Wound treatment varies with respect to innumerable factors that range from wound size, depth, cause, and others. Adhesive bandages mainly are small dressing materials used to cover and treat minor injuries and wounds. As these bandages remain in a great demand thanks to high occurrence of such injuries caused due to diversified reasons, a distinctive global adhesive bandages market exists from a global perspective.
As per expert analysts, the global adhesive bandages market was valued at around US$2900 mn in 2017. This valuation is expected to grow at a CAGR of 3.0% to 3.5% during the forecast period ranging from 2018 to 2026. The global adhesive bandages market is expected to clock revenue worth US$3800.0 mn by 2026.
Rapidly Proliferating Sporting Activities Keep Product Demand High
Cuts, burns, and abrasions keep on occurring due to various reasons. However, even if they are minor in comparison to deeper wounds, they need to be treated properly. This is where the use of appropriately sized bandages comes into picture, thereby boosting growth in the global adhesive bandages market.
With a rapidly expanding sports sector, the number of injuries caused to players and sportspersons is increasing too. This is majorly responsible for driving the global adhesive bandages market as minor injuries are everyday occurrences in this domain. Apart from sports, a rapid increase in recreational activities also is increasing among different age groups. This factor too stokes high demand in the adhesive bandage manufacturing.
Rising geriatric population also is a key factor promoting the global adhesive bandages market. This is mainly due to the fact that old-aged people are more prone to develop occurrences of small injuries. Lastly, incidences of work place injuries are also increasing tremendously owing to rising demand for construction and other industrial activities. Owing to such incidences, the demand for treatments in the adhesive bandages market is also increasing, thus stoking growth in the same.
Presence of Unreliable Brands Stumps Growth at a Certain Extent
However, the adhesive bandages market experiences a few challenges in spite of the above-described growth factors. Less availability of these bandages in remote regions is a major factor hampering the adhesive bandages market’s expansion rate. This is mainly due to difficulties that lie in ensuring that such bandages reach remote regions on a regular basis. In this case, locals might resort to conventional alternatives to treat minor injuries, thereby leading to a less demand. Moreover, few unreliable brands exist in this medical sector, whose products might cause allergic reactions when used. This could make customers shy away from using adhesive bandages and look out for other options, consequently hampering the global adhesive bandages market’s growth.
Nonetheless, several companies are focusing on improving their product qualities. In addition, manufacturers are looking forward to expand their geographical horizons too. Such opportunities could offset most restraints affecting the market’s growth.
Johnson & Johnson Consumer Inc., 3M, Beiersdorf AG, Smith & Nephew plc, ConvaTec, Inc., Cardinal Health, Medline Industries, Inc., DYNAREX Corporation, and Detectaplast, are key players operating in the global adhesive bandages market. The competitive landscape in this sector showcases a high intense environment with most players coming up with improved products over time. Main companies look forward to expand their empire by improving their brand value and sales. Over the course of time, the competition is expected to intensify further with increasing number of companies in the global adhesive bandages market.