Medical Gloves Market worth over $13.5bn by 2026
Published Date: March 24, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Medical Gloves Market size is set to surpass USD 13.5 billion by 2026, according to a new research report by Global Market Insights, Inc.
Increasing geriatric population across the globe will significantly fuel the market value. The geriatric population shows an increased incidence of chronic diseases that requires surgical intervention that in turn will increase the demand for medical gloves.
Growing prevalence of aging population coupled with rising awareness on hygiene & infection control, increasing healthcare spending in the emerging economies such as India and China where the usage of medical gloves is rapidly increasing are some of the factors boosting the medical gloves market growth. Technological advancements in providing the customized designs to cater to precise industry demands is expected to witness a positive impact on the market size.
Furthermore, rigorous government norms pertaining to the safety of doctors and patients along with other staff at hospitals have accelerated the usage of medical gloves in the healthcare sector. In addition, high penalties for non-compliance are further pushing the medical sector to adopt the medical gloves, thereby protecting people from contamination or chemicals.
Browse key industry insights spread across 850 pages with 2,266 market data tables & 23 figures & charts from the report," Medical Gloves Market Size By Product (Latex Gloves, Nitrile Gloves, Vinyl Gloves, Neoprene Gloves), By Form (Powder-free Gloves, Powdered Gloves), By Application (Examination Gloves, Surgical Gloves), By Usage (Disposable Gloves, Reusable Gloves), By Sterility (Sterile Gloves, Non-sterile Gloves), By Distribution Channel (Brick and Mortar, E-commerce), By End-use (Hospitals, Clinics, Ambulatory Surgical Centers, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020– 2026” in detail along with the table of contents:
Growing demand for nitrile gloves over latex gloves
Nitrile gloves will expand at 17.5% CAGR during the forecast period. This high growth is attributed to the several facts it possesses such as cost effective, tactility, comfort, chemical resistance, improved heat dissipation and less environmental issues. Furthermore, nitrile medical gloves are quickly advancing and is rapidly taking over as the material of choice in cleanrooms, hospitals, and other medical industries.
Growing demand for powder-free gloves will spur the overall medical gloves market growth
The powder-free gloves segment valuation was over USD 5.6 billion in 2019. The high market revenue is owing to the rising health concern pertaining to the use of powdered gloves. In addition, the current ban imposed by the Food and Drug administration on using the powdered gloves in healthcare facilities also decreases the demand for powdered nitrile gloves.
High tensile strength and cost effectiveness will boost the demand for surgical gloves
Surgical gloves are anticipated to witness lucrative growth of 10.5% through 2026. These gloves are classified under medical devices and is particularly designed to offer high tensile strength, sensitivity, tactility, and accuracy that a surgical team requires. Furthermore, a rapid shift towards nitrile surgical medical gloves due to its resistance to needle sticks & abrasions, protection from the contamination and assist in preventing bacteria and other pathogens from entering the sterile surgical area are some of the factors boosting the segment growth.
Rising demand for disposable gloves in medical industry
The disposable medical gloves market held the largest revenue size in 2019, crossing USD 5.6 billion. The domination can be credited to the growing demand for these gloves in pharmaceutical, biotechnology industry, healthcare, and medical facilities, among others. Rising awareness regarding health safety and growing number of surgeries across the globe are further propelling the demand for these gloves.
High demand for non-sterile medical gloves
Non-sterile gloves accounted for largest market share of around 58% in 2019. Non-sterile gloves are cost-effective, poses no higher risk of infection for non-surgical procedures as compared to sterile gloves. These gloves are further used for majority of medical procedures that falls under non-surgical.
Growing digitization in healthcare will propel the E-commerce segment growth
E-commerce segment will register a momentous growth rate of more than 11.6% till 2026. Healthcare is entering into a phase of rapid transformation and digitization in healthcare especially products, services and others are making healthcare system available and easy around the globe. Growing demand for ordering medical supplies such as syringes and medical gloves online has reduced the supply chain labor cost by 80% according to amazon.
Growing number of chronic diseases leads to the surgical procedures in Asia Pacific
Asia Pacific medical gloves market size is predicted grow at around 12.5% CAGR from 2020 to 2026 led by high geriatric population in the region as the present population is aging drastically. Moreover, growing usage of these gloves in surgical procedures along with food & beverages sector will impel the market growth in the region. Countries like Japan, China, India will see the huge demand for medical gloves owing to rising cases of surgical procedures.
The UK market revenue is expected to showcase substantial growth of over 8.5% during 2020-2026. The high growth rate can be attributed to the growing adoption of nitrile gloves over the latex gloves that leads to allergies. Moreover, growing medical tourism, implementation of strict regulations to prevent the cross contamination in hospitals will significantly boost the market expansion.
Rising number of surgical procedures will drive the hospitals end-use segment demand
Hospitals segment witnessed the largest market revenue share in 2019 owing to the growing number of surgical procedures that are performed in a hospital setting. Furthermore, to prevent the contamination of pathogens the demand for these gloves have increased dramatically, thereby propelling the market growth trends.
Companies focusing on innovative products and rapid production of nitrile gloves to meet the competitive pressure
Some of the leading medical gloves market players include Top Glove Corporation Berhad, Supermax Corporation Berhad, Semperit AG Holding, Kossan Rubber Industries Bhd., Cardinal Health, Inc., Ansell Limited, AKZENTA INTERNATIONAL SA, BERNER International GmbH, ERENLER MEDIKAL, SHIELD Scientific, Robinson Healthcare, Hartalega Holdings Berhad, Medline Industries, Inc., Leboo Healthcare Products Limited, Sun Healthcare Sdn Bhd, and Rubberex.
These companies are focusing on various strategies such as, strategic partnerships and acquisitions to consolidate their market presence, new product launches and rapid production yield. For instance, in January 2020, Top Glove Corporation announced the production of its nitrile gloves increasing rapidly. This move is owing to the rising competitive pressure from latex gloves and since medical glove industry is growing at about 10% each year according to some analyst therefore the demand for nitrile gloves is increasing significantly.
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