The N95 mask market is expected to grow at a CAGR of 13.86% over the forecast period to reach a total market size of US$2,034.594 million by 2025, increasing from US$933.793 million in 2019. N95 is widely used as a protective mask designed to achieve close facial fir with an efficient filtration of airborne particles. It is designated as N95 because it blocks at least ninety five percent of small test particles (0.3 microns). Increasing air pollution all around the globe is expected to drive the growth of the market during the forecast period. However, the availability of substitutes is anticipated to restrain the growth of the market in the coming years. For instance, Cummins and DuPont recently partnered to make an N95 mask alternative to support healthcare workers meeting the growing demand for respirator masks.
Rising air pollution
The unhealthy air quality is a warning of air pollution that has gripped the entire world and the polluted air is leading to the number of health problems. According to the World Bank, air pollution kills nearly seven million people every year. The combined impact of outdoor and indoor pollution causes 7 million premature deaths largely as a result of increased mortality from stroke, chronic obstructive pulmonary disease, heart disease, lung cancer, chronic obstructive pulmonary disease, and acute respiratory infections. Also, while all the countries are affected, rapidly growing cities in the South East Asia and the western pacific are the most affected with many showing pollution levels at least five times above the World Health Organisation recommended levels.
Increasing per capita healthcare spending in various developing countries
It is considered as one of the prime drivers for the growth of the market during the forecast period. According to the Organisation for Economic Co-operation and Development data, the per capita healthcare spending in Indonesia has increased from 162USD in 2008 to nearly 350USD by the end of 2018. Both and public and private players are investing heavily in the developing countries to cater to the growing demand for the N95 mask on account of growing health awareness.
• March 2020: Honeywell renowned N95 mask manufacturer is seeking to raise a term loan of nearly US$5 billion and is ramping up its production facility of N95 mask in the United States and expected to hire nearly five hundred workers in response to the COVID-19 pandemic that has led to the shortage of respirator mask around the globe.
• In the United States, The Department of Health and Human Services in March 2020 stated that the country has a stockpile of roughly thirty million N95 respirators; however, it may need up to three hundred million due to the corona virus pandemic. To meet this growing demand 3M’s largest manufacturing facility in Aberdeen, South Dakota, more than six fifty employees are working overtime to increase the production.
• The research, development, and lab management company Battelle recently received special emergency authorization from the U.S. healthcare regulator (FDA) to put into use a system to decontaminate used N95 respirator masks using concentrated hydrogen peroxide.
• The Trump administration in April 2020, has finalized a deal with 3M one of the global leaders in N95 production headquartered in the US, to import 166.5 million N95 respirator masks into America from abroad.
North America is holding a significant share in the market
By geography, the N95 mask market is segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The N95 mask market in North America is estimated to hold a significant share in 2019 and is anticipated to grow rapidly on account of rising health awareness coupled with the growing prevalence of corona virus which is expected to significantly impact the market in short term in countries like the United States and Canada in the region. Simultaneously, the region is the home of the world’s largest pharmaceutical companies and with the high hygiene standards for healthcare professionals among American populations; the market is anticipated to witness substantial growth in North America. Similar trends are expected to be there in the European region. Italy is one of the worst affected countries due to COVID-19 and has imported more than fifteen million N95 masks from China in just one month. The Asia Pacific is also expected to provide good growth opportunities on account of rising air pollution in countries like India and China coupled with the increasing healthcare expenditure in the region.
Prominent key market players in the Indian N95 mask market include 3M Company, Honeywell, Prestige Ameritech, Kimberly-Clark, Vega Corporation Co, Alpha Pro Tech, and Makrite among others. 3M and Honeywell are the global leading N95 mask manufacturers and are holding a significant share in the market. Due to intense competition, different firms are adopting different strategies to improve their margins. Large enterprises look for strategic partnerships including mergers and acquisitions and joint ventures to boost their market share. Major players in the global N95 mask market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global N95 mask market.