Pune, India – The latest report from Research and Markets forecasts that the medical glove market is expected to reach USD 18.56 billion by 2026, growing at a CAGR of 11.64%.
During the COVID-19 pandemic, global demand for single-use gloves skyrocketed, exceeding the existing production capacity of manufacturers by an estimated 215 billion units, or about 37%. Although manufacturers are working hard to increase production, industry experts are predicting possible shortages in 2021. However, the demand for surgical gloves reduced significantly as about 28 million surgeries were canceled or postponed during the pandemic. But post COVID-19, the number of surgeries performed will go high, which will accelerate the demand. North America dominates the global medical gloves market share, followed by Europe, APAC, Latin America, and Middle East & Africa. In the future new products, expansions, and collaborations will be crucial for companies to maintain revenue growth. For example, a key player, Supermax, currently has 24 billion pieces of gloves per annum, and the company is planning to expand it to over 44 billion pieces by the end of 2024.
The following factors are likely to contribute to the growth of the medical glove market during the forecast period: Increased demand for low protein powder-free gloves; Introduction of biodegradable gloves; Growing demand for non-medical gloves; Progressive emphasis on stringent healthcare regulations across regions.
The study considers a detailed scenario of the present medical gloves market and its market dynamics for the period 2021−2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
By material, the global medical nitrile gloves market dominates with 54.59% of the market share and is primarily due to its increased usage in medical applications. Nitrile glove offers a key advantage over latex as some people suffer from latex sensitivity, resulting in latex allergy and other skin problems.
The COVID-19 pandemic increased the demand for the examination glove a hundred times more than the normal demand in the industry at about 82.32%. A lot of surgeries were also delayed, and this caused slow growth in the surgical gloves market.
By category, healthcare professionals have been using disposable gloves with a powdered surface, increasing their market share; however, the powdered glove was causing severe allergies. Skin irritations made the end-users shift towards powder-free products. But still, the end-users with sweating issues and jobs demanding frequent changes in gloves prefer powdered ones because they provide better grip and more flexibility to wear and remove.
The hospital’s segment accounted for more than half of the shares because hospitals are the primary contact for people’s health issues. In addition, hospitals are the preferred place to undergo surgeries as they are equipped with the required technology, and skilled professionals handle complex cases.