The global disposable medical gloves market value is projected to touch USD 10.9 billion by 2026, registering a modest CAGR of 9.1%. One of the major drivers for this growth is the heightened risk of chronic diseases across the world. According to the Global Burden of Disease Study 2017 conducted by the World Health Organization (WHO) and Institute of Health Metrics Evaluation (IHME), chronic (non-communicable) diseases caused 80% of the disabilities in 2017. The WHO further predicts that chronic diseases will be responsible for 60% of the global burden of disease by 2020. Most of these diseases, such as COPD and diabetes, are a result of faulty lifestyle habits, namely, lack of exercise, unhealthy diets, and smoking. The global disposable medical gloves market stands to gain from these developments in the coming decade.
Fortune Business Insights shares interesting perspectives in its report, titled “Disposable Medical Gloves Market Size, Share & Industry Analysis, By Application (Surgical and Examination), By Material (Latex and Synthetic),By Category (Powdered and Powder free) End User (Hospitals & Clinics, Diagnostic/Pathology Labs, and Others), and Regional Forecast, 2019-2026”. From its current standing at USD 5.4 billion, the global disposable medical gloves market value is projected to reach USD 10.9 billion during the forecast period, as per the report. Additionally, the report provides a detailed analysis of the factors and dynamics that will shape the market till 2026.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Growing Popularity of Medical Tourism to Boost the Market
Medical tourism refers to travelling undertaken by patients to other countries to seek medical help either because healthcare in their country is unaffordable or is extremely weak. Medical tourism is increasing around the world, especially from the developed nations such as the US to developing nations such as India. For example, a study published in the American Journal of Medicine estimates that in 2017, about 1.4 million Americans and 14 to 16 million people all over the world toured different countries for healthcare. The top five most preferred destinations being Costa Rica, India, Malaysia, Mexico, and Singapore. According to a report by Visa and Oxford Economics, the value of the overall medical tourism industry is increasing annually by USD 439 billion. This will fuel the global disposable medical gloves market revenue till 2026.
Asia-Pacific to Showcase Splendid Growth; North America to Dominate
Having generated business worth USD 2 billion in 2018, North America is expected to hold a dominant portion in the global disposable medical gloves market share in the forecast period. The primary reasons for this being high awareness levels about safety of medical equipment, well-established distribution network, and growing demand for high quality disposable gloves. Similar factors are expected to drive the market in Europe as well and make the region the second largest stakeholder in the global disposable medical gloves market.
Asia-Pacific is expected to exhibit the most impressive growth rate among regions owing to the rising incidence of chronic and infectious diseases in the region, along with increasing production of medical equipment in India, China, and Bangladesh. Africa and the Middle East are anticipated to grow at a decent pace on account of increased healthcare spending and investment, which can expand the global disposable medical gloves market size.
