Medical Mask Market to Rise at 8.5% CAGR till 2027
The global “medical mask market” size is projected to reach USD 4.11 billion by the end of 2027. The increasing incidence of coronavirus across the world will have a huge impact on market growth. According to a report published by Fortune Business Insights, titled “Medical Mask Market Size, Share & Industry Analysis, By Type (Surgical Mask, Respirators, and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2020-2027,” the market was worth USD 2.15 billion in 2019 and will exhibit a CAGR of 8.5% during the forecast period, 2020-2027.
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. 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.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
Please visit: https://www.fortunebusinessinsights.com/medical-mask-market-102703
Medical masks are widely used in hospitals, clinics, and other diagnostic centres by healthcare professionals. The ability of these products to stop spreading of infectious and contagious diseases has created a huge demand for the product in recent years. The increasing use of the product, owing to the awareness of safety and preventive measures will contribute to the growing demand.
Variations in product offerings will have a huge impact on the growth of the market in the coming years. The cost-effectivity of the product, coupled with the ease of availability, has been influential in the growth of the market. Medical masks can prevent spreading of infectious diseases such as pneumonia, influenza, and the coronavirus. The high prevalence of viral diseases has been a primary factor that has contributed to the growing demand for the product across the world. Facemasks possess around 90-95% efficiency, and given their price tag, it has emerged as most cost-effective way of viral disease prevention.
Emphasis on Distribution of PPE to Aid Growth
The report encompasses several factors that have contributed to the growth of the overall medical mask market in recent years. The increasing prevalence of viral diseases and infections has been a primary factor that has influenced the growth of the market. But most recently, the coronavirus outbreak has created a huge demand for personal protective equipment (PPE) across the world.
The coronavirus has spread to 80% countries across the world and the number of infected cases crossed 2.7 million. This pandemic has created a huge awareness regarding preventive measures. During these pandemic, governments as well as private organizations are putting in several efforts for distribution of personal protective equipment in several countries across the world. In April 2020, the US Department of Justice. And the US Department of Health and Human Services announced that it has initiated the distribution of PPE, including a total of 192,000 NHH-95 masks to healthcare workers across New York and New Jersey.
North America to Emerge Dominant; Increasing Covid-19 Cases Will Aid Market Growth
The report analyzes the ongoing market trends across North America, Latin America, Asia Pacific. The Middle East and Africa, and Europe. Among these regions, the market in in North America is likely to emerge as the dominant region, owing to the growing incidence of coronavirus infections in several countries across this region. As of April 2020, the United States has reported the highest number of coronavirus cases. The increasing demand for medical mask in several countries across this region. And will open up a huge potential for the companies operating in the regional market. As of 2019, the market in North America has worth USD 0.93 billion. And this value is projected to increase further in the coming years. Besides North America, the market in Asia Pacific will also witness considerable growth due to the rising coronavirus cases in numerous countries across the region.
April 2020: Sandler Group announced that it will be investing in the production of the non-woven line of production of respirator mask. The company plans to manufacture around 800 million masks.
However, 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. So 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.
In conclusion, the 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.