alternative wound care products like hydrocolloid bandages pose threats. Prices of raw materials are volatile which impacts production costs.
Key Takeaways
The Global Plastic Bandages Market Demand is expected to witness high growth over the forecast period. The global plastic bandages market is estimated to be valued at US$ 11.14 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
North America currently dominates the market owing to high prevalence of chronic wounds and favorable reimbursement policies. The Asia Pacific region is expected to witness highest growth in the plastic bandages market during the forecast period. This can be attributed to rising healthcare spending, increasing prevalence of chronic wounds, and growing geriatric population in the region. According to a UN report, the population aged over 60 years in Asia Pacific is projected to double to nearly 1.3 billion by 2050. Moreover, countries like China and India are predicted to have the largest aging population globally.
Key players operating in the plastic bandages market are Johnson & Johnson, BSN Medical, 3M, Acelity L.P. Inc., Medline Industries Inc., ConvaTec Inc., Lohmann & Rauscher GmbH & Co. KG, Nitto Denko Corporation, and B. Braun Melsungen AG. These players are focusing on new product launches and acquisitions to strengthen their market presence. For instance, in 2021, ConvaTec acquired Triad Life Sciences to expand its advanced wound care offerings.
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