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Healthcare market to reach $33.4bn by 2027

Allied Market Research published a new report on 29 June, 2020 where it showed the global healthcare market is projected to reach $33.4 billion by 2027, growing at a CAGR of 12.4% from 2020 to 2027, which was $12.9 billion in 2019.

The report is titled, “Healthcare Personal Protective Equipment Market by Product and End User: Opportunity Analysis and Industry Forecast, 2020–2027”.

According to the report, the global outbreak of COVID-19 has taken up unprecedented demand for healthcare Personal protective equipment (PPE). PPEs are protective gears designed to protect the health of workers by minimizing exposure to biological agents. Goggles, face-shield, mask, gloves, coverall/gowns (with or without aprons), head cover, and shoe cover are basic components of a PPE.

The healthcare PPE market is expected to grow rapidly due to strict government regulations regarding the protection of healthcare workers in healthcare settings. And most of the PPEs are made of plastics, such as polypropylene, thus improper disposal of PPE can probably be a challenge, especially due to the ongoing COVID-19 crisis.

As a result, health ministries may propose restrictions on the use of PPE by the general public; through this, the size of the global healthcare PPE market may be constrained. In contrast, the development of bio-based PPE materials and the increase in its functionality are expected to provide lucrative opportunities for market growth.

A per the report, the global healthcare PPE market is segmented on the basis of product, end user, and region. Protective clothing, face protection, eye protection, respiratory protection, hand protection, and others are the segments based on product. Protective clothing is further segmented into surgical masks, respirator masks, and others; respiratory protection segment is segmented into surgical masks, respirator masks, and others. On the basis of hand protection, the market is segmented into disposable gloves and durable gloves.

The end users of healthcare PPE are hospital, home healthcare, outpatient/primary care facilities, and others are the end users of healthcare PPE. Region wise, the healthcare PPE market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

 

Key findings of the study are:

  • The Asia-Pacific healthcare PPE market is expected to grow by about 13.7%, the highest CAGR in terms of revenue during the forecast period.
  • By product, the respiratory protection is expected to witness the highest revenue growth of 14.0% during the forecast period.
  • By end user, outpatient/primary care facilities are expected to grow at a revenue growth rate of 12.1% during the forecast period.

Ansell Limited, Med-Con Pty Ltd., Cantel Medical Corporation, DuPont de Nemours Inc., 3M Company, Cardinal Health, Honeywell International Inc., Owens & Minor Inc., Medisca Pharmaceutique Inc., and Medline Industries Inc. are the key players in the global healthcare PPE market, the report says, these players have embraced business expansion, product launches and acquisitions as a means to increase their market presence.

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