Yahoo Finance Medical Gloves Market Value - US$ 13,465.2 Mn By 2028 | CAGR 12.5% Report Published By Acumen Research and Consulting
Acumen Research and Consulting recently published report titled “Medical gloves Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”.
NEW YORK, Oct. 28, 2021 (GLOBE NEWSWIRE) -- The global medical gloves market accounted US$ 6,321.2 Mn in 2020 with a considerable CAGR of 12.5% during the analysis period of 2021 to 2028.
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COVID-19 impact on medical gloves market
The worldwide market for medical gloves has been changing since the outbreak of the pandemic as it has changed perspective of risk transmission. With the utility of medical gloves has now become an essential source of protection it has now spread to the general population. Therefore, it has become an essential source of protection for COVID-19 infection, for both front-line warriors and general public. The UN report states that, with rise of COVID-19 the UN and its alliances made sure that the life-saving personal protective equipment and other supplies reached frontline workers and common people at a higher rate. In early April 2020, the UN announced launching of COVID-19 Supply Chain Taskforce to massively scale up the procurement and delivery of PPE and other biomedical equipments.
Additionally, in April 2020, the UN launched an urgent appeal for US$350 Mn to rapidly scale up common logistics services. Apart from that, the World Health Organization (WHO) report states that, nearly half a million sets of PPE were supplied to 47 countries. Additionally, based on WHO modeling, an estimated 76 million examination gloves were in demand. These were managed by WHO working with government, industry players, and the pandemic supply chain network to boost production and secure allocations for critically affected and high risk countries. To meet such an accelerating demand WHO estimated that industry must increase manufacturing by almost 40%.
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Market Segmentation
The global medical gloves market is segmented based on product, usage type, application, distribution channel, and end-user. By product, the market is segmented as latex or natural rubber, nitrile butadiene rubber, polyvinyl chloride, chloroprene, and others. By usage type, the market is classified into disposable and reusable. By application, the market is segregated as examination, surgical, and chemotherapy. By distribution channel, the market is bifurcated into online and offline. Furthermore, end-user is segmented as hospitals, clinics, ambulatory surgical centers, diagnostic centers, and rehabilitation centers.
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Nitrile butadiene rubber accounted US$1,187.9 Mn in 2020 with a compound annual growth rate of 8.7% during the analysis period of 2021 to 2028
Based on product, nitrile butadiene rubber segment will dominate the overall market for medical gloves accounting maximum share during the analysis period of 2021 to 2028. As nitrile butadiene rubber is composed of synthetic milky colored latex it is widely used in dripping rubber intended for medical and laboratory gloves. These latexes have excellent properties coupled with good tensile strength and this contributes prominently fuelling the demand for NBR in the healthcare industry.
Based on usage type, reusable gloves segment accounted for major share in 2020 with a growth rate of around 7% during the projected period of 2021 to 2028
As government involvement plays a vital role for the utility of reusable gloves it has gained significant importance in the market. The Health Care Without Harm report states that, decontamination of single use protective clothing is only an emergency practice, however and does not solve the shortage crisis. Therefore, hospitals and procurers should focus on efforts on adopting safe and reusable medical gloves by meeting the environmental and social criteria products. Additionally, they should focus on supporting innovation towards more durable and reusable items.
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Regional Landscape
North America dominates medical gloves market accounting 8.4% growth in 2020; Asia Pacific is projected to register fastest growing CAGR for the forecast period from 2021 to 2028
North America dominates the medical gloves market and will continue similar trend till the forecast period. Presence of key manufacturers in this region is one of the prominent factors that impacts positively for the growth of regional market. For instance, in September 2021, American Nitrile a new company in Columbus announced constructing most advanced US manufacturing facility dedicated for producing nitrile gloves for healthcare, government, and industrial use.
On the other hand, Asia Pacific is projected to record all time high CAGR for medical gloves market in the coming years. Rising awareness among the healthcare professionals related to high utilization of disposable gloves in countries such as India and China has witnessed accelerating demand for medical gloves in healthcare sector. This is one of the most impactful factors for the regional growth.
Competitive Landscape
The prominent players of the global medical gloves market include Top Glove Corporation Bhd, Supermax Corporation Berhad, Semperit AG Holding, Cardinal Health, Ansell Limited, SHIELD Scientific, Medline Industries, Inc., MRK Healthcare Pvt. Ltd., Primus Gloves Private Limited, HBM Protection, Shandong Yuyuan Latex Gloves Co., Ltd., Raysen Healthcare Products Co., Ltd., Pidegree Industrial Co., INTCO Medical, Bluesail Medical Co., Ltd., Hartalega Holdings Berhad, Sri Trang Gloves, and Healthium.
The market for medical gloves market is highly competitive and fragmented due to the presence of large number of multinational as well as local players. The leading players are constantly looking to increase their share in the market.
In May 2020, Healthium, announced launching of new anti-microbial gloves namely, "Trushield". Manufactured at Karnataka, India these AMGs are made from a patented technology using a quaternary ammonium compounds that kills microbes and offer 99.99% protection for healthcare professionals and patients up to 8 hours.
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