How are Regulatory Norms Impacting the Growth of Surgical Gloves?
Increased healthcare spending to boost the future growth potential of the surgical gloves market
The global surgical gloves market generated $2.24 billion in revenue in 2021. An increase in healthcare budgets and a rise in the number of surgical procedures is expected to drive the market revenue to $3.43 billion at a CAGR of 8.9% between 2021 and 2026. The market will also be driven by the increased adoption of eco-friendly and biodegradable products.
The surgical gloves market is fiercely competitive and dominated by global players like Ansell, Cardinal Health, Mölnlycke Health Care, Semperit AG Holding, and Medline Industries Ltd. Stringent regulatory norms and an expected increase in the demand for surgical gloves in the coming years opens up potential M&A opportunities for larger manufacturers to remain viable in this highly competitive space.
The latex surgical glove segment generated $1.06 billion in revenue in 2021 and is expected to grow to $1.43 billion by 2026. The powder-free latex surgical gloves sub-segment is expected to witness a growth of 6.4% between 2021 and 2026, reaching $1.26 billion. The growth of latex gloves is expected to be driven by price-sensitive markets such as China and India. Similarly, the synthetic surgical gloves segment is expected to witness an 11.2% CAGR between 2021 and 2026 to reach $2.00 billion, driven by an increased concern and awareness about latex allergies. In the synthetic gloves segment, the polyisoprene gloves segment is expected to reach $1.48 billion at an 11.6% CAGR between 2021 and 2026.
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