1.2. Market of Medical Gloves
The rising incidence of epidemic diseases such as swine flu (H1N1) and the more recent and widespread COVID-19 (SARS-CoV-2) has driven the growth of the global medical glove market. As reported by the Financial Times, during the latter pandemic, glove industry sales and profits increased by over 100% [12,13]. According to data provided by Global Market Insights, the worldwide market of medical gloves grew dramatically as a result of the first phase of the COVID-19 pandemic expansion, reaching over USD 4 billion in 2020 [14]. In 2021, when the infection was best understood and the supply of these products increased in line with demand, this market experienced a slight decline in profits and reached USD 12.31 billion in value. Nevertheless, it is expected to increase at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030 [15].
Figure 1 shows EU-27 imports of surgical gloves between January 2019 and December 2021. The graph was compiled from the Eurostat dataset “DS-1180622” for product code: “B3-40151100 Surgical gloves, of vulcanized rubber other than hard rubber (excluding fingerstalls)”. In the graph, the business as usual (BAU) trend line was plotted using import data from January 2019 to March 2020, when the WHO proclaimed the global pandemic of COVID-19. To estimate the rise in medical glove imports during the COVID-19 pandemic, the over-BAU value was estimated using data from April 2020 to August 2021. The value of net imports in excess of BAU was approximately 62,000 Tons [16].
You are viewing: How Can Medical Gloves Be Improved
Read more : How Thick Insulation Gloves
MARGMA (Malaysian Rubber Glove Manufacturers Association) estimates that the global demand for gloves grew by almost 200 billion units in the first months of 2020 due to the COVID-19 pandemic [17]. In 2021, at the peak of this pandemic, the global demand for rubber gloves reached 492 billion units. The exports of rubber gloves from Malaysia in monetary value terms from 2014 to 2021 are illustrated in Figure 2. This graph clearly reflects the significant growth that has occurred. Prior to the pandemic, the value of exports in Malaysian ringgit (MYR) did not exceed MYR 20 billion; however, by 2020, exports had reached MYR 35.26 billion, and in 2021, they peaked at around MYR 54.81 billion [18].
Major players in the glove market include Top Glove and Comfort Gloves [19]. Figure 3 shows the quarterly financial report of Top Glove Corporation Berhad with its earnings during the past pandemic period. In first quarter of 2021 (1Q-2021), this company achieved its maximum quarterly net profit of MYR 2.38 billion, and a high revenue of MYR 4.76 billion. The group’s quarterly net profit, compared to the previous quarter (4Q-2020), increased 84% from MYR 1.292 billion, while revenue increased 53% from MYR 3.11 billion [20,21].
Read more : How Often Should One Change Gloves Milady
The quarterly financial report of Comfort Gloves Berhad is presented in Figure 4. This chart shows that the revenue increased from MYR 138.65 million in 1Q-2020 (before COVID-19) to MYR 541.24 million in 2Q-2021, which represents a rise of 290%. In the same quarters, the group net profit amounts were MYR 10.24 million and MYR 219.13 million, respectively, which means an increase of 2040% [17,22,23].
In terms of the medical glove material market, natural rubber (NR) and acrylonitrile butadiene rubber (NBR) gloves are the most important sectors. NR gloves are the type that generates the highest revenues, due to their variety of applications in fields such as examinations and surgeries in the medical environment and as protection against chemicals and pathogens in the general industrial sector [24]. In the 2020 market share, the NR examination glove segment accounted for USD 5.1 billion, while the surgical glove segment reached USD 4 billion [14]. In 2021, the global NBR glove market was valued at USD 8.54 billion, and its size is expected to expand at a CAGR of 10.54% from 2022 to 2029. The NBR glove market attracted substantial new investments due to price incentives and increased demand resulting from the COVID-19 outbreak [25].
Source: https://t-tees.com
Category: HOW
