Medical Adhesive Tapes Market Set to Reach $11.5 Billion Valuation by 2026
The global medical adhesive tapes market is estimated at USD 8.6 billion in 2021 and is projected to reach USD 11.5 billion by 2026, at a CAGR of 6.1% between 2021 and 2026. The drivers of market growth are identified as the rising number of surgeries, increasing incidence of diabetes, and the growing number of ambulatory surgery centers.
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The key players of the market include 3M company (US), Medtronic PLC (US), Medline Industries (US), Avery Dennison Corporation (US), Johnson & Johnson (US), Smith & Nephew plc (United Kingdom), Nichiban (Japan), Paul Hartmann AG (Germany), Nitto Denko Corporation (Japan) and Scapa Group PLC (United Kingdom). Mergers & acquisitions, and investments & expansions have been the major strategies adopted by the key players between 2016 and 2021, to enhance their market shares and expand their global presence.
In line with the rising demand for medical adhesive tapes, 3M Company offers a broad spectrum of products, including adhesives, bonding materials, coatings, and specialty materials. The company operates through four business segments, namely, Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. In the medical and surgical area, 3M is a supplier of medical tapes, dressings, wound closure products, orthopedic casting materials, electrodes, and stethoscopes. 3M Company (US) holds a top position due to its strong product portfolio. The company manufactures customized solutions based on concerned industries and applications. Moreover, 3M has leveraged its strong financial background and distribution network to expand its business in China and the US. 3M acquired Acelity Inc. (US) in October 2019. Acelity is a recognized leading provider of advanced wound care technologies and solutions and received USD 1.5 billion revenue in 2018. This acquisition is an excellent complement to 3M’s Health Care business and bolsters the company’s medical solutions business and supports its growth strategy to offer comprehensive, advanced, and surgical wound care solutions.
Medtronic Inc. occupies second position due to its global distribution capabilities and its strong financial background that strengthens its market position. The company has expanded in markets in Latin America and Asia -Pacific. The company’s Minimally Invasive Therapies Group is further divided into Surgical Solutions and Patient Monitoring & Recovery. It offers medical tapes and bandages under its Patient Monitoring & Recovery subsegment. This business segment primarily sells incontinence, wound care, enteral feeding, urology, and suction products. On August 2021, Medtronic plc, the global leader in medical technology, announced that it has entered into a definitive agreement with Intersect ENT, a global ear, nose, and throat (ENT) medical technology leader dedicated to transforming patient care, under which Medtronic will acquire all outstanding shares of Intersect ENT for USD 28.25 per share in an all-cash transaction with an enterprise value of approximately USD 1.1 billion.
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The Asia Pacific region is anticipated to experience the most rapid growth in the medical adhesive tapes market, with a significant increase in value. This growth is attributed to the enhancement of healthcare services and the escalating income levels in the region. The expanding population, coupled with higher disposable incomes and advancements in healthcare activities, serves as a key driver for the medical adhesive tapes market in Asia Pacific. Nitto Denko Corporation and Nichiban Co., Ltd., both based in Japan, play crucial roles as prominent players in this regional market. The manufacturing sector in Asia Pacific, excluding Japan, is witnessing rapid growth, particularly in consumer products. Additionally, the region is witnessing the establishment of new production facilities, both for export and domestic purposes, incorporating cutting-edge manufacturing processes that favor the utilization of medical adhesive tapes over traditional mechanical fastening equipment.
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