Future Market Insights, Dubai: 2020 will be a remarkable year for diagnostic tests, personal protective equipment (PPE), and various critical medical supplies. Medical masks also witnessed a sudden leap in demand, followed by supply chain disruptions and logistical delays, further causing massive shortages. Medical mask manufacturers are thus pressurized to ramp up production levels amid the global COVID-19 pandemic.
Sales of medical masks are set to account for a valuation worth over US$ 4 Bn in 2020, witnessing annual growth of around 9.8%. According to the latest report by Future Market insights (FMI), emergence of medical face masks as the most popular choice for coronavirus protection is leading to an unprecedented spike in sales. Simultaneously, panic buying and stockpiling practices amid COVID-19 related disruptions have shown fragility in access to medical masks.
Surgical Masks Mainstay for COVID-19 Protection, N95 Respirators Close in
As the novel coronavirus is characterized by respiratory tract infection, surgical masks continue to witness higher demand – accounting for 2/5th of the total sales. Given consideration to growing preference for N95 respirators for their effective protection against the highly contagious disease, public health authorities are urging manufacturers to increase their production.
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“In the current scenario, demand for medical mask is significantly outpacing its supply and driving shortages across the globe. Health authorities are therefore issuing guidelines for rational use of medical masks and retailers are rationing the product to curb the current shortages, which in turn may result in market stability,” says the FMI analyst.
North America at the Epicenter of COVID-19 and Massive Demand
The U.S. is currently the worst-hit country by COVID-19 pandemic, and the number of cases continues to defy gravity. The result is leading to a manifold increase in demand for medical mask and other PPE. In addition to supporting local manufacturers to increase production levels, Food and Drug Administration (FDA) has issued an Emergency Use Authorization (EUA) allowing the import of N95 respirators (non-NIOSH- approved) from several countries. News has also been forthcoming for lifting restrictions on the import of KN95 masks from China.
North America continues to maintain its dominance with 40% share of the global market value in 2019. A sudden rise in demand is also witnessing from Europe, which is expected to outperform the former market by 2020-end.
The FMI study offers near- and long-term growth outlook of the medical mask market. Gain access to FMI’s exclusive COVID-19 tracker here.
Source: Future Market Insights