The latex surgical glove market is expected to grow at a compound annual growth rate of 6.54% over the forecast period to reach a market size of US$1,570.758 million in 2027 from US$1,007.864 million in 2020.
Latex gloves are natural rubber gloves that are used as protective gear. During surgeries, latex gloves are used to ensure that no germ transfer occurs between the patient and doctors. Surging healthcare expenditure owing to the rise in disposable living that has increased the standard of living has also raised surgeries for better health and hence driven the market demand. Increasing construction of hospitals and operation rooms owing to higher demand also provides a significant nudge to the market. Furthermore, strict medical regulations for check-ups and surgeries boosted the demand for latex surgical gloves. However, latex allergy among patients discourages medical staff from operating with latex gloves, which notably hampers the market growth.
The latex surgical glove market, by region, has been segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The North American and European market for latex surgical gloves is anticipated to hold a dominating share owing to high healthcare expenditure and strict government and industry norms and rules. Furthermore, surging healthcare cost is further forecasted to support the market growth. The US is one of the largest healthcare markets globally. The healthcare expense stood at US$4.1 trillion in 2020, accounting for 19.7% of the country’s GDP. It is expected that the country’s government healthcare spending will surge to US$6.2 trillion by 2028, surging at a CAGR of 5.4%. Furthermore, data from the World Bank shows that European Union's per capita health investment has surged from US$3,036.966 in 2015 to over US$3,525.057 in 2018. Growing healthcare expenditure is expected to significantly expand the market prospects for latex surgical gloves in these regions.
The Asia Pacific latex surgical glove market is forecasted to drive at the fastest rate owing to a surge in medical tourism and growing disposable income which has expanded the demand for surgeries and other healthcare facilities. China, India, Thailand, Vietnam, South Korea, and Taiwan have emerged as healthcare giants providing quality healthcare facilities at a lower cost. Millions of tourists visit these countries for superior medical facilities, particularly for treatment and surgeries, and hence support the industry demand for latex gloves.
Non-powdered latex gloves are projected to hold a significant market share.
Based on type, the latex surgical glove market has been segmented into powdered and non-powdered gloves. Non-powdered latex gloves are projected to hold a significant market share owing to superior efficiency and reliability.
Hospital demand for Latex Surgical Glove is expected to dominate the market.
By end-users, the latex surgical glove market has been segmented into hospitals, medical centers, and ambulatory surgical centers. Hospitals are expected to hold a dominating share of the market owing to rising surgeries and patients. Furthermore, the construction of new hospitals and increased operation rooms provide a significant nudge to the market demand.
One of the prime reasons supporting the growth in the latex surgical glove market is the rising number of surgeries. With the growth in disposable income and higher standard of living, the consumer prefers surgeries over long-term treatments that are time-consuming and painful. Increasing operating rooms and professionals to perform surgeries also support the market demand. Data from the American Society for Plastic Surgery shows that plastic surgery in the American region is on the rise. People wanting to have an ideal body have notably increased the demand for plastic surgeries. The report published by the organization shows that the number of cosmetic surgery increased to 2.314 million in 2020, from 1.091 million in 2000. Nose reshaping, eyelid surgery, and facelift are the 3 top cosmetic surgeries demanded by patients. Reconstructive surgeries surged to 6.878 million in 2020, from 6.625 million in 2019. Rising demand for surgeries is expected to support the market of latex surgical gloves notably.
One of the major restraints the market faces for latex surgical gloves is increasing latex allergy, which refrains the doctors from wearing them while performing surgery. Latex may cause itchiness and irritation on the skin of the user and also create a life-threatening condition. Data from the Asthma and Allergy Foundation of America states that around 1% of the total US population is allergic to latex, while globally, up to 5% of the population suffer from latex allergy. The prevalence of this disease hampers the market growth.
The coronavirus pandemic boosted the market demand for latex surgical gloves, creating a supply deficit owing to soaring demand. Containment measures included using protective gears such as masks, gloves, PPE kits, and others for breaking the chain of the virus. Demand for disposable latex surgical gloves increased with the rise in COVID-infected patients.
|Growth Rate||CAGR of 6.54% during the forecast period|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Cardinal Health, Medline Industries, Inc., Molnlycke Health Care AB, Top Glove Corporation Bhd, Sempermed USA, Inc., Budev BV, Kossan Rubber Industries Bhd, Nulife, KANAM LATEX INDUSTRIES PVT LTD., RFB LATEX LTD|
|Customization scope||Free report customization with purchase|
Key Market Segments
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. LATEX SURGICAL GLOVE MARKET, BY TYPE
6. LATEX SURGICAL GLOVE MARKET, BY END-USERS
6.3. Medical Centers
6.4. Ambulatory Surgical Centers
7. LATEX SURGICAL GLOVE MARKET, BY GEOGRAPHY
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Cardinal Health
9.2. Medline Industries, Inc.
9.3. Molnlycke Health Care AB
9.4. Top Glove Corporation Bhd
9.5. Sempermed USA, Inc.
9.6. Budev BV
9.7. Kossan Rubber Industries Bhd
9.9. KANAM LATEX INDUSTRIES PVT LTD.
9.10. RFB LATEX LTD
Medline Industries, Inc.
Molnlycke Health Care AB
Sempermed USA, Inc.
Kossan Rubber Industries Bhd
KANAM LATEX INDUSTRIES PVT LTD.
RFB LATEX LTD
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