The medical disposables market is projected to grow at a CAGR of 7.01% to reach a value of US$384.263 billion by 2025, from US$255.907 billion in 2019.
The ongoing spread of the pneumonia-like virus, COVID-19, is leading to skyrocketing demand for PPE in order to prevent the spread of the infection to restrict the rapidly rising number of confirmed cases and deaths globally
The use of Personal Protective Equipment (PPE) is highly being recommended by the different healthcare organizations and the government bodies such as Centres for Dieses Prevention and Control (CDC), and the World Health Organization among others. This is being in order to control the rate of spread of the dangerous flu-like infection COVID-19, as it is causing havoc globally with the confirmed cases being reported close to 3.58 million and the deaths being close to 252,000. This has caused the healthcare professionals to become aware of using hygienic practices and make the use of PPE at all the times whilst dealing with any patients and has thereby led to a surge in the demand for medical disposables, which is further acting as a driving factor for the marketgrowth over the forecast period.
Healthcare-Acquired Infections (HAI) posing serious threatsto the patients as well as healthcare professionals and causing the healthcareworkers to adopt medical disposable products and solutions.
There is an increasing number for individuals that are leading a sedentary lifestyle and are into consuming copious amounts ofalcohol and nicotine, and other items such as fast food, which is putting them to risk of alcoholpoisoning, and lung cancer thus, leading to an increase in thehospitalizations. However, theirproblems are being aggravated due to the unhygienicpractices, unclean instruments,and surroundings in some of the healthcarecenters. According to the WHO, the Healthcare-Acquired Infections (HAI), are increasingly common, and are one of the major factors in the increased healthcarecosts and increasedduration of hospital stays. Hence, these factors are encouraging the healthcare professionals to adopt for medical disposables such as face masks, medical gloves, among others in order to prevent the spread of the infection to themselves or other patients, and is bolstering the market growth further.
The increase in the geriatric population, facilitated by the increase in living standards.
The increase in living standards, due to the rising disposable income of the individuals in the population has resulted in an increase in life expectancy and has led to a rise in the geriatric population in the different regions of the world. The increase in the geriatric population has resulted in them becoming more prone to different infections and diseases due to their decreased immunity. Some of the diseases, which plague the old-aged individuals, are urinary tract infection, cataract surgeries, among other viral infections, which have led to an increase in the demand medical disposables such as examination gloves, surgical gloves, and face masks among others and is contributing to the market growth over the forecast period.
Product Offerings by Major Market Players in the Medical Disposables Market Space
The offering of better and advanced medical disposables with enhanced protection, quality, and durability among other propertiesby the existing and new players in different markets is estimated to lead to increased adoption and propel the market growth further over the forecast period.
Some of the examples of product offerings are as follows:
The North American region to hold a considerable share over the forecast period and the Asia Pacific region is expected to witness a significant increase in its market share over the forecast period
The North American region is expected to hold a significant share over the forecast period owing to the fact that there is an increasing number of players involved in the provision of advanced and enhanced varieties of Medical Disposables. In addition, there isan increasing number of cases of CVID-19 cases in countries such as the US, which is increasing the demand for essential medical disposables such as gowns, face masks, and medical gloves.
In addition, the Asia Pacific region is expected to witness a significant increase in its market share over the forecast period, which is attributable to the fact that there are initiatives being taken by the government in order to boost the healthcare sector. In addition, there cheap production as easieravailability of medical disposables in countriessuchas Malaysia, India, and China among others is further adding to the market share of this region.
By end user hospitals is expected to hold significant share in the market
The growing prevalence of chronic diseases and a rising demand for sophisticated healthcare facilities in hospitals is expected to drive the market during the forecast period. Also, the increasing volume of patient admissions in hospitals due to current pandemic and mandatory guidelines for hospitalization also boosts the demand for medical disposables for hospital employees and staff.