South East Asia Medical Gloves Market to Hit $373.7Mn by 2027

The ”South East Asia medical gloves“ market size is projected to reach USD 373.7 million by 2027, exhibiting a CAGR of 10.5% during the forecast period. Rising number of COVID-19 cases in major Southeast Asian economies is expected to spike the demand for medical gloves in the region, finds Fortune Business Insights™ in its report, titled “South East Asia Medical Gloves Market Size, Share Industry Analysis, By Application (Surgical and Examination); By Material {Surgical (Latex and Synthetic) and Examination (Latex and Synthetic)}; By Category {Surgical (Powdered and Powder-free) and Examination (Powdered and Powder-free)} By End User {Surgical (Hospitals Clinics, Diagnostic and Pathology Labs, Dental Clinics, and Others) and Examination (Hospitals Clinics, Diagnostic and Pathology Labs, Dental Clinics, and Others)} and Country Forecast, 2020-2027”.

The coronavirus pandemic has hit several Southeast economies. According to the World Health Organization (WHO), in December 2020, confirmed COVID-19 cases in Myanmar stood at 100,431, with 2,132 deaths, while in the Philippines there are 442,785 confirmed cases, with 8,670 deaths. Vietnam, Thailand, Laos, and Cambodia have been exceptionally efficient at containing the spread of the virus, as per WHO data. In September 2020, Southeast Asian countries signed a declaration in Bangkok to collectively fight the coronavirus by augmenting the healthcare systems in the region. This initiative will favor the adoption disposable medical gloves in Southeast Asia as hospital admissions spike and the need for high-quality healthcare heightens in the region.

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COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations travel bans and quarantines restaurants closed all indoor events restricted over forty countries state of emergency declared massive slowing of the IT Spending market volatility falling business confidence, growing panic among the population, and uncertainty about future.

Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

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The report states that the value of the market stood at USD 109.76 million in 2019 and provides the following:

Unrivalled diagnosis of the factors driving and constraining the market;
In-depth analysis of all possible market segments;
Comprehensive understanding of the positive and negative impacts of country-level developments on the market; and
Detailed profiling and evaluation of the key market players.

Driving Factor

Increasing Prevalence of Chronic Diseases to Foster Market Growth

One of the principal forces fueling the South East Asia medical gloves market growth is the persistent prevalence of non-communicable diseases (NCDs), mainly cardiovascular conditions, diabetes, cancer, and chronic respiratory diseases, in the Southeast Asian countries. In a recent report, the WHO has revealed that NCDs will kill approximately 10.4 million people in Southeast Asia between 2010 and 2020. More significantly, the WHO has highlighted that 48% of all NCD deaths in the region are below 70 years of age. Furthermore, the Institute of Health Metrics and Evaluation states that NCDs constitute 44% of the disability-adjusted life years in Southeast Asia. Chronic diseases, especially in severe cases, require constant medical attention and many times patients have to undergo multiple surgical procedures. The increasing incidence of chronic diseases in Southeast Asia is thus likely to generate booming demand for disposable medical gloves and accelerate the growth of this market.

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Country Insights

Indonesia to Emerge as the Top Country; the Philippines to Register Highest Growth Rate

At USD 18.14 million, Indonesia led the South East Asia medical gloves market share in 2019 and the country is poised to dominate the market during the forecast period. The primary reason for its leading position is the improving healthcare expenditure by the national government along with increasing awareness about the spread of infections through improper medical clothing.

The Philippines is expected to present excellent opportunities for market players as the country recently banned the use of powdered gloves. Revenue generation from the costlier powder-free gloves is anticipated to attract investments from foreign companies into the region’s medical gloves industry.

Competitive Landscape

Aggressive Expansion of Production Capacities by Key Players to Stimulate Competition

Key glove manufacturers in Southeast Asia are aggressively elevating their production capabilities to ensure their dominant hold on the global medical gloves industry. The increased production capacities are enabling these companies to bolster their regional presence, widen their offerings, and broaden their international sales horizons.

Industry Developments:

November 2020: Top Glove Corporation announced that its annual rubber glove production capacity reached 90 billion pieces in October 2020. The main reason cited by the company this prolific achievement was the surge in COVID-19 cases in October that escalated the demand for disposable gloves in the country.
July 2020: Hartalega Holdings acquired a 95-acre piece of land in Selangor that will be part of the next phase of the company’s expansion strategy called the Hartalega Next Generation Complex 2.0. The plan includes installation of 82 production lines to produce 32 billion units of gloves across seven production plants.

List of Key Companies Profiled in the South East Asia Medical Gloves Market Report: