Latex Medical Disposables Market - Forecast(2024 - 2030)
Latex Medical Disposables Market Overview
Latex Medical Disposables Market size was valued at $4.7 billion
in 2020, and is anticipated to reach $6.02 billion by 2026 growing at
a CAGR of 5.9% during the forecast period 2021-2026. The Latex Medical
Disposables Industry growth rate is attributed to the increasing prevalence of lifestyle-associated
and other chronic diseases coupled with government-enforced mandatory
guidelines to improve the quality of patient care. Latex medical disposables are used as primary safety and
precautionary wearables while performing medical procedures in hospitals,
clinics, and laboratory centers, such as surgeries, check-ups, and diagnostic
tests. Latex gloves, which are used in large amounts by physicians, surgeons,
dentists, and many other medical practitioners worldwide, are the most commonly
used latex medical disposables. To prevent contamination between the examiner
and the patient, medical disposables are commonly used. According to 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. Moreover, 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. However, owing to FDA
norms to improve design and safety of reusable medical products are the major
barriers that restrain the market growth.
Latex Medical Disposables Market Report Coverage
The report: “Latex Medical Disposables Market Forecast (2021-2026)”, by Industry
ARC, covers an in-depth analysis of the following segments of the Latex Medical Disposables Market:
By Product Type: Latex Gloves, Latex Foley Catheters, Latex Probe
Covers, Urine Bags and Others.
By Application: Hospitals, Ambulatory Surgical Centers, Clinics,
Diagnostic Centers and Others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany,
UK, France, Italy, Spain, Russia and Others), APAC (China, Japan, India, South
Korea, Australia and Others), South America(Brazil, Argentina and Others) and
RoW (Middle East and Africa).
Key Takeaways
- North America dominated the Latex Medical Disposables Market with a share of 37.16% in the year 2020.
- The factors such as increasing numbers of surgeries, growing prevalence of urological disorders, and growing prevalence of chronic disease are amongst the major factor projected to impel growth of Latex Medical Disposables Market.
- Rapidly increasing geriatric patient population, rising health awareness, cleanliness and good hygiene among the common people, advent of innovative products in the market creates lucrative opportunities paving a way for the growth in the market during forecast period 2021-2026.
Latex Medical Disposables Market Segment Analysis - By Product Type
On
the basis of product type, latex medical gloves segment accounted for the
largest segmental revenue of the Latex Medical Disposables market in 2020. The
main factor driving the growth of the segment is the increased use of
disposable latex medical gloves due to their benefits. Because of their low
cost, sanitation, and protection, disposable latex gloves have proven to be
very useful in the medical sector. For personal protection, doctors treating
patients suffering from infectious diseases need to practice hygiene.
Furthermore, latex medical gloves segment is anticipated to witness significant
growth of 6.1% over the period 2021-2026 owing to the adoption of disposable
medical gloves has increased over the years owing to the rise in safety
concerns and hygiene.
Latex Medical Disposables Market, By Application 2020(%) |
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Latex Medical Disposables Market Segment Analysis - By Application
On
the basis of application, hospitals segment accounted for the largest segmental
revenue of the Latex Medical Disposables market in 2020 owing to Advances in
technology are also helping to complement the market growth of disposable
medical gloves. In addition, the demand for disposable medical gloves is being
propelled by a major rise in regular outbreaks of epidemics and pandemics
worldwide. Furthermore, one of the major factors contributing to its large
share is the increased investment in state-of-the-art healthcare
infrastructures are anticipated to stimulate market growth during the forecast
period 2021-2026.
However, the clinics are poised
to hold the highest growth rate with a CAGR of 6.02% over the forecast period
2021-2026. This is owing to the facts that growing need for specialized
treatments, a lot of patients are preferring specialty clinics for rapid
diagnosis and effective treatment, and is anticipated to support the growth of the
Latex Medical Disposables Market.
Latex Medical Disposables Market Segment Analysis - By Geography
North America is the major region dominating the Latex Medical Disposables Market with a market share of 37.2% in the year 2020. This
can be attributed to the increasing concern towards safety while performing
medical procedures, as well as increasing measures to prevent contagious
diseases, resulting in patient compliance over the forecast period 2021-2026. Furthermore,
according to a fact sheet by the National Kidney Foundation in 2017, around
6.7% of the total Medicare budget is contributed towards the treatment of
chronic kidney diseases. This suggests high demands for latex urine dialysis
bags, as dialysis serves as a promising treatment for patients suffering from
stage 2 and end stage kidney disease and is anticipated to make this a lucrative
segment by signaling tremendous potential in the region.
However, Asia-Pacific is projected to be the significant-growing
market during the forecast period 2021-2026 owing to rapid developments in healthcare infrastructure
and increasing number of surgeries in economies of this region such as China,
India, Japan, Malaysia, and Singapore is responsible for the growth of the Latex
Medical Disposables market. Moreover, according to the statistics by Lancet
Commission of Global Surgery in 2016, with 14,833 surgical procedures per
100,000 people, highest rates of surgeries are performed in Japan, are poised
to show potential growth in the forecast period 2021-2026.
Latex Medical Disposables Market Drivers
Technologically Advanced Catheters for Consumer Efficiency Acceleration
The Latex Medical Disposables Market is poised to receive upswing owing
to Technological advancements taking place in the healthcare sector is the key
factor driving growth in the Latex Medical Disposables Market. Key
market participants are investing in innovative technologies and developing new
products that will help in reducing infections and risks and helps in
expanding demand in this market.
Latex Medical Disposables Market Challenges
Increasing Number of Cases
Despite several drivers, increasing
number of cases where people are suffering from latex allergy is likely to
challenge growth in the global latex medical disposable market. Furthermore,
various healthcare providers are using non-latex products that might limit
growth in this market. Another restraining factor is increasing competition
among players that leads in reducing prices of these products that overall
reduce profits of the players. Thus, lower revenues might hamper growth in the
global latex medical disposable market, which in turn is poised to impact the
revenue growth in the forecast period 2021-2026.
Latex Medical Disposables Market Landscape
Product launches, mergers and acquisitions,
joint ventures and geographical expansions are key strategies adopted by players
in the Latex Medical Disposables Market. In 2020, Latex Medical Disposables Market
share is fragmented by the top ten players present in the market. Latex Medical
Disposables Market top 10 companies are Supermax Corporation Berhad, Hartalega
Holdings Bhd, C.R. Bard, B. Braun Melsungen, Dynarex Corporation, Top Glove
Corporation, Medtronic Plc and others.
Relevant Reports:
Report Code: HCR 49931
Disposable
Medical Gloves Market
Report Code: HCR 60481
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