North America to account for the largest share of the healthcare adhesive tapes market

The healthcare adhesive tapes market is projected to grow from USD 27.2 billion in 2018 to USD 37.3 billion by 2023, at a CAGR of 6.51%. The major factor driving the healthcare adhesive tapes market includes the increase in demand for surgeries, wound dressings, hygiene, transdermal drug delivery, and many others, owing to their advantages in many medical applications. These adhesive tapes have wide acceptability due to factors such as low cost and easy availability, as compared to traditional medical procedures.

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Various factors have contributed to the growth of the North American healthcare adhesive tapes market. These factors include the rising incidence of chronic wounds, increase in the number of elderly citizens, increasing patient awareness on wound care, aging population, and technological advancements in the healthcare industry. The surgical adhesive tapes application has witnessed steady growth along with an increase in orthopedic and trauma, neurosurgery, cardiovascular, and gastroenterology. The increasing number of orthopedic procedures in the US is driving the demand for bandages and healthcare adhesive tapes.

Recent Developments

• In July 2017, Cardinal Health (US) acquired Medtronic’s Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency business for USD 6.1 billion. This acquisition provides product offerings which are used across a wide range of applications in the healthcare industry.
• In May 2017, Avery Dennison acquired Finesse Medical, an innovator of healthcare products used in the management of wound and skin conditions. With a revenue of approximately USD 17.11 million over the last year, the company is a key supplier to global healthcare-product OEMs and also provides contract manufacturing and product development services. This acquisition will accelerate the achievement of Avery Dennison’s long-term strategic and financial goals for industrial and healthcare materials segment

Major vendors in the healthcare adhesive tapes market include 3M (US), Cardinal Health, Inc. (US), Nitto Denko Corporation (Japan), Johnson & Johnson Services, Inc. (US), PAUL HARTMANN AG (Germany), Avery Dennison Corporation (US), NICHIBAN Co., Ltd. (Japan), Smith & Nephew (UK), Lohmann GmbH & Co.KG (Germany), Scapa Group Plc (US), Medline Industries Inc. (US), and Essity Aktiebolag (PUBL) (Sweden).

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Avery Dennison Corporation (US) and Intertape Polymer Group (Canada) are the Key Players in the Hot Melt Adhesive Tapes Market

The hot melt adhesive tapes market is projected to grow from USD 15.5 billion in 2019 to USD 21.7 billion by 2024, at a CAGR of 7.0%, between 2019 and 2024. APAC is the largest consumer of hot melt adhesive tapes. The global hot melt adhesive tapes market is witnessing high growth on account of increasing applications, technological advancements, and growing demand in the APAC region.

The key players operating in the market are the 3M Company (US), Nitto Denko Corporation (Japan), tesa SE (Germany), Avery Dennison Corporation (US), and Intertape Polymer Group Inc. (Canada). These players have adopted various strategies, such as merger & acquisition, investment & expansion, and new product launch, to grow in the market. Mergers & acquisition was the key strategy adopted by the major players, between 2015 and 2019, to enhance their market shares and expand their global presence.

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Avery Dennison Corporation (US) is one of the major companies in the global hot melt adhesive tapes market. The company achieved this position after several successful small and big acquisitions and expansion activities. The acquisition of Mactac’s European business, a leading manufacturer of high-quality, pressure-sensitive materials, catering to several high-value segments, including graphics, specialty labels, and industrial tapes, in 2016, was the major acquisition of the company. The acquisition enhanced the company’s competitiveness in the hot melt adhesive tapes market in Europe.

Intertape Polymer Group (Canada), which was founded in 1991, is a leading player in hot melt adhesive tapes market. The company develops, manufactures, and supplies a variety of paper and film-based pressure-sensitive and water-activated tapes, polyolefin films, woven fabrics, and complementary packaging systems for industrial and retail applications. The company offers products for aerospace, automotive, and industrial applications. It has operations in 17 locations, including 12 manufacturing facilities in North America and 1 in Europe. The company, with its products, caters to a number of countries, including Canada, Germany, and the US. After acquiring all the assets of Canadian Technical Tape Ltd., Intertape will be able to improve its distribution channel and add value to its products.

Avery Dennison Corporation (US) and The 3M Company (US) are the Key Players in the Medical Adhesive Tapes Market

The medical adhesive tapes market is expected to reach USD 8.76 billion by 2022, at a CAGR of 5.69% between 2017 and 2022. Medical adhesive tapes are pressure-sensitive adhesive tapes used in the medical field to either directly secure a wound or to secure/stabilize medical material such as dressings, catheters, tubes, or other small instruments. Thus these tapes are useful for several applications, such as surgeries, wound dressings, splints, secure IV lines, ostomy seals, and others.
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Some of the leading manufacturers of medical adhesive tapes include 3M Company (US), Medtronic Plc (Ireland), Nitto Denko Corporation (Japan), Johnson & Johnson (US), Smith & Nephew Plc (UK), Nichiban Co., Ltd. (Japan), PAUL HARTMANN AG (Germany), and Avery Dennison Corporation (US), among others.

Avery Dennison Corporation (US) is a highly active key player in the medical adhesive tapes market. The company offers products under categories, such as single-coated medical tapes, double-coated medical tapes, medical transfer tapes, self-wound medical tapes, negative pressure wound therapy drapes, surgical drapes, and films. Mergers & acquisitions was the only strategy adopted by the key player Avery Dennison Corporation (US) and accounted for the largest share of all the developmental activities that took place in the medical adhesive tapes market between 2014 and 2017. This strategy has helped the company enhance its product portfolio and expand global presence. As a part of its inorganic growth strategy, the company focuses on expanding its presence in the European region. For instance, in 2017, Finesse Medical Ltd. has been acquired by Vancive Medical Technologies, an Avery Dennison business.

The 3M Company (US) primarily offers a broad variety of products, including adhesives, bonding materials, coatings, and specialty materials, and holds the top position globally due to its strong product portfolio. The company manufactures customized solutions as per the requirements of industries and applications. 3M has leveraged its strong financial background and distribution network to expand its business in China and the US.

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New Product Development, Investment & Expansion, and Merger & Acquisition, to Expand their Presence in the Global Healthcare Adhesive Tapes Market.

The healthcare adhesive tapes market size is projected to grow from USD 27.2 billion in 2018 to USD 37.3 billion by 2023, at a CAGR of 6.51% during the forecast period. The major factors driving the healthcare adhesive tapes market are identified as the rising number of surgeries, increasing incidence of diabetes, and the growing number of ambulatory surgery centers. Also, research institutions and various manufacturers are taking initiatives and making huge investments in R&D for the technological development of healthcare adhesive tapes, and the improvement of their properties for use in various applications.

The major healthcare adhesive tapes vendors include 3M (US), Cardinal Health, Inc. (US), Nitto Denko Corporation (Japan), Johnson & Johnson Services, Inc (US), PAUL HARTMANN AG (Germany), Avery Dennison Corporation (US), NICHIBAN Co., Ltd. (Japan), Smith & Nephew (UK), Lohmann GmbH & Co.KG (Germany), Scapa Group Plc (US), Medline Industries Inc. (US), and Essity Aktiebolag (PUBL) (Sweden). These players have adopted various growth strategies, such as new product development, investment & expansion, and merger & acquisition, to expand their presence in the global healthcare adhesive tapes market. Merger & acquisition has been the most dominating strategy adopted by major players between 2015 and 2018, which help them broaden their customer base.

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In-line with the rising demand for healthcare adhesive tapes, 3M (US) has been working to deliver efficient healthcare adhesive tapes products to various applications in the healthcare industry. This company operates through business segments such as Industrial, Safety and Graphics, Electronics & Energy, Health Care, and Consumer. The company offers healthcare adhesive tapes products which are used in application such as wound care dressing, diagnostic, surgical drapes, diapers, and others. In November 2018, the company launched a high-adhesion Durapore medical adhesive tape, designed to provide safe, reliable critical tube securement in challenging conditions such as high-moisture environments. Similarly, in August 2017, 3M added 3M 4076 Extended Wear Medical Tape to its portfolio. The product is nonwoven, long-term wear and an acrylic-based adhesive solution designed to increase patient comfort and provide a strong and reliable bond in challenging applications.

The second most active company in healthcare adhesive tapes is Cardinal Health (US). The US-based firm operates as an integrated healthcare service and products company. It provides medical products and pharmaceuticals, and solutions that enhance supply chain efficiency for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices. The company operates through two segments, Pharmaceutical and Medical. To enhance its market in the healthcare industry, in July 2017, the company acquired Medtronic’s Patient Care, Deep Vein Thrombosis, and Nutritional Insufficiency business for USD 6.1 billion. This acquisition provides more products which are used across a wide range of applications in the healthcare industry.

Related Reports:

Healthcare Adhesive Tapes Market by Resin (Acrylic, Rubber, Silicone), Backing Material (Paper, Fabric, Plastic), Application (Surgery, Hygiene, Wound Dressing, Secure Iv Lines, Ostomy Seal, Splint, Bandages, Diagnostic), and Region – Forecast to 2023