Orthopedic Bandages Market: Introduction
Surgical dressings are an essential component of postoperative care of orthopedic surgery patients. Orthopedic bandage is a type of bandage used to protect the joints. These bandages are made of soft fiber and provide comfort to the patients while they are plastered. Exudates and sweat are absorbed by these plasters, which help to prevent skin maceration. North America dominated the global market in 2020, accounting for 45.4% share. The region is projected to gain market share during the forecast period. The market in North America is anticipated to be driven by rise in road accidents, increase in sports injuries, and presence of key players in the region.
Global Orthopedic Bandages Market: Key Trends
The global orthopedic bandages market having significant growth during forecasting period. The global market is driven by companies reorganizing their operations and recovering from the COVID-19 impact, which had resulted in restrictive containment measures such as social distancing, remote working, and the closure of commercial activities.
Rise in patient pool due to increase in the geriatric population contributes to the growth of the global orthopedic market. According to the Population Reference Bureau, the proportion of the global population over the age of 65 increased from 8% in 2015 to 9% in 2019. The global population aged 65 or older stood at 703 million in 2019. Surge in the geriatric population drives the demand for medical care and increases healthcare spending. In 2017, half of the Dutch healthcare budget was spent on people over the age of 65.
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Penetration of orthopedic treatments in emerging economies such as Asia Pacific and MEA is still low compared to North America and Europe. This is due to lack of awareness about advanced wound management and associated risk factors among the general and obese populations.
The trend of bulk purchasing puts pricing pressure on market players and reduces their profit margins. Moreover, small- and medium-sized manufacturers that offer a limited range of medical tapes and bandages face significant burden due to the growing power of GPOs and IHNs in the U.S. However, increase in emphasis on the development of low-cost products is expected to mitigate the impact of this challenge in the next few years.
COVID-19 Impact on Global Orthopedic Bandages Market
According to a University of Birmingham study, by May 2020, 72.3% of all elective surgeries were cancelled across 190 countries during COVID-19; majority of these were for non-cancer conditions. The orthopedic specialty witnessed the most cancelled surgeries, accounting for 6.3 million surgeries in just 12 weeks during the COVID-19 pandemic. Over 2.3 million cancer surgeries are expected to be cancelled globally during the pandemic.
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The COVID-19 outbreak is projected to have a significant effect on the medical tapes and bandages market during the first half of the forecast period. The wound care market is expected to experience some decline during the forecast period due to nationwide lockdowns, denied wound care services, cancelled or postponed elective surgeries, and rise in skin injuries among COVID-19 medical care providers. However, demand for wound care products is anticipated to increase significantly in the second half of the forecast period.
North America to Capture Major Share of Global Orthopedic Bandages Market:
The global orthopedic bandages market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to dominate the global market during the forecast period. Rise in incidence of chronic wounds & orthopedic injuries and rise in the number of surgeries increase the usage of bandages and medical tapes in the region. Meanwhile, the market in Asia Pacific and Europe is expected to witness steady growth during the forecast period.
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The market in Asia Pacific is likely to grow at a rapid pace from 2021 to 2031. Presence of developing countries such as China and India is projected to boost the growth of the market in Asia Pacific in the next few years. Moreover, rapidly expanding medical tourism industry in these countries can be attributed to the region’s increased demand for wound dressing products. According to the Directorate-General of Commercial Intelligence and Statistics (DGCI&S) of India’s report on Export Health Services, India had 58,300 medical tourists on medical visas in 2016–2017.
Key Players Operating in Global Orthopedic Bandages Market
Major players operating in the global orthopedic bandages market are listed below:
- 3M
- Medtronic
- Derma Sciences, Inc.
- Johnson & Johnson
- Smith & Nephew PLC
- Braun Melsungen AG
- Medline Industries, Inc.
- Paul Hartmann AG
- Cardinal Health, Inc.
- Molnlycke Healthcare, Inc.
- Other prominent players
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