Global Disposable Medical Gloves Market Expected to Reach $5,994 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, April 9, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Disposable Medical Gloves Market by Type, Form and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global disposable medical gloves market was valued at $3,819 million in 2016, and is projected to reach $5,994 million by 2023, growing at a CAGR of 6.9% from 2017 to 2023. In 2016, the surgical application segment accounted for about three-sevenths share of the global market.
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Disposable medical gloves form an essential part of maintaining hygienic conditions, ensuring security of patients and caregiver, and safeguarding against infections. These are used while performing diagnostic tests and surgeries to ensure safety of the personnel. The usage of gloves minimizes the possibility of infection due to blood flow, pathogens, and other external factors. The adoption of disposable medical gloves has been a prerequisite for medical applications globally. The advent of newer manufacturing technologies, increased awareness regarding the benefits of disposable medical gloves, and improved healthcare practices are expected to catalyze the market growth.
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The market for disposable medical gloves is primarily driven by their requirement in diagnosis and surgical applications to ensure safety and hygiene. In addition, the growing number of end users, such as healthcare and pharma industries, is expected to create huge demand supplementing the market growth. However, toxic reaction from certain gloves as well as competition pricing offered by local manufacturers could hamper the market growth. However, the impact of this limitation is anticipated to diminish in future due to ongoing improvements in production of disposable medical gloves for medical use. Moreover, advancements in technology related to the development of novel disposable medical gloves are expected to create lucrative opportunities for the market players in near future.
In terms of revenue generation, powdered disposable medical gloves accounted for major share of the global disposable medical gloves market in 2016, and is projected to maintain this trend throughout the forecast period growing at a CAGR of 4.3%. This is attributed to the growing use of these gloves for examination purposes.
Natural rubber gloves are eco-friendly compositions, low cost of raw materials, and has a convenient production process. Thus, natural rubber gloves are the most popular and conventional glove solution and it is projected to grow at a CAGR of 6.5% during the forecast period.
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In 2016, examination gloves accounted for the highest revenue share and is expected to grow at a CAGR of 6.6% during the forecast period. Moreover, in terms of volume, examination gloves is expected to grow at a CAGR of 3.3% during the forecast period. The use of disposable medical gloves for diagnosis and check-up purposes with the growing incidence of chronic and infectious diseases is expected to drive the market for examination market.
Key Findings of the Disposable Medical Gloves Market:
- The polyethylene segment is expected to be the fastest growing segment during the forecast period both in terms of value and volume.
- In terms of volume, the non-powder form of gloves is expected to grow at a remarkable CAGR of 7.7% during the forecast period.
- The U.S. dominated the North American disposable medical gloves market in 2016 and is projected to grow at a CAGR of 4.5% from 2017 to 2023.
- In terms of revenue, vinyl gloves accounted for about two-sevenths share of the global market in 2016 and is expected to grow at a CAGR of 6.2% during the forecast period.
- In terms of value, India is expected to be the fastest growing country in the Asia-Pacific disposable medical gloves market with a CAGR of 10.6% during 2017-2023.
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North America dominates the disposable medical gloves market. The market growth in North American region is primarily a reflection of new product innovations resulting from technological advancements. Introduction of advanced products such as puncture-resistant gloves, temperature-resistant gloves, and others has also fueled the growth of this market. Europe and Asia-Pacific together accounted for around half of the market in 2016. The companies mostly adopted product launch, acquisition, and expansion as their key strategies to keep pace with the changing demands of consumers and strengthen their market position. The key players operating in the global disposable medical gloves market are Top Glove Corporation Berhad, Supermax Corporation Berhad, Semperit AG Holding, Rubberex Corp. M Bhd, Kossan Rubber Industries Bhd., Hartalega Holdings Berhad, Dynarex Corporation, Cardinal Health, Inc., B. Braun Melsungen AG and Ansell Limited. Other players operating in the value chain are Unigloves (UK) Limited, Smart Glove Corporation Sdn Bhd, Cypress Medical Products LLC, Microflex Corporation, Mlnlycke Health Care and YTY Industry Holdings Berhad.
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