Evaluating COVID-19 Impact: Medical Protective Equipment on an Upswing; Supply-Demand Imbalance Prevails Through Pandemic – Future Market Insights
Rise of novel pathogens has restated the purpose and significance of medical protective equipment in protecting healthcare workers. The unprecedented situation has led to crucial challenges in sourcing of raw materials, expanding the production capacity, and delivering the equipment in time. These factors are compelling key manufacturers to modify their policies and operate on war-time basis for meeting the urgent demand.
According to FMI’s analysts, the medical protective equipment market is projected to surpass US$ 15 Bn by 2020 end. Stockpiling of equipment, panic buying, stringent lockdown, and lengthy quarantines are primary growth levers of medical protective equipment market.
“Strategic collaborations along with capacity expansion undertakings are vital for meeting the disruptive demand,” concludes FMI.
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Key Takeaways of Medical Protective Equipment Market Study
- Gloves continue to be the best selling category, accounting for 40% revenue share.
- Soaring demand for surgical masks and N95 respirators will augur well for market growth through the pandemic.
- Disposable products are being preferred by consumers owing to greater availability.
- Europe and North America will lead the medical protective equipment market due to presence of both emerging and leading manufacturers.
Medical Protective Equipment Market – Key Growth Drivers
- High transmission rate of COVID-19 is bolstering the growth of medical protective equipment market.
- Rising geriatric population in Europe is fuelling the sales of medical protective equipment in the region on account of their greater vulnerability.
- Expanding patient pool in clinics and hospitals due to the pandemic is driving the usage of medical protective equipment.
- Increasing number of surgical procedures in recent years is complementing the growth of medical protective equipment.
Medical Protective Equipment Market – Key Restraints
- The CE Mark approval required for medical use of protective equipment will limit the growth of emerging players in the market.
- Fluctuations in raw material prices in certain areas are impeding the growth of market.
Impact of COVID-19 on Medical Protective Equipment Market
The enormous gap between demand and supply of medical protective equipment caused by sudden outbreak of COVID-19 is a major area of concern. As frontline health workers continue to risk their lives due to severe lack of medical protective equipment, companies are continuously trying to bridge the gap. The World Health Organization (WHO) has advised at least 40% increase in production capacity in order to protect the frontline health workers, delivery agents, policemen, armed forces, and cleaning staff across the globe. The medical protective equipment market is projected to exhibit strong growth in North America and Europe as these regions continue to be the pandemic’s epicenters. However, the quality of medical protective equipment supplied by China has become a critical problem which will cause fluctuations in demand.
Explore the full medical protective equipment market report with 137 illustrative figures, 37 data tables and table of contents. Request ToC of the study at https://www.futuremarketinsights.com/askus/rep-gb-11296
Competitive Landscape of Medical Protective Equipment Market
The medical protective equipment market is semi-consolidated in nature. Some of the leading players in the global medical protective equipment market that are profiled in this FMI study include, but are not limited to, Dukal Corporation (U.S.), Titan Hardware Industrial Co., Ltd. (China), Crosstex International, Inc. (U.S.), Top Glove Corporation Bhd (Malaysia), Dynarex Corporation (U.S.), Ansell Limited (Australia), The 3M Company (U.S.), Cardinal Health, Inc. (U.S.), Halyard Worldwide, Inc. (U.S.), and Derekduck Industry Corporation (Taiwan). Public health crisis like the one spurred by COVID-19 has prompted leading manufacturers to develop advanced technologies and facilitate remote operations. Industry-wide collaborations aimed at enhancing manufacturing capabilities are the key strategic tenet being followed by niche players. For instance, The 3M Company announced collaboration with Ford, the automotive giant to produce respirators by transforming latter’s manufacturing facility.
More about the Report
This Future Market Insights study of 226 pages provides all-inclusive insights on the global medical protective equipment market. The market analysis is based on product type (gloves, protective clothing, gowns, N95 respirators, surgical masks, goggles, face shields, head cover, shoes covers), usage (disposable, non-disposable), end user (hospitals, NGOs/government organization, ambulatory surgical centers, specialized clinics, diagnostic and research laboratories) across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).
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