An arterial anchor bandage has a transparent bulbous shield which protrudes above a tri-lobed outer covering layer. The bulbous shield has an opening sized to receive the tube from an arterial catheter and has a generally elliptical cross section. A flange at the bottom of the shield prevents the shield from cutting into the skin of the patient. An absorbent layer between the shield and the skin surface provides a wicking function to remove fluids from the area where the arterial catheter enters the patient. A protective sheet covers an adhesive surface of the outer covering layer so that the arterial anchor bandage can be applied as a unit assembly once the catheter has been inserted. Various features of the structure permit its application very close to joints in a patient's anatomy.