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% during the forecast period. 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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Acrylic is estimated to be the largest resin segment in the healthcare adhesive tapes market during the forecast period.

The acrylic segment is expected to account for the largest market share during the forecast period because of its better adhesion properties to a variety of substrates. Acrylic adhesive tapes are designed with high or low tack and high or low peel strength. These tapes are permeable to moisture that is measured by the moisture vapor transmission rate (MVTR). Acrylic healthcare adhesive tapes release off from body or skin without leaving adhesive residue. These tapes are preferred for stick-to-skin application because of the breathable nature compared to rubber adhesive tapes.

Key Market Players

The major vendors in the healthcare adhesive tapes market are 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). Nitto Denko Corporation (Japan), is one of the largest healthcare adhesive tapes companies. This company has a strong global presence. It has a diversified product portfolio to cater to end-use industries according to their requirements. To sustain its dominating position, the company may enter into new industries and target new markets.

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

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