Plastic bandages are sterile adhesive strips used to cover minor cuts, burns, abrasions and other small injuries. They form an impermeable barrier over the wound to protect it from bacteria and dirt and aid faster healing. They are latex-free, comfortable and less painful to remove compared to traditional cloth bandages. Plastic bandages are ideal for covering minor wounds as they are waterproof, impact-resistant and allow for easy inspection and changing of dressings.
The global Plastic Bandages Market is estimated to be valued at US$ 9.67 billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising incidences of minor injuries across the globe represents a key opportunity for growth of plastic bandages market over the forecast period. Sports and adventure activities have grown in popularity in recent years. However, this has led to increased risk of minor cuts, burns and lacerations. Additionally, workplace injuries are also on the rise. According to Bureau of Labor Statistics, in 2021, there were around 2.7 million nonfatal workplace injuries and illnesses reported in private industry in the United States alone. Plastic bandages are increasingly used for first-aid in case of such minor injuries owing to their advantages over traditional cloth bandages. Their wider availability and affordability makes them first choice for covering minor wounds, thus driving greater demand and representing an opportunity for plastic bandages market players to capitalize on.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the plastic bandages market requires huge capital investment and has the presence of established global brands.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitute products and undifferentiated products among competitors.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of raw material substitute.
Threat of new substitutes: The threat of new substitutes is moderate as plastic bandages have strong brand loyalty however medical tape can be considered as substitute.
Competitive rivalry: The competitive rivalry is high due to presence of global brands.
SWOT Analysis
Strength: Plastic bandages are easy to use, water resistant and prevent infections. They provide effective wound protection.
Weakness: Low preference over modern wound dressing materials. Adverse reactions in patients with latex allergy.
Opportunity: Growing demand for advanced wound care products. Increasing number of surgeries and accidents.
Threats: Strong competition from substitute products. Stringent safety regulations for manufacturing.
Key Takeaways
Global Plastic Bandages Market Size is expected to witness high growth during the forecast period owing to increasing incidence of chronic wounds, accidents and surgical procedures. The global Plastic Bandages Market is estimated to be valued at US$ 9.67 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
Regionally, North America dominates the plastic bandages market and is expected to grow at a steady rate over the forecast period due to growing aging population, high healthcare spending and presence of major market players in the region. Europe is also a major market for plastic bandages due to growing number of surgeries and traumatic wounds.
Key players operating in the plastic bandages market are 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. Major players are focusing on new product launches and geographical expansion to strengthen their market position.
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