Latex Medical Disposables Market Size to Grow at a CAGR of 5.9% During the Forecast Period 2021–2026
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 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.
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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 global 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.
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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.
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.
Related Reports :
A. Latex Medical Gloves Market
https://www.industryarc.com/Research/Latex-Medical-Gloves-Market-Research-502617
B. Disposable Medical Gloves Market
https://www.industryarc.com/Research/Disposable-Medical-Gloves-Market-Research-502663
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