Global Latex Medical Gloves Market Size

Latex Medical Gloves Market Analysis

The latex medical gloves market is anticipated to witness a CAGR of nearly 5.1% during the forecast period (2022-2027).

The COVID-19 pandemic had a negative impact on the global economy and healthcare system. The pharmaceutical, medical device, and biotech product supply chains have all been impacted by the worldwide lockdown. On the other side, emphasis has been placed on research and development. The development of COVID-19 diagnostics and treatment options has the support of all governmental organizations and healthcare stakeholders. As hospital-acquired infections have been a recurrent feature of novel coronavirus outbreaks and can be transferred through medical gloves, the prevention of hospital-acquired infections is a crucial component of the clinical care of COVID-19. According to the study “Hospital-Acquired SARS-CoV-2 Infection in the United Kingdom's First COVID-19 Pandemic Wave,” published in August 2021, 11.3% of patients with COVID-19 in 314 United kingdom hospitals became infected after hospital admission. This rate increased to 15.8% in May 2020. Thus, the outbreak has impacted the healthcare facilities in managing hospital-acquired infections. Also, according to the article "FDA Permanently Exempts Seven Class I Gloves from 510(k) Premarket Notification Process," published in January 2021, the Department of Health and Human Services (HHS) made the Food and Drug Administration’s (FDA) temporary exemption from the 510(k) premarket notification process permanent for seven class I medical devices which include latex patient examination gloves. A study titled "Hospital-Acquired SARS-CoV-2 Infection in the UK's First COVID-19 Pandemic Wave," released in August 2021, found that 11.3% of COVID-19 patients in 314 United Kingdom hospitals contracted the virus after being admitted to the hospital. In May 2020, this percentage rose to 15.8%. As a result, the outbreak has affected how healthcare facilities handle infections picked up in hospitals. In addition, the Department of Health and Human Services (HHS) made the Food and Drug Administration's (FDA) temporary exemption from the 510(k) premarket notification process permanent for seven class I medical devices, including latex patient examination gloves, according to the article "FDA Permanently Exempts Seven Class I Gloves from 510(k) Premarket Notification Process," published in January 2021. This was done to address the unmet demand for medical gloves during the peak of COVID-19, driving the market.

The primary driver of this market's expansion is the rise in infectious disease instances, which is also being accompanied by an increase in surgical procedures. The risk of spreading germs and blood-borne infections is another factor that is anticipated to increase the need for latex medical gloves in healthcare facilities. For instance, according to a 2020 article from healthypeople.gov, in the United States, one in every twenty-five hospitalized patients has a hospital-acquired illness (HAI). As a result, the high incidence rate of HAIs in the United States will focus the attention of healthcare facility management and governments on maintaining facility hygiene and taking preventive measures for the same, resulting in profitable market expansion. Due to seasonal factors including the frequency of viral outbreaks and infectious disorders, the market has seen a large increase in demand from the healthcare sector. The demand for latex medical gloves in the healthcare sector has been greatly influenced by growing knowledge of the health and safety precautions related to patient care and emergency response occurrences. Medical examinations with latex gloves assist prevent cross-contamination between patients and doctors. Growth in the market will also be fueled by increased investments in the manufacture of latex gloves. For instance, Sri Trang Gloves (Thailand) Public Co. Ltd. received an investment of EUR 600 million through an initial public offering (IPO) in February 2021. This money will be used to increase the annual production capacity of latex and nitrile examination and industrial gloves by 50 billion pieces by 2022 and 80 billion pieces by 2024. Key market participants' recent actions are anticipated to accelerate market expansion. As a result, it is anticipated that during the research period, the aforementioned elements will see significant growth.

However, risks associated with latex gloves are the major challenge faced by the manufacturers. Some polymers are one of the leading causes of irritation for some physicians and may hamper business growth in the future.