Market Trends of Latex Medical Disposables Industry
This section covers the major market trends shaping the Latex Medical Disposables Market according to our research experts:
Latex Medical Gloves for Varied Applications is Expected to Capture Significant Revenue Share over the Forecast Period
The COVID-19 pandemic has affected the supply chain of several pharmaceutical products. The restrictions on pharmaceutical manufacturing and export had affected many products sold in some countries, such as the United States, Europe, and other countries. Some of the medical disposables are manufactured in-house at the pharma companies, while other medical disposables of the company are manufactured with facilities in other countries, such as contract manufacturing services, which further impacted the supply chain of products. However, the demand for latex medical gloves has risen in the COVID-19 pandemic due to the increased patient population. In April 2020, 3M India announced that it raised the production of medical-grade equipment in the country in the range of 35% to 40%. Additionally, a high percentage of medical admissions in hospitals, worldwide, are mainly for chronic conditions and COVID-19 issues, which has further increased the demand for medical gloves.
Moreover, the increased application of disposable latex medical gloves, owing to their advantages, is the key factor driving the segment growth. Disposable latex gloves have proved to be very useful in the medical sector because of their low cost, hygiene, and safety. Physicians examining patients suffering from contagious diseases need to maintain hygiene for personal safety. Disposable gloves act as a shield that protects them from contagious infection.
Gloves are essential equipment in a hospital setting, as they obstruct cross-contamination between the potentially infected patients and caregivers and help prevent the spread of infection. The rising number of hospital visits is also increasing the demand for latex medical gloves. For instance, in England, the number of visits to the accident and emergency department (A&E) increased continuously over the years. As per the 2020 report by the National Health Service, the attendance rose from 59,396 in 2013 to 70,230 in 2019.
Moreover, some chemotherapy drugs are dangerous to handle with bare hands. Trends have shown that medical professionals have been implementing double latex gloving to reduce the risk of failure on account of wear and tear. Moreover, technological advancement resulted in supporting utilities made up of a high-quality polymer. Such factors are expected to boost the segment demand over the forecast period.
The North America Dominates the Market and is Expected to Continue the Same during the Forecast Period
The United States is the most COVID-affected country across the world. The supply chain of products was highly impacted in this country. Additionally, the United States is severely affected by the recent spread of COVID-19. As per the CDC, on April 5, 2021, there were 30,706,128 total cases in the United States, with 555,001 deaths, due to the pandemic. Consequently, the government and regulatory bodies are taking measures to prevent the further spread of the disease. Many companies are also increasing their production to meet the high demand due to the sudden outbreak. For instance, according to the American health department officials 2020, the current demand for medical gloves is estimated to be about 8.7 billion a month, or 104 billion gloves per year, due to the COVID-19 pandemic.
Moreover, North America is the largest market for latex medical disposable due to the presence of well-established healthcare infrastructure, the higher adoption rate of advanced technology, and growing awareness regarding the effects of cross-contamination and infection control measures in healthcare facilities. According to the Surgical Site Infection Surveillance of 2018, by the Centre for Disease Control and Prevention, around 8,205 deaths were caused due to surgical site infections in the United States. Hence, maintaining a healthy and safe environment for patients and healthcare providers is of utmost importance, which may lead to the high demand of the market studied.
Moreover, according to the American Society of Plastic Surgeons (ASPS) 2019, almost 1.8 million cosmetic surgical procedures and 16.3 million cosmetic minimally-invasive procedures were performed in the United States in 2019. Additionally, according to the Global Health and Wellness Report published in 2018, nearly 40% of the adult population in the United States was diagnosed with a cardiovascular condition. Hence, the increasing volume of patient admissions in hospitals is expected to boost the penetration of latex medical disposables in the region.
Furthermore, Asia Pacific is anticipated to increase at a stable rate mainly due to high cost, coupled with minimal awareness by the regional government. India and China are projected to offer significant opportunities for healthcare infrastructure improvement and the growing number of private hospitals. In Africa, the industry is expected to grow at a lower rate owing to the lack of healthcare sector development initiatives and expensive medical services.
