The global medical tapes market is likely to expand through 2024, a Persistence Market Research report found, according to medGadget.
Here are six key points:
1. From 2016 to 2024, report analysts expect the market to increase at a 5.8 percent compound annual growth rate.
2. Factors fueling market growth include rising prevalence of healthcare-acquired infections, more innovation, increasing patient safety concerns among clinicians and the development of single patient use tapes.
3. Increasing adoption of alternative treatment methods and insufficient guidelines on proper medical tape selection and use may hinder market growth.
4. The report expects the hospitals segment to hold a 44.6 percent market share by the end of 2016 due to a high number of hospitalizations.
5. By 2024, North America and the Asia Pacific region are likely to hold a more than 60 percent revenue share.
6. Companies operating in the market include:
● Maplewood, Minn.-based 3M
● New Brunswick, N.J.-based Johnson & Johnson
● Paul Hartmann in Heidenheim an der Brenz, Germany
● Scapa Group in Ashton-under-Lyne, United Kingdom
● Salisbury, Mass.-based Andover Healthcare
● Ad Tape & Label in Menomonee Falls, Wis.
● Dublin-based Medtronic
