April 20, 2024

Plastic Bandages Market Is Driven By Increased Usage For Minor Wounds Management

The plastic bandages market is a fast-growing segment owing to its various advantages over traditional woven bandages. Plastic bandages provide protection against minor cuts, scrapes, blisters and wounds. They are waterproof, flexible and breathable which enables wound healing in a safe and sterile environment. Various products ranging from small band-aids for fingertips to larger strips are used for suture-less closure of minor lacerations and incisions.

The Global plastic bandages market is estimated to be valued at US$ 11.14 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2030.

Key Takeaways

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. These companies collectively hold a majority share of the global market owing to their well-established manufacturing and distribution networks across regions.

The growing prevalence of minor burns, cuts and wounds is a key factor boosting market demand. Rise in sports injuries, work-related accidents and lifestyle diseases have increased the need for effective wound management solutions.

Leading manufacturers are focusing on geographical expansion through acquisitions and new product launches. They are targeting emerging markets in Asia Pacific and Latin America which are expected to witness highest growth during the forecast period.

Market Key Trends

An important trend gaining traction in the Plastic Bandages Market Demand is the increasing popularity of porous bandages. Traditional bandages made of plastic films did not allow proper breathability and inhibited wound healing. Newer porous variants allow airflow and absorption of exudate from wounds. They are increasingly preferred by clinicians for management of cuts, lacerations and skin injuries sustained during accidents or sports. This trend is expected to further propel market revenues over the coming years.

Porter’s Analysis

Threat of new entrants: Low startup costs allow new competitors to enter the market easily.

Bargaining power of buyers: Large buyers like hospitals can negotiate lower prices.

Bargaining power of suppliers: A few major manufacturers supply the majority of plastic bandages globally.

Threat of new substitutes: Alternatives like cloth bandages pose a minor threat.

Competitive rivalry: Established players compete on brand, quality, and prices keeping the competition high.

Geographical regions
North America accounts for the largest market value share currently due to advanced healthcare infrastructure and awareness. Asia Pacific is expected to grow the fastest owing to improving economies, healthcare reforms, and rising medical tourism.

Geographical regions
Europe holds a substantial market value currently dominated by countries like Germany, UK, and France. Changing lifestyles and increased trauma injuries are major factors propelling the plastic bandages market in this region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it