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PPE Industry to Generate Highest Revenue in Coming Years Due to COVID-19 Pandemic

PPE Industry to Generate Highest Revenue in Coming Years Due to COVID-19 Pandemic

Published: July 2020

The surging prevalence of the coronavirus disease (COVID-19), intensifying demand for protective essentials from healthcare facilities, increasing awareness about the use of personal protective equipment (PPE) items, such as masks and gloves, among individuals, and strategic measures by various government entities are boosting the global PPE market. Due to these factors, the market is expected to generate $112.7 billion revenue by 2030, growing at a CAGR of 7.7% during the forecast period.

Growth in Demand for PPE in Healthcare Industry

The COVID-19 viral infection is spreading rapidly in people travelling frequently, living in densely populated areas, and coming into contact with infected people. During this pandemic, the major burden has fallen on the healthcare sector and related infrastructure, even in the most developed countries with advanced healthcare systems. Furthermore, government authorities in different geographies are worried about the continuously reducing availability of essential commodities, including PPE and testing kits, which is hampering the capacity to effectively manage the growing number of infected patients, in countries such as the U.S., Brazil, and India.

Global Requirement for PPE by Healthcare Workers during COVID-19

Geographically, North America and Europe accounted for the majority of the revenue in the global PPE market in 2019, which is majorly attributed to the strict regulatory and safety requirements in different industries and high awareness among individuals about respiratory masks. Moreover, these regions have been witnessing a massive number of infected patients, thereby leading to a huge demand for PPE kits from those working in healthcare facilities.

Dependency on PPE-Supplying Countries

The government in various countries is facing a shortage of essential healthcare items, and thus relying on their import from China, Japan, India, and the U.K. For instance, the U.K. has shipped millions of essential medical supplies, including PPE kits, to Germany, Italy, and Spain, from its warehouses. Moreover, the United Nations Children's Fund (UNICEF) provided approximately 90 tons of critical healthcare supplies, including PPE kits, to Venezuela in April 2020.

Surge in Prices of PPE Items

Since the announcement of the current global pandemic, the demand for various essential items has gone up exponentially. Furthermore, producers of PPE items are facing a reduced production capacity and workforce, globally, due to which the prices of these items skyrocketed in recent months. For instance, the N95 mask, which was earlier being traded in the PPE market at around $0.4 apiece on average, has witnessed an around 1,500% increase in its price, to around $6.0 apiece.

Entry of New Players and Client Order Wins Are Strongest Measures Witnessed by PPE Industry

The outbreak of COVID-19 has led to a sudden increase in the demand for PPE kits, mainly from the healthcare sector. The spread of COVID-19 and surge in the number of patients have led to a vast increase in the suppliers of these items. Additionally, companies that were earlier not involved in producing PPE items, such as BYD Co. Ltd. and Foxconn Technology Group, recently started their production, in order to fulfill the supply gap and leverage the opportunities being presented by the market.

Further, many companies have been receiving orders for PPE items from various government entities across the world. For instance, in April 2020, the Canadian government signed a contract with InkSmith Ltd. (The Canadian Shield), a PPE manufacturer based in Canada, to supply 10.0 million units of reusable face shields for healthcare workers, by August 2020.

Browse report overview with detailed TOC on "COVID-19 Impact Analysis on Personal Protective Equipment (PPE) Industry" at:https://www.psmarketresearch.com/market-analysis/covid-19-impact-analysis-ppe-industry

The worldwide PPE industry comprises many players, operating both locally and globally. Some of the major providers of PPE kits and associated items are 3M Company, Kimberly-Clark Corporation, Honeywell International Inc., Dynarex Corporation, Alpha Pro Tech Ltd., DuPont de Nemours Inc., Avon Rubber PLC, UVEX ARBEITSSCHUTZ GmbH, Mölnlycke Health Care AB, Aero Pro Co. Ltd., Kowa Company Ltd., Prestige Ameritech, Top Glove Corporation Bhd, and Medline Industries Inc.