One of the major drivers for the growth of the Latin American (LATAM) physiotherapy tapes and bandages market is the awareness programs by private and public organizations and supportive initiatives by regional governments. For instance, Government of Brazil has initiated a public health system in Brazil, Sistema Único de Saude (Unified Health System; SUS). Patients treated by the SUS need a referral from a primary care physician to access physical therapy treatment. The entire treatment is performed at clinics affiliated with the SUS. Due to such factors, the LATAM physiotherapy tapes and bandages market is expected to generate $39.8 million revenue in 2030, progressing at a CAGR of 2.7% during the forecast period (2020–2030).
The physiotherapy tapes and bandages market in LATAM has witnessed the negative impact of COVID-19. The situation has forced thousands of companies to throttle down or temporarily shut assembly and manufacturing plants in the major product-supplying countries. This has led to the decreased supply of raw materials for physiotherapy tapes and bandages, which has hampered the production of the final products. Further, the activity of manufacturing plants in many countries is expected to remain depressed for a few more months. Additionally, the temporary shutdown of physiotherapy clinics and hospitals also imposed a strong negative impact on the demand for physiotherapy tapes and bandages in LATAM.
Tapes Are Expected To Be Fastest-Growing Category throughout Forecast Period
The LATAM physiotherapy tapes and bandages market is classified into tapes, bandages, and others, on the basis of product. Among these, the tapes category is expected to witness the fastest growth during the forecast period. This is attributed to the advantages of tapes over bandages such as the ability to stay in place for three or four days, even while showering or exercising. In addition, some medical practitioners claim that the tape slightly lifts the skin away from the muscle, which helps reduce swelling and promote blood flow to the muscle, which may not occur in the case of a bandage.
Brazil is expected to witness the highest CAGR in the LATAM physiotherapy tapes and bandages market during the forecast period. The high prevalence of sports and spine-related injuries, coupled with the improving healthcare infrastructure and high number of physiotherapists, is boosting the market growth in the country. According to the Physiotherapists’ Association of Brazil (AFB)’s statistics, there were over 250,000 physiotherapists in the country as of June 2019.
Key Players Are Creating Lucrative Business Opportunities with Partnerships and Mergers & Acquisitions
Players in the LATAM physiotherapy tapes and bandages market are consistently focusing on partnerships, mergers, and acquisitions to remain competitive.
Some of the major players operating in the LATAM physiotherapy tapes and bandages market are DeRoyal Industries Inc., Johnson & Johnson, 3M Company, Essity AB, Beiersdorf AG, Becker Orthopedic, Implus Corporation, KT Health LLC, Kinesio Taping LLC, THYSOL Group BV, Atex Co. Ltd., SpiderTech Inc., and NASARA Corporation.