The global medical protective equipment market is projected to exhibit a CAGR of approx. 5.6% through the year 2026. The key driving factors for the growth of the market are the rise in healthcare spending by different countries and increase in the adoption of latest surgical procedures. The COVID-19 pandemic caused a rise in the incidences of diseases and infections which spurred the growth of the medical protective equipment market.
What are the major factors for growth of the medical protective equipment market?
With an increase in the incidences of contagious diseases, the market for protective equipment is expected to grow in the forecasted period. Many health care and research centers have mandated the use of medical protective equipment to protect the patients as well as staff from the spread of infections. Several emerging economies have increased their annual spending in the health care sector to provide effective treatment and improve the heath conditions of people. This enables various companies to invest in research and development and create better solutions for medical issues. In addition to this, the COVID-19 boosted the growth of the market as it made people aware to prevent the spread of virus. These are the major drivers of the medical protective equipment market in the forecasted period.
What is the impact of COVID-19 on the global medical protective equipment market?
The rise in the number of patients affected by COVID-19 has caused an increase in the demand for medical protective equipment. Moreover, the people are getting aware of the importance of using protective equipment to ensure safety and protection from deadly viruses and infections. The governments of various countries have taken measures to expand the production of medical protective equipment to prevent the spread of infection and protect the people from the virus. Laws have been introduced by the state that makes it compulsory for everyone to use the protection kits when moving out of the house. Thus, the COVID-19 pandemic spurred the growth and development of the medical protective equipment market.
How the medical protective equipment market is affected by the increase in healthcare spending by countries?
The global medical protective equipment market is boosted by the increase in healthcare funding by different economies. The main reason for the growth is increased spending in the health sector flourishes the medical and pharmaceutical industries and encourages them to focus on innovation and research to develop equipment with the latest technology to ensure maximum safety and comfort to the user. The U.S. and the UK government declared an increase in the share in annual budget for the healthcare sector to provide efficient and cheaper health services to the people. This affects the market by increasing the demand of personal protective equipment (PPE) which causes the growth of the medical protective equipment market.
What is the regional distribution of the medical protective equipment market?
North America dominates the medical protective equipment market and accounts for the largest portion of the total share in the market. The U.S. leads the market owing to the high health care spending and efficient regulations by the government regarding the use of PPE kits and equipment. Asia-Pacific region has the second largest market share in protective equipment market due to the growing incidences of diseases and initiatives taken by the developing economies like China, India and Japan to enhance the health care sector in the region. The market is expected to grow in these regions in the coming years owing to the rise in medical industries and demand of the medical protective equipment. Germany, United Kingdom and France are some of the countries in Europe that have a fair share of the market.
What is the current competitive landscape in the medical protective equipment market?
The key players in the market are focusing on the research and development to create latest equipment in an attempt to provide efficient solutions to people all over the world. They continue to explore unique strategies and techniques to attain a competitive edge over the other major companies.
Some of the major companies in the medical protective equipment market are 3M Company, Ansell Limited, Cardinal Health Inc., DuPont de Nemours Inc., Hartalega Holdings Berhad, Honeywell International Inc., Kimberly-Clark Corporation and Top Glove Corporation Bhd.
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The medical protective equipment market is expected to witness growth and development in the forecasted period due to the rise in incidences of contagious diseases and the increase in initiatives by the government to prevent the spread of infections and ensure safety and protection of the people. The COVID-19 pandemic had a positive impact on the market and spurred the growth of the industry.