Medical Gauze And Tapes Market Growth & Trends
The global medical gauze and tapes market size is expected to reach USD 8.7 billion by 2027, expanding at a CAGR of 4.2%, according to a new report by Grand View Research, Inc. The rising incidence of Hospital Acquired Infections (HAIs), rising prevalence of chronic diseases, and the increasing number of accident cases are the key driving factors driving the market. Increasing incidence of road accidents across the globe is anticipated to drive the market.
According to the Association for Safe International Road Travel (ASIRT) 2018, around 20 to 50 million people are injured or disabled every year, and 1.4 million people die in road accidents. According to the WHO, road traffic injuries are estimated to be the 9th leading cause of mortality, globally. The ASIRT also reported that in the U.S., more than 38,000 people die in road accidents per year and around 4.4 million are injured or disabled.
According to the Ministry of Road Transport and Highways, Government of India, in 2016, around 494,624 people were injured in road accidents. This number has increased by 25.6% from 2007 to 2017. In 2016, the states that recorded the highest number of road accidents were Uttar Pradesh (25,096), Tamil Nadu (82,163), Maharashtra (35,884), and Karnataka (54,556). This is anticipated to propel market growth over the forecast period. In some cases, road accidents result in amputations, which, in turn, are expected to boost the market growth. Moreover, according to the CDC, in the U.S., falls (52%) and road accidents (20%) are the first and second leading causes of all TBI-related hospitalizations, respectively. Thus, the increasing number of road accidents and falls is expected to fuel market growth during the forecast period.
Medical Gauze And Tapes Market Report Highlights
- In terms of revenue, the tapes segment held the largest revenue share in 2019 and is anticipated to witness significant growth over the forecast period. Increase in the use of medical tapes and rise in the awareness about the use of medical adhesive products in sports injuries are some of the factors driving segment growth
- Acute wounds segment held the largest market share in 2019 owing to the rising number of surgical procedures across the globe
- In Asia Pacific, the market is anticipated to witness the fastest growth over the forecast period owing to the rising number of surgeries and the presence of many local players.