The latex medical disposables market was anticipated to record a CAGR of nearly 5.1% during the forecast period. This growth can be attributed to the increasing prevalence of lifestyle-associated and other chronic diseases. As per the World Health Organization, chronic disorder is the leading causes of death and disability and leading drivers of the nation’s USD 3.5 trillion in annual health care costs. Growing geriatric population and increasing awareness of the patient pool regarding the infection prevention control norms are some of the major factors that are contributing to the growth of the latex medical disposables space.
Limiting the risk of infection and cross-contamination is one of the primary aims of healthcare professionals and governments worldwide. Increasing volume of patient admissions in hospitals coupled with growing incidences of healthcare associated infections is bolstering the market growth. As per the Massachusetts Health & Hospital Association, healthcare associated infection claims around 7 million people every year, thereby fueling the growth of the market.
Furthermore, government-enforced mandatory guidelines to improve the quality of patient care are expected to boost the penetration of latex medical disposables in near future. Most of the medical disposable product manufacturers are using high-quality latex disposables, which are driven by sustainable material, process and design innovation, resulting in effective product engineering and design.
However, FDA norms to improve design and safety of reusable medical products may hamper business growth in the future.
Key Market Trends
Latex Medical Gloves for varied applications is expected to capture significant revenue share over the forecast period
- Increased application of disposable latex medical gloves owing to their advantages is the key factor driving the segment growth. Disposable latex gloves have proved to be very useful in the medical sector on account of their low cost, hygiene, and safety. Physicians examining patients suffering from contagious diseases need to maintain hygiene for personal safety. Disposable gloves act as a shield which protects them from contagious infection.
- Moreover, some chemotherapy drugs are dangerous to handle with bare hands. Trends have shown that medical professionals have been implementing double latex gloving to reduce the risk of failure on account of wear and tear. In addition, technological advancement has resulted in supporting utilities made up of a high-quality polymer.Such factors are expected to boost the segment demand over the forecast period.
The North America Dominates the Market and is Expected to Continue the Same during the Forecast Period
North America is the largest market for latex medical disposable owing to the presence of a well-established healthcare infrastructure, higher adoption rate of advanced technology, and growing awareness regarding effects of cross-contamination and infection control measures in healthcare facilities. As per the Centers for Disease Control and Prevention, in the United States, 3.7 million emergency department visits with infectious and parasitic diseases for the primary diagnosis. Hence the increasing volume of patient admissions in hospitals are expected to boost the penetration of latex medical disposables in the region.
Asia-Pacific is anticipated to increase at the stable rate mainly on account of high cost coupled with minimal awareness by the regional government. India and China are projected to offer significant opportunities an account of healthcare infrastructure improvement and growing number of private hospitals. In Africa, the industry is expected to grow at a lower rate owing to lack of healthcare sector development initiatives and expensive medical services.
Different players are operating in the varied segments of the latex medical disposables sector. However, the overall vertical is consolidated with a few international players competing with each other. Also, these international players are dominating the global market since brand identity and quality of products offered by these players is more reliable than those provided by the domestic players.
Some of the companies which are currently present in the market are ANSELL LTD, B. Braun Melsungen AG, Becton, Dickinson and Company, Fisher Scientific, and Top Glove Corporation Bhd. For instance, in May 2018, Symphony Environmental Technologies Plc launched the first latex antimicrobial examination glove made with d2p technology to gain a competitive edge.
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