New York, April 24, 2023 (GLOBE NEWSWIRE) -- Growing healthcare infrastructure along with an increasing number of hospitals and healthcare facilities in recent years has led the Latin America Medical Gloves Market to reach a size of US$ 396.6 million in 2022. The market is forecasted to expand at a CAGR of 6.6% over the forecast period (2023 to 2033). The Latin America Medical Gloves Market is forecasted to reach US$ 792.8 million by the end of 2033.
Manufacturers in Latin America have been making advances in the materials used to produce medical gloves with a focus on improving their durability, flexibility, and sensitivity. Some of the newer materials include nitrile, which is more resistant to punctures than latex, and synthetic polyisoprene, which has similar properties to natural latex but is less likely to cause allergic reactions.
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There has been a growing emphasis on sustainability in the healthcare industry, including in the production and disposal of consumables such as medical gloves. Many companies are exploring more environment-friendly options, such as gloves made from plant-based materials or biodegradable materials.
Regulatory bodies in Latin America are becoming more stringent with regard to the quality and safety of medical gloves. This has increased the demand for certified and compliant gloves across the region. To address concerns such as allergies and skin irritation, many market players are focused on developing products that are powder-free and use non-latex materials.
Key Takeaways from Market Study
- The Latin America medical gloves market is expected to reach a valuation of US$ 792.8 million by the end of 2033.
- Examination gloves held a market share of 74.7% in the Latin America market in 2022.
- By end user, hospitals accounted for a market share of 59.4% in 2022.
- Brazil led with 29.2% revenue share in the Latin American market in 2022.
“Rising demand for disposable yet durable glove manufacturing and subsequent increase in research activities for the scaling up of producing medical gloves will drive market growth in Latin America,” says an analyst of Persistence Market Research.
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Market Competition
Medical glove manufacturers are implementing cost-cutting and efficiency-improving efforts in response to increased consumer expectations and competitive pressures in the healthcare market. Companies in Latin America are looking to produce medical gloves that are both affordable and safe. This has been brought about by lower medical spending in the region and higher investments in research and development.
- In June 2019, Top Glove launched bio-green biodegradable nitrile gloves that are proven to be biodegradable at least 10 times faster than conventional nitrile examination gloves.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the Latin America medical gloves market in its latest study, presenting a historical demand assessment of 2015 to 2022 and projections for 2023 to 2033.
The research study is based on
- Product (examination {latex powder, latex powder-free, nitrile, vinyl, polyisoprene},
- Surgical gloves {latex powder, later powder-free, nitrile, neoprene, polyisoprene),
- End user (hospitals, specialty clinics, ambulatory surgical centers),
- across eight countries in Latin America.
For additional insights on how the growth of the Latin America medical gloves market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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