Latex Medical Disposables Market

Latex Medical Disposables Market Size (2023 to 2028)

The size of the global latex medical disposables market was around USD 5.5 billion in 2023. It is expected to grow at a CAGR of 5.1% during the forecast period and be worth USD 7.06 billion by 2028.

Latex medical disposables like latex gloves are utilized for surgeries and check-ups. Therefore, their demand is high among doctors, surgeons, and dentists worldwide. Majorly there are two types of latex gloves, namely powdered and non-powdered. The non-powdered gloves are more in demand since the other ones hinder the healing process of patients. Latex gloves are essential to avoid cross-contamination in healthcare settings and for the safety of the doctor and the patient. Germs can be very easy to transfer, especially in a patient-filled setting like the hospital; therefore, it is incredibly essential for doctors to perform procedures with utmost care toward hygiene and cleanliness. Therefore, the hospital settings are continuously cleaned, and the cleaning staff, along with the doctors, are required to use latex gloves to maintain the protocols. 

MARKET DRIVERS:

The growing number of patients suffering from urological diseases is one of the major factors driving the latex medical disposables market growth.

Urological diseases such as urinary tract infections, kidney stones, bladder control problems, prostate problems, and others are growing significantly worldwide. An estimated 404.6 million people across the world suffered from UTIs in 2019. An estimated 12 from 100 people are likely to have a kidney stone in their lifetime. The growing demand for latex nitrile disposable gloves due to the high adoption rate among surgeons, doctors, dentists, and other professionals is further promoting the market growth. In addition, the rising number of geriatric patients and the increasing prevalence of chronic diseases irrespective of patient age contribute to the market's growth. The other factors catalyzing the growth of the latex medical disposables market are the increasing account of surgeries, increased concerns about hygiene and cleanliness among the people, and the constant influx of advanced products into the market.

The increasing need for latex medical disposables among the baby boomers is further accelerating the market's growth rate.

According to the U.S. Census Bureau, an estimated 69.6 million baby boomers are there in the United States today in the U.S. Therefore, the prominent companies that are involved in the latex medical disposables market are constantly striving to boost the growth of the market by developing innovative products and techniques and by entering strategic partnerships, which are likely to create several growth opportunities for the stakeholders, dealers, and other key players involved in the latex medical disposables market. Furthermore, increasing incidences of various chronic diseases are boosting the demand for latex medical disposable products such as Foley catheters, which are applied in surgeries done to patients diagnosed with chronic kidney disease, and increasing adoptions of latex urine bags by patients are also expected to offer lucrative growth opportunities for the growth of the market during the forecast period. In addition, expanding healthcare leading to the advancement of healthcare infrastructure in developing countries is likely to provide new opportunities for the market players in those countries. 

MARKET RESTRAINTS:

The major restraints faced by the latex medical disposables market are the side effects associated with the application of latex-like skin irritation and allergies. In addition, the increasing number of people affected with latex allergies is forcing medical organizations to look out for non-latex products, which are expected to slow down the growth of the latex medical disposables market during the forecast period. Another major challenge the stakeholders face in the market is to cut down the costs of products and reduce their profit margin to survive the competition posed by the rivals, especially in the regional markets.

COVID-19 Impact on the global latex medical disposables market:

The sudden outbreak of COVID-19 has disrupted healthcare and other sectors across the globe. The explosion of COVID-19 has led to increased demand for disposable medical gloves worldwide. During the pandemic time, disposable gloves have got a steady growth rate. With increasing irregular visits to hospitals, clinics, and other diagnostic centers, the healthcare sector has seen a higher utilization of gloves than in the past. Frontline doctors and nurses are facing a scarcity of disposable medical gloves. Malaysia is the largest supplier of gloves worldwide. For instance, the Malaysia Rubber Globe Manufacturer's Association expects massive demand for medical gloves. It is projected to increase by 16% to 345 billion gloves in 2020 compared to last year. As World Health Organization (WHO) suggested, governments must develop incentives for the manufacturing industries to speed up glove production. During the lockdown period, i.e., from March 2020 to June 2020, the manufacturers have put in full efforts to fulfill the need for gloves. However, as the demand is very high, they couldn't make it up. However, the demand for the supply of disposable gloves is high as there is an increase in COVID-19 cases.

REPORT COVERAGE:

This research report on the global latex medical disposables market has been segmented and sub-segmented based on product type, end-user, and region.

Latex Medical Disposables Market – By Product Type:

• Latex Gloves          
• Latex Foley Catheters        
• Latex Probe Covers             
• Urine Bags               
• Others

Based on product type, the Latex gloves segment has been the fastest-growing segment and captured 60.4% of the global market share in 2022. This category might continue to hold the front position since these gloves are easy and effective in protecting the hands of patients and doctors from infection. In addition, gloves help healthcare providers avoid cross-contamination. They are also used during chemotherapy sessions, often with the double latex glove technique promoting the segment's dominance. 

However, the latex foley catheters segment is expected to have significant revenue during the forecast period due to increasing geriatric populations needing regular peeing assistance. Additionally, the growing number of chronically ill patients who need caretakers for their daily activities, the patients with diabetes, strokes, multiple sclerosis, etc., need this assistance due to the weakening of the nerves in the bladder. 

Latex Medical Disposables Market – By End User:

• Hospitals  
  • Public
  • Private
• Ambulatory Surgical Centers           
• Clinics        
• Diagnostic Centers               
• Others     

By the end-user, the hospital segment led the market in 2022. The growing number of surgical procedures in hospitals, conjoined with the set-up of new clinics and hospitals, is attributable to the dominance of this category. Additionally, the rapid influx of patients in hospitals due to broad reach and established infrastructure, along with the presence of credible healthcare professionals, is pushing the market growth. 

On the other hand, the diagnostic center segment is likely to hold the second-largest share of the market during the forecast period. The growing awareness regarding the importance of early diagnosis and disease prevention majorly drives the segment's growth. In addition, people always prefer to be safer and confirm the body's condition, leading to the safety equipment required to avoid the transfer of infection during diagnostic procedures. 

Latex Medical Disposables Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Regionally, the North American latex medical disposables market was the largest regional market globally in 2022, closely followed by Europe. The rising concerns regarding safety, increasing awareness regarding health and the spread of contagious diseases, and growing measures for preventing these diseases are a few significant factors propelling the market in Europe and North America. In addition, due to the flourishing economies in the region, the advanced infrastructure and maintenance of healthcare settings in countries like the U.S., Canada, the U.K., Germany, France, Italy, etc., promote market growth.

The European latex medical disposables market is anticipated to grow at a promising CAGR during the forecast period. 

The latex medical disposables market in Asia Pacific is expected to thrive during the aforementioned forecast period. India, China, Australia, Japan, Singapore, and Thailand are anticipated to represent a vital portion of the market for latex medical disposables in the forecast period. The development of these regions is due to the rising awareness regarding patients' and healthcare professionals' safety, growing per capita incomes of people, rising healthcare expenditures of governments, and flourishing medical and pharmaceutical sectors in these regions.

The Latin American latex medical disposables market is anticipated to showcase steady growth in the coming days.

The latex medical disposables market in MEA is forecasted to register a moderate CAGR during the forecast period.

NOTEWORTHY COMPANIES IN THE MARKET:

Some of the key market participants dominating the global latex medical disposables market profiled in this report are B. Braun Melsungen, C.R. Bard, Ansell, Top Glove Corporation, Hartalega Holdings Bhd., Supermax Corporation Berhad, Dynarex Corporation, and Medtronic plc.

RECENT HAPPENINGS IN THIS MARKET:

• Symphony environmental technologies plc has developed a novel product called antimicrobial latex examination gloves by implanting d2p technology. The product was launched into the market in May 2018; it helps eliminate the risk of antimicrobial infection caused by latex and for enhancing hygiene.
• In August 2022, HLL Lifecare Limited, formerly known as Hindustan Latex Limited (HLL), the union health ministry's central procurement agency, discovered a Singaporean company that attempted to ship millions of subpar Chinese KN95 masks to India in 2021 by falsifying third-party inspections certificates, according to two senior health ministry officials.
• In February 2022, U.S. authorities banned disposable gloves from a Malaysian manufacturer due to claims of forced labor. This has caused the share price of international protective equipment company Ansell to plummet. The U.S. Department of Homeland Security's customs and border protection division declared that it had "information that reasonably indicates the use of forced labor in the manufacturing operations of YTY Group". It prohibited the importation of gloves made by the business.
• In September 2021, the ASX-listed startup VIP Gloves made the wise strategic choice to increase its Malaysian production capacity before the epidemic, taking advantage of that country's dominance in the world's glove manufacturing market. Covid-19 purchased land next to its existing facility in Beranang, Selangor, roughly an hour's drive from Kuala Lumpur, the capital of Malaysia, long before the firm became an unpleasant household brand. By 2023, a $30 million facility on the vacant site with ten new production lines will produce more than 2.6 billion gloves, nearly tripling current output and providing enough pairs for every man, woman, and child in China. This will be done in conjunction with expanding VIP's existing production lines. 
• In October 2022, private corporations, among the largest owners of Kossan Rubber Industries Bhd, saw an increase in the value of their holdings when the stock rose 12% last week. However, the most potent group may be determined by looking at the shareholders of Kossan Rubber Industries Bhd. Private companies with 50% ownership comprise the largest share of the pie. In other words, the group has the most potential to profit (or lose) from its investment in the business.