The Kinesio tape market has been projected to record a CAGR of nearly 9.6% over the forecast period. The major factor attributing to the growth of the market is the increase in the prevalence of muscle pain due to accidents and sports. Furthermore, as the increasing geriatric population is more prone toward diseases like arthritis, back pain, and muscle cramps, this is leading to the growth of the market.
According to the United Nations, by 2050, one in four persons living in Europe and Northern America may be aged 65 or above. In 2018, for the first time in record, persons aged 65 or above outstripped children under five years of age, globally. The number of persons aged 80 years or over is predicted to triple, from 143 million in 2019 to 426 million in 2050. Therefore as the elder population increases, the need for Kinesio tapes also increases, which is propelling the overall market growth.
Key Market Trends
Pre-cut Shape Segment is the Fastest-growing Segment of the Kinesio Tape Market
The growing popularity of pre-cut tapes is due to the reduction of time required to cut down the Kinesio tapes into strips, as they are already cut and pre-shaped. With their rising popularity, the availability of pre-cut strips in a variety of sizes and lengths has increased steadily. Although it contains no medications or topical substances, kinesiology tape can effectively relieve both acute and chronic pain. This is especially effective for pain from scorching injuries, where the intensity of the pain is out of proportion to the severity of the injury. It reduces swelling and inflammation and accelerates the recovery from bruises and contusions and relieves muscle spasms and cramping.
Furthermore, the increasing geriatric population is a major factor propelling the segment growth. As the number of injuries and cramps is increasing, the need and popularity of the pre-cut tapes also increase.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to factors, such as the presence of key players, high prevalence of accidents and muscle pains and spasms in the region, and established healthcare infrastructure. These are some of the key factors accountable for its large share in the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase the market growth. In this region, the United States has the maximum share due to supportive healthcare policies, a high number of patients, and a developed healthcare market.
The Kinesio Tape market is moderately competitive and consists of several players. There are many manufacturers of kinesiology tapes that compete in the market and provides different product portfolios. Some of the companies that are currently dominating the market are Kinesio Tape, Spidertech Inc, KT TAPE, STRENGTHTAPE, NITTO DENKO CORPORATION, Implus LLC, Atex, DL Medical&Health, Kindmax.
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