The surging risk of contagious diseases, increasing geriatric population, growing volume of surgeries, rising burden of chronic diseases, and increasing healthcare spending are the foremost driving forces for the global medical gloves market. Due to these factors, the market is expected to generate $20,435.6 million revenue by 2030, advancing at a CAGR of 10.8% during the forecast period (2020–2030).
COVID-19 has had a strong positive impact on the global medical gloves market. Due to this pandemic, the outlook for the industry has changed significantly, with the demand for these products predicted to increase across the globe. Medical gloves, as an important personal protective equipment (PPE), are mandated for healthcare professionals, while providing care to patients suffering from COVID-19. Additionally, the rising number of hospitalization cases due to COVID-19 and increasing awareness about the prevention of this infection have spurred the demand for medical gloves across the world. This strong demand is expected to be maintained in the short term.
Nitrile Medical Gloves To Generate Highest Revenue throughout Forecast Period
On the basis of raw material, the medical gloves market is categorized into nitrile, latex, vinyl, and neoprene, out of which nitrile medical gloves are expected to lead the medical gloves industry in the forecast years. The high demand for nitrile gloves can be attributed to the fact that they do not cause rubber protein allergies and have, therefore, proven to be a good option for those with latex allergy. Nitrile gloves demonstrate high puncture resistance and are considered suitable for medical examination and surgical applications.
Further, on the basis of application, the medical gloves market is segregated into surgical and examination gloves. Of the two types, examination gloves accounted for the larger share of revenue in the market in 2019. This can be ascribed to the fact that the number of medical examinations performed is higher than that of surgical procedures conducted across the world.
Geographically, North America dominates the global medical gloves market, mainly owing to the increasing demand for medical gloves from healthcare settings, rising incidence of COVID-19, and presence of key players in the region. Asia-Pacific (APAC) is expected to witness lucrative growth in the coming years, as a result of the surging geriatric population and increasing demand for these gloves from the clinics, diagnostic centers, and hospitals in the region.
Mergers & Acquisitions and Product Launches Are Strongest Strategic Measures in Market
Players in the medical gloves market are focusing on mergers & acquisitions and introducing new products to enhance their market presence. For instance, in June 2019, Top Glove Corporation Bhd launched its flagship green product, BioGreen biodegradable nitrile gloves (non-powdered), on World Environment Day. It is an environment-friendly variant of disposable nitrile gloves, designed to biodegrade in anaerobic environments.
Similarly, in June 2018, McKesson Corporation completed its previously announced acquisition of Medical Specialties Distributors, to expand its customer base.
In addition to this, players in the medical gloves industry are also engaged in facility expansions, to expand their consumer base. For instance, in April 2018, B. Braun Melsungen AG opened five new production facilities and administrative buildings in Malaysia, to grow its business in the infusion therapy, pharmaceutical solutions, and surgical instruments markets.
Browse report overview with detailed TOC on "Medical Gloves Market Research Report: By Raw Material (Latex, Nitrile, Vinyl, Neoprene), Application (Examination, Surgical), Sterility (Non-Sterile, Sterile), Type (Non-Powdered, Powdered), Distribution Channel (Indirect, Direct), End User (Hospitals, Clinics, and Diagnostic Centers, Ambulatory Surgery Centers) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/medical-gloves-market-report
Some of the major players operating in the global medical gloves market include Top Glove Corporation Bhd, SUPERMAX Corporation Berhad, Halyard Health Inc., Hartalega Holdings Berhad, Kossan Rubber Industries Bhd, Cardinal Health Inc., Paul Hartmann AG, B. Braun Melsungen AG, Medline Industries Inc., Kimberly-Clark Corporation, McKesson Corporation, Mölnlycke Health Care AB, Semprit AG Holding, Ansell Ltd., Cypress Medical Products LLC, Sun Healthcare (M) Sdn Bhd, Robinson Healthcare Ltd., Riverstone Holdings Limited, SHIELD Scientific B.V., and Dynarex Corporation.