Market Trends of Specialty Tapes Industry
This section covers the major market trends shaping the Specialty Tapes Market according to our research experts:
Increasing Demand from Healthcare Segment
- The healthcare segment accounted for the largest share in the specialty tapes market, owing to increasing applications, such as tapes on surgical instruments, wound care.
- The United States healthcare sector is, by far, one of the most advanced sectors in the country. The increasing geriatric population and growing requirement for medical facilities for the treatment of chronic diseases have been supporting the growth of the healthcare sector.
- According to a recent analysis from the United States Federal Government Actuaries, expenditure on health care reached more than USD 4 trillion in the year 2019. This is considered as by far the highest spending in the world, according to the Organization for Economic Co-operation and Development.
- Medical tape is one of the major applications in the healthcare segment. The increasing out of pocket healthcare expenditure in developing countries is expected to drive the market for this segment during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Currently, the Asia-Pacific region dominates the global market in specialty tapes. China and Japan are the leading consumers of specialty tapes in the region.
- The increasing healthcare expenditure and the increasing penetration of modern healthcare facilities in India and ASEAN countries are driving the market for medical tapes in the region.
- Furthermore, increasing construction activities and electronics production in the region has been on the rise. For example, the electronics assembly market in countries, such as India and Vietnam, witnessed double-digit growth over the past 3 years.
- The automotive production in major manufacturing countries, such as China, India, and Japan, have been on the decline in 2019 due to the weak demand. This has slightly hampered the growth of the market.
- All these factors are expected to increase the demand for specialty tapes in the region during the forecast period.
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