Pune, India, Jan. 12, 2021 (GLOBE NEWSWIRE) -- The South East Asia medical gloves market size is projected to reach USD 373.7 million by 2027, exhibiting a CAGR of 10.5% during the forecast period. Rising number of COVID-19 cases in major Southeast Asian economies is expected to spike the demand for medical gloves in the region, finds Fortune Business Insights™ in its report. The coronavirus pandemic has hit several Southeast economies. According to the World Health Organization (WHO), in December 2020, confirmed COVID-19 cases in Myanmar stood at 100,431, with 2,132 deaths, while in the Philippines there are 442,785 confirmed cases, with 8,670 deaths.
Vietnam, Thailand, Laos, and Cambodia have been exceptionally efficient at containing the spread of the virus, as per WHO data. In September 2020, Southeast Asian countries signed a declaration in Bangkok to collectively fight the coronavirus by augmenting the healthcare systems in the region. This initiative will favor the adoption disposable medical gloves in Southeast Asia as hospital admissions spike and the need for high-quality healthcare heightens in the region.
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Increasing Prevalence of Chronic Diseases to Foster Market Growth
One of the principal forces fueling the South East Asia medical gloves market growth is the persistent prevalence of non-communicable diseases (NCDs), mainly cardiovascular conditions, diabetes, cancer, and chronic respiratory diseases, in the Southeast Asian countries. In a recent report, the WHO has revealed that NCDs will kill approximately 10.4 million people in Southeast Asia between 2010 and 2020. More significantly, the WHO has highlighted that 48% of all NCD deaths in the region are below 70 years of age.
Furthermore, the Institute of Health Metrics and Evaluation states that NCDs constitute 44% of the disability-adjusted life years in Southeast Asia. Chronic diseases, especially in severe cases, require constant medical attention and many times patients have to undergo multiple surgical procedures. The increasing incidence of chronic diseases in Southeast Asia is thus likely to generate booming demand for disposable medical gloves and accelerate the growth of this market.
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Indonesia to Emerge as the Top Country; the Philippines to Register Highest Growth Rate
At USD 18.14 million, Indonesia led the South East Asia medical gloves market share in 2019 and the country is poised to dominate the market during the forecast period. The primary reason for its leading position is the improving healthcare expenditure by the national government along with increasing awareness about the spread of infections through improper medical clothing.
The Philippines is expected to present excellent opportunities for market players as the country recently banned the use of powdered gloves. Revenue generation from the costlier powder-free gloves is anticipated to attract investments from foreign companies into the region’s medical gloves industry.
Aggressive Expansion of Production Capacities by Key Players to Stimulate Competition
Key glove manufacturers in Southeast Asia are aggressively elevating their production capabilities to ensure their dominant hold on the global medical gloves industry. The increased production capacities are enabling these companies to bolster their regional presence, widen their offerings, and broaden their international sales horizons.
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Industry Developments:
- November 2020: Top Glove Corporation announced that its annual rubber glove production capacity reached 90 billion pieces in October 2020. The main reason cited by the company this prolific achievement was the surge in COVID-19 cases in October that escalated the demand for disposable gloves in the country.
- July 2020: Hartalega Holdings acquired a 95-acre piece of land in Selangor that will be part of the next phase of the company’s expansion strategy called the Hartalega Next Generation Complex 2.0. The plan includes installation of 82 production lines to produce 32 billion units of gloves across seven production plants.
List of Key Companies Profiled in the South East Asia Medical Gloves Market Report:
- Safe Gloves (Suratthani, Thailand)
- Hi Care Thai Company Ltd. (Hatyai, Thailand)
- PT Universal Gloves (Deli Serdang, Indonesia)
- Supermax Corporation Berhad (Selangor, Malaysia)
- Kossan Rubber Industries Bhd (Selangor, Malaysia)
- Mölnlycke Health Care AB (Gothenburg, Sweden)
- Top Glove Corporation Bhd (Shah Alam, Malaysia)
- Innovative Gloves (Hatyai, Thailand)
- Sterimed Group (New Delhi, India)
- Indoplas Phillipines Incorporated (Metro Manila, Philippines)
- Sri Trang Agro-Industry PLC (Hatyai, Thailand)
- Cardinal Health (Ohio, United States)
- Hartalega Holdings Bhd (Kuala Lumpur, Malaysia)
- Ansell Ltd (Richmond, Australia)
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Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Healthcare Industry Overview, By Country
- Key Industry Trends
- Overview on Supply- Demand Scenario
- Production Statistics – Overview
- Recent Advances in Materials used for Gloves
- Qualitative Insights - Impact of COVID-19 on Medical Gloves Market
- Potential Opportunities due to COVID-19 Outbreak
- Steps Taken by the Government/ Companies to Overcome the Impact of COVID-19
- Impact of COVID-19 on Medical Gloves Market
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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