Medical Protective Equipment Market: Contours
Medical protective equipment forms a core part of germ-protection measure adopted by healthcare workers in the treatment of infectious and communicable diseases. A range of products in the medical protective equipment market has garnered enormous attention among healthcare providers after the onset of Covid-19 pandemic. Personal protective equipment pieces such as gloves, masks, face shields, and googles have risen in adoption among healthcare workers (HCWs), patients, visitors in hospital settings to protect against transmission of infections from respiratory and body fluids.
Manufacturers have grown their revenue prospects in the medical protective equipment market by focusing on meeting the current and emerging needs of protective equipment that cater to various exposure and possible modes of transmission, especially in outbreaks. An instance was substantial rise in demand of PPE in the countries affected by the Middle East respiratory syndrome (MERS) outbreaks in 2015. All these shaped the contours of growth trajectories of the medical protective equipment market. Aside from administrative controls, and engineering controls, the use of medical protective equipment to prevent transmission of SARS-CoV-2, especially to HCWs at high risk of exposure. Medical protective equipment is also required during the handling of cancer drugs.
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Medical Protective Equipment Market: Current Avenues and Growth Boosters
The adoption of products in the medical protective equipment market has pivoted on the factor of reducing the risk of exposure for HCWs to infections. During the Covid-19 pandemic, healthcare facilities around the world were overburdened and stretched beyond the usual capacity. Thus, it remains imperative on adopting standards and protocols that will maintain continuous patient care. This has spurred the demand for medical protective equipment in various healthcare settings, including in hospitals. The trend has expanded lucrative avenues for players in the medical protective equipment market.
The growing awareness about correct ways to put on personal protective equipment and implementation of regulations to dispose of the used ones adequately are key factors favouring the growth of the medical protective equipment market. Constant update in guidelines during outbreaks have shaped the recommendations for the use of medical protective equipment. Over the past few years, both emerging economies and established economies have been witnessing stringent implementation of special waste containers and bags for the safe disposal of medical protective equipment after use.
Medical Protective Equipment Market: Competitive Scenario
Over the past decade, extensive R&D has been made in adopting cutting-edge test methods to ascertain the efficacy of PPE. Manufacturers in the medical protective equipment market are keenly adopting such methods to help meet the latest guidelines on protective equipment use in developed nations.
Market players, vendors and manufacturers, have leaned on offering products that meet the specific need of nature of interactions of HCWs with patients and the modes of transmission. Manufacturers in the medical protective equipment market are garnering revenue gains from the steady growth in sales or use of products in hospitals and clinics, homes, clinical and diagnostic laboratories. Players from various industries reaped vast short-term revenue gains from the surge in demand for PPE during Covid-19 pandemic.
Some of the key players in the medical protective equipment market are 3M, Dynarex Corporation, Top Glove Corporation Bhd, Honeywell International Inc., Kimberly-Clark Corporation, Cardinal Health, DuPont, and Hartalega Holdings.
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Medical Protective Equipment Market: Regional Growth Dynamics
On the global front, North America, Europe, and Asia Pacific are prominent regional markets. Developed nations in North America have witnessed abundant opportunities from the rising uptake of medical protective equipment in hospitals. Healthcare sector in Asia Pacific medical protective equipment market has been offering new revenue streams to proliferating sales of PPE to comply with recommendations for HCWs.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.