Medical Protective Equipment Market Share to be worth US$ 41.6 Bn by 2030: Exclusive Report by FMI
Global medical protective equipment market share will experience a major upturn in 2022 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.
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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.
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 2022-2030.
- 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.
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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.
Medical Protective Equipment Market by Category
By Product:
- Gloves
- Protective Clothing
- Gowns
- N95 Respirators
- Surgical Masks
- Goggles
- Face Shields
- Head Cover
- Shoes Covers
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By Usage:
- Disposable
- Non-disposable
By End User:
- Hospitals
- NGO’s/ Government Organization
- Ambulatory Surgical Centers
- Specialized Clinics
- Diagnostic and Research Laboratories
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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