LATAM Physiotherapy Tapes & Bandages Market Value $39.8M in 2030
The product segment of the LATAM physiotherapy tapes and bandages market is categorized into bandages, tapes, and others, which include reusable gel bags and protective underwraps. Among these, tapes were the largest category in 2019, and they will also witness the fastest growth during the forecast period. This is attributed to the medically approved sweat and waterproof adhesive that helps the tapes stick to the skin for 3–5 days. Additionally, for people with a latex allergy, kinesiology tapes that are free of latex and hypoallergenic in nature are available.
The increasing population of the elderly is one of the strongest factors driving the sale of physiotherapy tapes and bandages in the region. According to the United Nations (UN), from 8.7% in 219, the share of residents in the age group of 65 and above in the total population of LATAM and the Caribbean will increase to 11.8% by 2030. With age, people’s muscles wither away (atrophy), and the bone density decreases (osteopenia), which often results in osteoporosis (extremely low bone mass and density), thereby resulting in the need to see a physiotherapist.
In addition, the rising prevalence of sports injuries is helping in the LATAM physiotherapy tapes and bandages market advance. Football (soccer) is vastly popular in Mexico, Peru, Paraguay, Argentina, and Brazil, which is why the people of these countries regularly suffer from shoulder injuries, knee injuries, shin splints, hamstring strains, and groin pulls. Even after reconstructive and restorative surgery, these injuries require extensive and lengthy rehabilitation, which is generally accomplished with the help of physiotherapists, who are prescribing bandages and tapes more frequently than ever before.
A lucrative opportunity for the players in the LATAM physiotherapy tapes and bandages market is the increasing sale of such products through online platforms. With the growing penetration of the internet and smartphones, e-commerce businesses are prospering in the region. These platforms allow people to look at numerous products by numerous companies in one place, avail of substantial discounts, pay electronically, and have the products delivered at their doorstep. Further, since the COVID-19 outbreak, an increasing number of people have shifted to e-commerce, which will allow market players to increase their customer reach.
During the historical period (2014–2019), Brazil dominated the LATAM physiotherapy tapes and bandages market, on account of the increasing incidence of bone and spine disorders and high healthcare expenditure. Additionally, Brazil is a country of sports enthusiasts, with football, volleyball, and wrestling hugely popular here. This leads to a high incidence of sports injuries, 80% of which are reported as traumatic. This has been reflected in the high volume of orthopedic surgeries and physiotherapist appointments, which is why Brazil will also witness the highest CAGR during the forecast period.
Therefore, with the growing incidence of sports injuries and the increasing geriatric population, which is susceptible to orthopedic diseases and disorders, the requirement for physiotherapy tapes and bandages will continue to rise in the LATAM region.