Plastic bandages are widely used for wound care, as they protect wounds from external contamination and infection during the healing process. Recent growth in sports and recreational activities have led to a rise in minor cuts, lacerations and abrasions, driving increased demand for plastic bandages. Made from materials such as polyisobutylene or acrylic polymers, plastic bandages form an adhesive covering over the wound area. They maintain a moist environment which speeds up natural healing processes. The breathable material also allows viewing of wound healing without repeated removal of dressings. Their cost-effectiveness makes plastic bandages preferred over conventional gauze and cloth bandages.
The global plastic bandages market is estimated to be valued at US$ 11.14 Mn in 2023 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:
One of the key trends in the plastic bandages market is the growing demand for advanced wound care products. Manufacturers are focusing on development of innovative bandage designs that enhance comfort, durability and appearance. Transparent plastic bandages allow monitoring of wound healing without removal. Bandages infused with antimicrobial agents are also gaining traction, as they protect wounds from contamination and reduce risks of infection. Additionally, waterproof bandages effectively seal out liquids and moisture. The flexible and stretchable nature of new plastic bandage technologiescontour better to body movements. Such advanced product offerings cater to consumer needs, aiding market revenue growth over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the plastic bandages market is moderate. High capital investment is required to enter the industry. However, switching costs for customers are low.
Bargaining power of buyers: The bargaining power of buyers in the plastic bandages market is high. Buyers have a wide range of products to choose from and brands compete on pricing and quality.
Bargaining power of suppliers: The bargaining power of suppliers in the plastic bandages market is low. Suppliers of raw materials such as polymers, adhesives, and nonwoven fabrics have low differentiation.
Threat of new substitutes: The threat of new substitutes in the plastic bandages market is moderate. Alternatives such as gauze bandages, adhesive bandages, or tape pose a threat. However, plastic bandages offer advantages in terms of durability and conformability.
Competitive rivalry: Competition in the plastic bandages market is high due to the presence of numerous global and regional players. Players compete based on pricing, innovation, branding, and quality.
Key Takeaways
The Global Plastic Bandages Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The global plastic bandages market is estimated to be valued at US$ 11.14 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
Regional analysis: North America dominates the global plastic bandages market currently and is expected to continue its dominance over the forecast period. This can be attributed to advanced healthcare infrastructure and higher consumer awareness regarding plastic bandages in the region. Asia Pacific is expected to be the fastest growing market for plastic bandages due to rising healthcare expenditure and growing medical tourism in countries such as India and China.
Key players: Key players operating in the plastic bandages market include 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. Players compete based on innovative product offerings, brand reputation, and pricing.
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