Plastic bandages are adhesive bandages used for protecting minor cuts, scrapes, and burns. Plastic bandages consist of a porous padded inner layer, coated with an adhesive and covered by a thin, pliable plastic outer layer. The plastic outer layer protects the wound from external environmental irritants and prevents the bandage from slipping. It allows the wound to breathe and heal. The plastic bandage sticks to the skin but not to the wound and is waterproof. This allows it to be worn even during bathing without getting loose. Unlike cloth bandages, plastic bandages do not cause damage to wounds while being removed and prevent risk of infection.
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 Opportunity:
Plastic being more effective than cloth bandages is estimated to witness high growth over cloth bandages. Plastic bandages prevent risk of infection and do not cause damage to wounds while being removed unlike cloth bandages. They act as a protective layer for the wound from external irritants and allow the wound to breathe and heal. The properties of plastic bandages make them suitable even for minor burns and cuts obtained during bathing. The low risk of infection and ease of use is driving higher preference and demand for plastic bandages over cloth bandages globally.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the plastic bandages market requires substantial investment in R&D, production facilities, and distribution channels to gain brand recognition and market share. However, the low differentiation between products provides new companies opportunities.
Bargaining power of buyers: The bargaining power of buyers is high as plastic bandages are commodity products and purchasers can easily switch between brands based on price and availability.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the presence of numerous raw material suppliers and producers of plastic bandages have opportunities to source materials from alternate suppliers.
Threat of new substitutes: The threat of new substitutes is low as products such as gauze, tapes, and creams provide limited functionality compared to plastic bandages for wound care.
Competitive rivalry: The plastic bandages market is highly competitive due to the presence of numerous global and regional players.
SWOT Analysis
Strength: Plastic bandages offer various advantages over traditional cloth bandages like being waterproof, breathable, and easier to apply and remove. They cause less pain while changing.
Weakness: Limited usage and short lifespan of plastic bandages make repeated purchases necessary. Some people also experience skin irritation.
Opportunity: Growing demand for advanced wound care products and increasing incidence of injuries and chronic wounds will drive market growth. Establishing online and retail store presence in developing countries provides new opportunities.
Threats: Strict regulatory framework and certification process increases costs of production and marketing approval. Economic slowdowns can reduce discretionary spending on healthcare products.
Key Takeaways
The Global Plastic Bandages Market Demand is expected to witness high growth over the forecast period driven by increasing incidence of acute and chronic wounds. 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 plastic bandages market currently owing to supportive healthcare infrastructure and policies. Asia Pacific is expected to register the fastest growth during the forecast period due to rising medical expenditures, healthcare reforms, and increasing incidence of trauma and accidents in densely populated countries like India and China.
Key players: 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it