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According to Reports and Data, the global healthcare personal protective equipment (PPE) market is expected to reach USD 8,024.4 million by the year 2027
NEW YORK CITY, NY, UNITED STATES, September 7, 2022 /EINPresswire.com/ -- According to Reports and Data, the global healthcare personal protective equipment (PPE) market was valued at USD 5,018.3 million in 2019 and is expected to reach USD 8,024.4 million by the year 2027, at a CAGR of 4.5%. Healthcare personal protective equipment is witnessing a surge in demand in the midst of COVID-19 pandemic for the safety of healthcare workers across the globe. Gloves, face protection masks or face shield, goggles and mask, gloves, gown or coverall, head cover, and PPE boots are among some of the personal protective equipment with soaring global demand. The key factor which is expected to drive the market for the personal protective equipment includes stringent regulatory framework, increasing awareness about the importance of healthcare safety, increasing focus on safety preparedness at healthcare facilities, and accelerating rate of cases of COVID-19 infection.
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Government bodies, Non-profit organizations as well as private bodies are contributing to support increase in availability of personal protective equipment, as Coronavirus (COVID-19) pandemic crossed 2 million cases globally (as of 3rd week of April). In line with this, World Health Organization issued interim guidance for use of Healthcare Personal Protective Equipment during COVID-19, and raised concerns about disruptions in the global supply chain of PPE. The current global stockpile of PPE is inadequate to handle the existing and expected cases in different parts of the world, particularly for medical masks and respirators. The supply of gowns and goggles is also expected to be insufficient as the disease is spread. Surging global demand is not only driven by the increasing number of COVID-19 cases but also by misinformation, hoarding, and panic buying. In March 2020, WHO called on industry and governments to increase manufacturing by 40 percent to meet rising global demand As countries continue to navigate the solution midst outbreak, the demand for healthcare personal protective equipment is bound to be inelastic.
The government initiatives are expected to provide traction to the market in the near future. For instance, China is focusing on producing over 116 million masks a day, 12 times its supply prior to the outbreak. The Chinese government has offered to export protective equipment to Italy and other countries. The governments across the globe are focused on limiting the consumption of PPE for healthcare applications only, to ensure safety of health workers. CDC recommended the cancellation of all elective and non-urgent procedures and outpatient appointments for which face masks are typically used, use of face masks beyond the manufacturer-designated shelf life during patient care activities, limited reuse, and prioritization of use for activities or procedures in which splashes, sprays, or aerosolization are likely.
Further key findings from the report suggest:
During 2020-Mid 2021, a short run spike is expected in the demand of PPE across the globe, where the market for healthcare applications is expected to grow at a rate of 17.2%.
Amidst the outbreak of COVID-19, World Health Organization is working with governments, industry, and the Pandemic Supply Chain Network to boost production and secure allocations for critically affected and at-risk countries. According to the World Health Organization (WHO) modeling, an estimated 89 million medical masks per month are required in COVID-19 response. For examination gloves, the figure is up to 76 million, while global demand for goggles stands at 1.6 million per month.
Regulatory bodies are introducing relaxed norms to facilitate import of personal protective equipment. For instance, in March 2020, the FDA started various measures to increase U.S. supplies of personal protective equipment in response to COVID-19. The measures include adjustments in import screening, flexibility to manufacturers, and creation of special mailbox service, among other provisions.
As of 2019, Head, Eye & Face Protection product segment is expected to dominate the global healthcare personal protective equipment and is expected to rise at a CAGR of 4.0% during 2020-2027. High risk of COVID-19 and other infections through nose, eyes and ears is among primary reason driving the growth for this segment.
The surge in demand of PPE for healthcare applications is attracting the investors towards PPE industry. For instance in March 2020, 3M announced increase in their investments, mostly in the U.S., to boost N95 masks production by 30% over the next 12 months. The Maplewood, Minn.–based manufacturing conglomerate makes 1.1 billion N95 respirator masks annually, 400 million of them in the U.S.
Hospitals and clinics is expected to remain the largest end-use segment of healthcare PPE, during 2020-2027. The segment held more than 50% of market share as of 2019.
Asia-Pacific region is expected to register highest CAGR of 4.5% during 2020-2027. Emerging market players in the region, technological advancements, rising focus of government towards healthcare facilities, and high target population in the region are among the key factors driving the market growth in the region.
Established global companies as well as emerging players are focused on increasing their manufacturing capacity as well as geographic footprint, to enhance the sales & customer base. In March 2020, Honeywell expanded its operations at its Smithfield, R.I. eye protection products plant, to enhance manufacturing capacity of N95 masks. Also, the company increased the employee strength to support the efforts of delivering masks to the U.S. Department of Health and Human Services for national stockpile.
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Healthcare Personal Protective Equipment (PPE) market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
Leading companies operating in the market are:
3M Co., MSA Safety Inc., Ansell Limited, Honeywell International Inc., E I DuPont de Nemours and Co., Kimberly-Clark Corporation, Lakeland Industries, Inc., Alpha Pro Tech, Ltd., Sioen Industries NV, and Radians, Inc.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Healthcare Personal Protective Equipment (PPE) Market Segmentation:
Product Type Outlook (Revenue, USD Million; 2017–2027)
Head, Eye & Face Protection Hearing Protection Protective Clothing Respiratory Protection Protective Footwear Fall Protection Hand Protection
End Use (Revenue, USD Million; 2017–2027)
Hospitals and Cinics Ambulatory Surgical Centers Academic and Research Institutes Diagnostic Laboratories Others
Geographic Segment Covered in the Report:
The Healthcare Personal Protective Equipment (PPE) report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
• North America (the USA and Canada) • Europe (UK, Germany, France, and the rest of Europe) • Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region) • Latin America (Brazil, Mexico, and the rest of Latin America) • the Middle East and Africa (GCC and the rest of the Middle East and Africa)
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Key market aspects are illuminated in the report:
Executive Summary: It covers a summary of the most vital studies, the Global Healthcare Personal Protective Equipment (PPE) market increasing rate, modest circumstances, market trends, drivers and problems as well as macroscopic pointers. Study Analysis: Covers major companies, vital market segments, the scope of the products offered in the Global Healthcare Personal Protective Equipment (PPE) market, the years measured, and the study points. Company Profile: Each Firm well-defined in this segment is screened based on a products, value, SWOT analysis, their ability and other significant features. Manufacture by Region: This Global Healthcare Personal Protective Equipment (PPE) report offers data on imports and exports, sales, production and key companies in all studied regional markets.
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