Healthcare facilities around the world are preparing to keep up with the surge in coronavirus patients. Governments are highly concerned about the capabilities of existing healthcare infrastructure. Shortages of medical supplies are putting patients, doctors, and nurses at risk. The shortages of N-95 masks in particular is gaining attention owing to its importance in healthcare settings.Bolstering production capacities will be critical to the sustained growth of the industry, during and post the outbreak.
The global medical mask market is expected to expand at an impressive 9.6% CAGR throughout the period of forecast between 2020 and 2030. As per the Fact.MR study, the unprecedented number of coronavirus cases, coupled with stockpiling behavior by non-healthcare consumers will continue to widen the supply-demand gap in the medical masks market.
“The rising incidences of contagious respiratory diseases has become the key factor supporting the sales and adoption of medical masks. Rising awareness among the public associated with the efficacy of masks will also help in boosting sales. Growing number of surgeries and need for hospitalization during the crisis period will also help market growth till the end of the pandemic,” says the FACT.MR study.
Medical Mask Market- Key Takeaways
- Respirators are projected to account for nearly half of all market revenue, driven by applications in multiple industries including healthcare.
- Surgical masks are witnessing substantial growth in terms of sales owing to lower cost and easy access.
- Retail pharmacies are the primary channel of distribution owing to high sales of surgical masks.
- Hospital pharmacies will contribute majorly to revenue owing to the rise in surgeries and hospital admissions.
- High numbers of respiratory disease cases, and easy access to medical mask supplies keeps North America at the forefront of the industry. Asia Pacific is displaying lucrative opportunities owing to government initiatives and awareness campaigns.
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Medical Mask Market- Driving Factors
- The rapid spread of the coronavirus pandemic has been a major contributor to medical mask sales.
- A strong rise in the number of surgery and OPD procedures support demand for medical masks in the healthcare industry.
- Growing popularity of online shopping platforms is contributing significantly to sales of medical masks.
- Poor hygiene, pollution, and low immunization also contribute to the demand for medical masks.
Medical Mask Market- Major Restraints
- The high prevalence of counterfeit products in physical and online distribution channels hurts market prospects.
COVID-19 Impact on Medical Mask Market
Unprecedented demand for products such as N95 respirators and surgical masks in many regions has resulted in existing inventories been sold during the COVID-19 pandemic. Personal protection supplies have reached backorders by months. The shortage has resulted in a major influx of counterfeit products in the market.
Supply and demand will stay apace towards the end of 2020, as manufacturers invest in expanding their production capacities. In addition, governments around the world have provided favorable policies and financial incentives, to optimize supply chains, which will aid in sustained market growth even after the pandemic is brought under control.
The medical masks market is fragmented, with a number of small and medium scale businesses leveraging the opportunities arising during the coronavirus crisis. Major players are investing their resources in bolstering production capacities. In addition, research into product innovation has also gained traction. For instance, 3M has increased its global production of medical masks by 200% in early 2020. Also, Boston-based researchers have come up with low cost N95 respirator alternatives.
Prestige Ameritech, 3M, Cardinal Health, Honeywell International Inc., ANSELL Ltd., Halyard Worldwide Inc., Henry Schein Inc., and KCWW, are some of the top medical mask manufacturers in the global market.