Medical Protective Equipment Market is Expanding at a CAGR of 10.4% during 2022-2030
Global medical protective equipment market will experience a major upturn in 2020 and onwards, amid the global COVID-19 pandemic, reaching a projected valuation of over US$ 41 Bn through 2030. The growing pandemic of community infections owing to emergence of new pathogens is expected to increase the demand of medical protective equipments in the global market. This rising number of community and hospital acquired infections will drive market growth in the near future, says a new Future Market Insights (FMI) report.
Key manufacturers operating in the market offer a wide range of products such as medical masks, gloves, protective clothing, gowns and other products. Owing to non-availability of treatment for new pathogen infections and significant lag phase between the emergence of new pathogen and development of effective treatment, there has been an increasing demand for medical protective equipment, creating an absolute opportunity for growth of the medical protective market.
Covid-19 Pandemic Crisis Fosters Demand
Sudden virus pandemic situation has created huge gap between supply and demand of medical protective equipments. Recently in December 2019, Covid-19 pandemic has been emerged across the global geographies. This highly-transmissible respiratory disease has significantly rise the unmet demand of medical masks, gloves and other protective equipments.
For instance, according to WHO study, WHO has advised personal protective equipment industry and governments to increase manufacturing by 40% to meet rising global demand of personal protective equipment (PPE) amid global Covid-19 outbreak.
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Key Takeaways of Medical Protective Equipment Market Study
- Medical gloves segment is expected to contribute more than 40% of revenue share in the medical protective equipment market.
- Owing to use of gloves in prevention of primary infections and to perform surgical procedures by healthcare workers, medical gloves segment is the most dominated product type.
- Disposable medical protective equipment will gain more than 75% of market share in the medical protective equipment market throughout the forecast period.
- Hospitals and NGO’s/ government organization segments are expected to collectively gain more than 60% of market share in the medical protective equipment market during 2020-2030.
- Europe is the highest revenue generating market by region due to aging population and high rate of new pathogenic infections. North America is expected to offer lucrative opportunities owing to higher incidence of new infections and increasing volume of innovative surgical procedures.
Manufacturing Collaborations Preferred to Tackle Massive Demand Growth
Leading manufacturers in the medical protective equipment market are extensively focusing on expansion of their manufacturing capabilities in the disruptive demand. Government is actively encouraging local manufacturers to prioritise an emergency demand of medical protective equipments in the public hospitals and other healthcare set-ups.
For instance, in March 2020, the 3M Company, the U. S. based global leader in medical protective equipments has collaborated with giant automobile manufacturer Ford to transform auto manufacturing facility into respirators manufacturing plant.
What does the report cover?
Medical protective equipment market, a new study from Future Market Insights, opines on the indications of medical protective equipment from 2015 – 2019 and presents demand projections from 2020 – 2030 on the basis of; product type (gloves, protective clothing, gowns, N95 respirators, surgical masks, goggles, face shields, head covers and shoes covers), usage (disposable and non-disposable) and end user (hospitals, NGO’s/ government organizations, ambulatory surgical centers, specialized clinics and diagnostic and research laboratories) across seven prominent regions.
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Why Future Market Insights?
• Comprehensive analysis on evolving purchase pattern across different geographies
• Detailed insights of market segments and sub-segments for historical as well as forecast period
• A competitive analysis of prominent players and emerging players in the keyword market
• Detailed information about the product innovation, mergers and acquisitions lined up in upcoming years
Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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