Athletic Tape Is Estimated To Witness High Growth Owing To Increasing Sports Injuries
Market Overview:
Athletic tape is used in variety of sports such as football, baseball, basketball, tennis, volleyball and others for providing support to muscles and joints. It is used to prevent injuries and provide comfort to athletes. It can be used for ankle, elbow, knee, thigh and wrist taping. The increasing participation in sports and fitness activities are driving the demand for athletic tapes.
Market Dynamics:
Increasing number of sports injuries due to high intensity training and competition is one of the major drivers of the athletic tape market. According to Safe Kids Worldwide, nearly 3.5 million children ages 14 and younger get hurt while playing sports or participating in recreational activities each year in the United States. In addition, overuse injuries are common as many athletes specialize in one sport and participate in it throughout the year without sufficient rest, thus placing excess stress on muscles and joints. This has increased the demand for athletic tape for prevention as well as treatment of injuries.
Another major driver of the market is frequent launch of innovative products by key players with enhanced features. For instance, in June 2019, Muellers sports medicine launched pre-cut KT TAPE for convenient self-application. It has an acupressure grid design to provide targeted pain relief and comes with easy tear strips for precise application. Such innovations are attracting more customers towards therapeutic tape products.
The global Athletic Tape Market Demand is estimated to be valued at US$ 631.1 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Athletic tape is proven to provide support for injuries. It is flexible yet strong, which allows for wrapping of injuries without hindering mobility. It is also cost-effective compared to other injury treatment options.
Weakness: Athletic tape adheres directly to skin, which can cause discomfort or irritation for some users over extended periods. It also needs to be replaced regularly through practices and games as it absorbs sweat.
Opportunity: Growth of sports leagues and recreational activities is driving higher participation in athletics. As injuries become more common, the need for effective taping will rise proportionately. New advancements in tape technologies could also expand use cases.
Threats: Alternatives exist such virtual taping with sleeves and supports, reducing reliance solely on tape. Substitute injury treatments may emerge, though tape remains a mainstay for supportive wrapping.
Key Takeaways
The global athletic tape market is expected to witness high growth, exhibiting a CAGR of 8.6% over the forecast period, due to increasing sports participation worldwide. Higher involvement in athletics is leading to greater acceptance of preventative and rehabilitative taping.
Regional analysis: North America currently dominates the global athletic tape market, supported by widespread amateur and professional sports leagues. However, Asia Pacific is poised to grow at the fastest rate through 2030 as youth populations in China and India embrace a range of recreational sports activities.
Key players: Key players operating in the athletic tape market are Johnson & Johnson, Mueller Sports Medicine, 3M Company, KT Tape, Medco Athletics, Nitto Denko Corporation, Andover Healthcare Inc., Medline Industries, Inc., Jaybird & Mais, and SpiderTech. These companies are focused on new formulations and adhesive technologies to improve performance for different sports applications.
Read More: https://blogger-veritas.blogspot.com/2023/11/pre-k-education-is-fastest-growing.html
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