According to the latest report published by Credence Research, Inc. “Latex Medical Disposables Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global latex medical disposables market was valued at US$ 4.07 Bn in 2016, and is expected to reach US$ 6.70 Bn by 2025, expanding at a CAGR of 5.7% from 2017 to 2025.
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Global latex medical disposables market consists of latex gloves, latex urethral catheters, and latex probe covers that are used for various medical interventions. Latex gloves have crucial role in healthcare industry, both for surgical and diagnostic purposes to avoid direct contact with any infectious agent or unsafe drug. This market is expected to face lucrative growth on the account of increasing consumer awareness and expanding medical procedures, and applications.
Rising prevalence of urologic disorders mainly urinary incontinence and urinary tract infection among men and women has increased the annual medical expenditure globally. As per the estimation of National Institutes for Health (NIH), and National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK) the annual medical expenditure was approximately US$ 458 million and US$ 2.5 billion respectively for women and $10.3 million and $1 billion for men. The increasing trend of urinary diseases needs medical intervention involving urethral catheters which in turn drives the latex catheters market.
The latex medical disposables market is predicted to experience substantial growth due to growing elderly population, increasing surgical procedures and increasing prevalence of chronic diseases. Growing adoption of technologically advanced products, and healthcare expenditure for R&D to develop innovative products will boost up the growth of the latex medical disposables market. However, demand of other synthetic gloves especially vinyl, nitrile, polyisoprene gloves have been amplified to avoid the skin allergic reaction or dermatitis caused from natural latex; this imposes few major challenges to the global latex medical disposable market.
The global latex medical disposable market is classified on the basis of product type and the classifications are of below types:
- Latex Gloves
- Latex Urethral Catheters
- Latex Foley Tray
- Latex Probe Cover
Latex gloves dominates the overall market of latex medical disposable in terms of product types.
The global latex medical disposables market is further segmented on the basis of end-users and the sub-segments are as follows:
- Ambulatory Surgical Centers (ASCs)
- Diagnostic Centers
Among all the end-users, hospital segment is anticipated to have major market share followed by ASCs and diagnostic centers.
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Geographically, in the year 2016, North America has the major share of latex medical disposables market followed by Europe. Increasing awareness of consumers along with several government initiatives to maintain cleanliness and good hygiene practices propel the growth of the latex medical disposables market. Increasing R&D expenditure in healthcare to manufacture innovative products and the acceptability of the new products among the healthcare professionals also boosts the latex medical disposable market growth. The developing healthcare infrastructure, huge number of population suffering from urological disorders and increasing elderly population fuel the growth of the latex medical disposables market in Asia Pacific region and it is expected to face significant growth in upcoming years due to the growing trend of health awareness.
Market Competition Assessment:
The latex medical disposable market currently comprises multiple companies having their products commercialized worldwide. The manufacturers are developing new innovative products and the market is growing due to high adoption and accessibilities of these products. The companies include C.R. Bard, Ansell, Top Glove Corporation, Dynarex Corporation, Hartalega Holdings Bhd., Supermax Corporation Berhad, B. Braun Melsungen, and Medtronic plc.
Key Market Movements:
- The rising prevalence of urological disorders, chronic diseases, growing elderly population, rising health awareness, cleanliness and good hygiene among public, increasing number of surgical interventions, healthcare expenditure for R&D to manufacture newer and innovative products boost up the growth of latex medical disposable market.
- The major challenges for the latex medical disposable market is the allergies and skin irritation caused by latex.