Market Trends of Global Latex Medical Gloves Industry
This section covers the major market trends shaping the Latex Medical Gloves Market according to our research experts:
Surgical Gloves Segment Dominates the Market and is Expected to Continue the Same during the Forecast Period
The surgical glove sector will dominate the latex medical glove market during the forecast period. An increasing number of surgical operations using latex gloves are a high-impact rendering driver. In March 2020, according to the "FDA Eases Regulatory Requirements on Surgical Gowns, Gloves" article by the Regulatory Affairs Professionals Society, the Food and Drug Administration (FDA) will improve the availability of gloves and will not object to their usage and distribution. The FDA regulates surgeon's gloves (i.e., gloves worn on the hands of operating room staff to protect a surgical wound from contamination) and non-powdered patient examination gloves (i.e., gloves worn on the examiner's hand or finger to prevent contamination between patient and examiner) as Class I (reserved) devices, subject to premarket notification requirements under 510(k) of the FDCA. To prevent unnecessary hazards to health, the FDA will, however, permit the distribution of these gloves if they contain the proper warnings and meet the following requirements, as stated in its Enforcement Policy.
Moreover, the market is driven by the growing number of surgeries, which increases the demand for surgical gloves. Additionally, the growing elderly population will increase surgical treatments, fueling market expansion. Around 727 million individuals worldwide are 65 or older, according to the United Nations World Ageing 2020 report. In 2050, this figure is anticipated to increase to 1.5 billion. Dental, veterinary, EMS, and aesthetic uses are included in the surgical application category. Increased consumer health awareness, environmental sustainability, and greater physician protection have taken center stage in this market segment, which is projected to fuel demand.
The North America Dominates the Market and is Expected to Continue the Same during the Forecast Period
The primary driving factors for the growth of the North American latex medical gloves market are the increased importance of health and safety measures, a rise in the number of surgeries, and an increasing burden of infections such as hospital-acquired infections in the region. In addition, strategic initiatives by key market players such as establishing the new manufacturing facility, partnerships, and others are also expected to contribute to market growth. During the research period, it is anticipated that the United States will hold a significant share of the market in North America. For instance, one in 31 patients in the United States contracts at least one infection as a result of receiving hospital care every day, according to the "2020 HAI Progress Report Executive Summary" report released by the Centers for Disease Control and Prevention, underscoring the demand for improvements in patient care procedures in the nation's healthcare facilities. As a result, the market is brought about by the government's increased demand for maintaining adequate cleanliness, which involves the use of new medical gloves.
Additionally, in September 2020, Mr. Tanatdaj Sillapavitsawakul and Mr. Rujipart Tanapattarachaitat founded QB Medical to sell several kinds of gloves to the market for a variety of uses. They discovered a massive project to build a production facility to manufacture nitrile and latex gloves under the trade name BQLOVE, costing 8,000 million baht. According to the American Society of Plastic Surgeons' National Plastic Surgery Statistics 2020, 2,314720 cosmetic surgical procedures were carried out in the country in 2020. Additionally, there were 6,878,486 reconstructive surgeries completed in the United States in 2020. During surgery, latex medical gloves are essential. Therefore, the studied market is expected to witness significant growth in the coming years.
Thus, the studied market is expected to witness significant growth in the region due to the abovementioned factors.
