“Final Report will add the analysis of the impact of COVID-19 on industry.”
Report Ocean has recently published a comprehensive study on the Saudi Arabia Medical Gloves Market, covering the prediction period of 2023-2031. Throughout the years, this report has diligently examined the industry, taking into account various factors such as macroeconomic parameters, consumer buying patterns, microeconomic parameters, GDP growth rate, inflation rate, and market demand-supply scenarios.
market players, such as [Saudi Disposable Hygienic Products Co. Ltd., Gracia Trading Est, Daw Trade Serve, Madar Rubber Factory, Islam Izzat, Health Ways Trading Est., INTCO Medical, Plasti Surge Industries, Sterimed Disposables, Medmeans Trading
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
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The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Saudi Arabia Medical Gloves Market to Witness 9.4% CAGR During 2022-2028
The Saudi Arabia medical gloves market is growing at a high CAGR because of stringent government regulations regarding the use of hand sanitizers and other personal protective equipment to prevent the spread of any types of germs or diseases. Additionally, the increasing prevalence of various infectious and chronic diseases, along with the rising demand for invasive and non-invasive procedures are driving the markets growth
A recent study conducted by the strategic consulting and market research firmReport Ocean revealed that the Saudi Arabia medical gloves market was worth USD 115.6 million in 2021. According to the study, the market is forecast to grow at a CAGR of 9.4%, with annual revenues projected to reach USD 216.4 million by the end of 2028.A major driving factor for Saudi Arabia medical gloves market is the stringent government regulations regarding the use of hand sanitizers and other personal protective equipment like masks and face shields to prevent cross-contamination between healthcare workers and patients. Furthermore, the increasing prevalence of various infectious and chronic diseases, along with the rising demand for invasive and non-invasive procedures, is anticipated to drive the demand for medical gloves during the forecast period.
Nevertheless, a restraining factor might be the growing concern over nonbiodegradable gloves that cause medical waste. According to Ecomena, one of the leading sustainability advocates in the Middle East, Saudi Arabia generates more than 80 tons of healthcare waste every day.
Expanding Online Sales Channels Is Offering Lucrative Growth Opportunities to The Saudi Arabia Medical Gloves Market
The demand for medical gloves spiked worldwide after the COVID-19 pandemic outbreak, which created a huge demand and supply gap in various regions, including Saudi Arabia. As a result, medical gloves manufacturers and suppliers quickly resorted to online sales channels to increase the supply of medical gloves. In addition to online sales, the online channels are also used for other analytical purposes, such as tracking stocks, the demand for certain regions and hospitals, production capacity, and much more. These factors will likely contribute to new growth opportunities for the Saudi Arabia medical gloves market during the forecast period.
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Increasing Establishment of Diagnostic Centers Anticipated to Drive Saudi Arabia Medical Gloves Market
Based on end-users, the Saudi Arabia medical gloves market is segmented into hospitals, clinics, ambulatory surgery centers, diagnostic centers, rehabilitation centers, and others. The hospital segment accounted for the largest market share in 2021 because of the growing demand for diagnostic tests of various infectious and chronic diseases. The demand for medical gloves also spiked in hospitals after the COVID-19 pandemic, since these are an essential part of the personal protective equipment used by doctors and healthcare workers to protect against the transmission of COVID-19. On the other hand, diagnostic centers in Saudi Arabia are anticipated to emerge as potential end-users for medical gloves during the forecast period as the government is establishing such facilities across the kingdom for COVID-19 diagnosis.
Saudi Arabia Medical Gloves Market – By Raw Materials
Based on raw materials, the Saudi Arabia medical gloves market is segmented into latex, nitrile rubber, vinyl rubber, polyisoprene, and others. Among these, vinyl rubber has the largest market share due to its low cost compared to other materials, making it suitable for mass application such as during COVID-19 pandemic outbreak. However, vinyl rubber is less durable than latex or nitrile. In contrast, the nitrile rubber segment is anticipated to emerge as the biggest market for medical gloves during the forecast period since it is highly durable, puncture-resistant as well as eliminates the risks of allergy reactions.
Impact of COVID-19 on Saudi Arabia Medical Gloves Market
The sudden outbreak of the COVID-19 pandemic provided lucrative growth opportunities to the Saudi Arabia medical gloves market. The Saudi government was however, very prompt in handling the unprecedented COVID-19 situation. It initiated mass testing in phases to analyze the number of COVID-19 cases and virus spread in the country. As a result, the demand for medical gloves increased substantially across the kingdom, propelling the market growth. Furthermore, medical gloves manufacturers and suppliers in Saudi Arabia increased their production capacity and product penetration to ensure the availability of adequate resources to meet emergencies.
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Market Segment:
By Product Type(Examination, Surgical, Chemotherapy)
By Form(Powered, Powder-Free)
By Usage(Disposable, Reusable)
By Raw Material(Latex, Nitrile Rubber, Vinyl Rubber, Polyisoprene, Others)
By End-User(Hospitals, Clinics, Ambulatory Surgery Centers, Diagnostic Centers, Rehabilitation Centers, Others)
The market is highly fragmented due to the presence of various multinational as well as regional medical gloves manufacturers and suppliers. With the surge in demand for medical gloves after the COVID-19 pandemic, new entrants are also gaining lucrative growth opportunities. The new entrants and established companies are both investing heavily in expanding their production capacities to increase their product penetration. Additionally, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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