Athletic tape helps in stabilizing injured joints and muscles. It is used to support ankles, wrists, knees, and other joints during physical activity. Some common uses of athletic tape include preventing ankle sprains by taping ankles before physical activity, protecting skin from friction caused due to continued movement, and preventing exacerbation of existing injuries.
The global athletic tape market is estimated to be valued at US$ 550 million in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for sports injury management is one of the major drivers expected to boost the growth of the athletic tape market over the forecast period. Athletic tape helps in stabilizing injured joints and muscles, reducing pain and irritation, and preventing further injury. This makes it a useful solution for treating common sports injuries and supporting joints during physical activity. Additionally, increasing participation in sports and physical activities among people is also expected to fuel the demand for athletic tape. According to data by the Sporting Goods Manufacturers Association, over 53.8 million people play sports in the U.S., and the number is growing consistently year-on-year. Growing health-consciousness and initiatives to promote physical activity are some other factors expected to propel the athletic tape market growth during the forecast period.
Segment Analysis
The global Athletic tape market is dominated by the ankle support segment. This segment currently holds over 30% share of the total market owing to the high and growing demand for ankle support tapes among athletes and sports enthusiasts. Athletic activities like running and football often result in ankle injuries making ankle support tape highly useful. Its easy application and ability to provide compression and support makes it the preferred choice for fast recovery from ankle sprains or injuries.
PEST Analysis
Political: There are no major political factors impacting the athletic tape market.
Economic: The growing economy and rising incomes in developing countries is fueling the adoption of sports and fitness activities benefiting the athletic tape market.
Social: Increasing health awareness and focus on fitness is driving more people to participate in athletics and sports boosting demand for related accessories like athletic tapes.
Technological: Technology advances are allowing manufacturers to develop new types of tapes with improved features like breathability, anti-bacterial properties enhancing performance. Some tapes now come enabled with sensors for injury tracking.
Key Takeaways
The Global Athletic Tape Market Size is projected to reach a value of $5.2 billion by 2031, growing at a CAGR of 19% during the forecast period.
Regional analysis: North America accounts for around 35% share of the global athletic tape market led by the US. High prevalence of various sports along with government support for sports programs has boosted the demand for related goods like athletic tapes considerably. Availability of technologically advanced and innovative tapes further aids market growth.
Key players operating in the athletic tape market are 3M, Johnson & Johnson, Cardinal Health, Beiersdorf, and BSN Medical. 3M has been at the forefront of innovation in athletic tapes introducing products featuring breathability and flexibility. Its KT Tape brand is particularly popular. Johnson & Johnson with its Sport Care range of tapes is another major player targeting the mass market segment.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it