GCC Medical Gloves Market to Grow at a CAGR of 9.2% through 2026
The GCC medical gloves market is estimated to increase from US$ 99.5 Mn in 2016 to US$ 240.8 Mn by 2026, registering a CAGR of 9.2% over the forecast period 2016–2026, according to a latest report titled “GCC Medical Gloves Market: Industry Analysis & Opportunity Assessment, 2016-2026” published by Future Market Insights.
According to Future Market Insights analysts, an increasing awareness regarding hygiene and health and safety is boosting the growth of the GCC medical gloves market. A growing prevalence of pandemic diseases such as Swine flu (H1N1 pandemic), HIV, and Acquired Immunodeficiency Syndrome (AIDS); and an increase in the number of elective treatments such as plastic surgery, liposuction, rhinoplasty, breast augmentation, breast reduction, facial rejuvenation, and blepharoplasty are some of the other factors augmenting market growth.
The GCC medical gloves market has been segmented on the basis of Product Type (Examination Gloves, Surgical Gloves, Chemotherapy Gloves); Form (Powdered Form Gloves, Powder-Free Form Gloves); End Use (Hospital Use, Clinic Use, Ambulatory Surgery Centre Use, Diagnostic Imaging Centre Use, Rehabilitation Centre Use); Type of Raw Material (Latex Material Gloves, Nitrile Rubber Material Gloves, Vinyl Rubber Material Gloves, Polyisoprene Material Gloves); Type of Use (Disposable Medical Gloves, Re-usable Medical Gloves); and Distribution Channel (Direct Selling Channel, Medical Store Channel, E-Commerce Channel, Other (Retail Store or Hypermarket) Channel).
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The examination gloves segment is estimated to be valued at US$ 56.5 Mn by the end of 2016 while the surgical gloves segment is estimated to be valued at US$ 34.2 Mn by the end of 2016
The latex gloves segment is expected to account for the largest market share of 79.8% by 2016 end and is anticipated to increase at a CAGR of 9.3% from 2016 to 2026 in terms of value. The nitrile rubber material gloves segment is estimated to be valued at US$ 12.8 Mn by the end of 2016, exhibiting the highest CAGR of 10.2% over the forecast period
The disposable medical gloves segment is expected to account for the largest market share of 90.7% by 2016 end. However, the re-usable medical gloves segment is anticipated to register the highest CAGR of 9.5% over the forecast period
Among the end use segments, the hospital segment is expected to account for the highest gloves consumption and a higher value generation – reaching a valuation of US$ 66.3 Mn by the end of 2016 and registering a CAGR of 9.3% over the forecast period
Regional market projections
The GCC medical gloves market is segmented into the top six countries of Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Oman, and Kuwait. In terms of revenue share, the Kingdom of Saudi Arabia is expected to dominate the GCC medical gloves market, accounting for the largest market share of 75.8% by 2016 end. Revenue generated from the Saudi Arabia medical gloves market was pegged at US$ 70.0 Mn in 2015 and is anticipated to increase to US$ 184.6 Mn by the end of the forecast period. The UAE medical gloves market is estimated to account for US$ 18.6 Mn value share by 2016 end and is expected to register a CAGR of 9.0% over the forecast period to reach US$ 44.1 Mn by 2026. The Qatar and Bahrain markets are expected to exhibit modest growth in the GCC medical gloves market during the forecast period.
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Some of the major players in the GCC medical gloves market are Paul Hartmann AG, Hotpack Packaging Industries, LLC, Falcon (Falcon Pack), Deeko Bahrain, Salalah Medical Supplies Mfg. Co. LLC, United Medical Industries Co. Ltd., and NAFA (NAFA Enterprises, Ltd.).
“Top market companies are focussed on expanding their customer base by implementing strategies such as mergers and acquisitions, inorganic growth, horizontal integration, and capacity expansion.” Analyst – Healthcare, Pharmaceuticals and Medical devices, Future Market Insights
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.