Personal Protective Equipment Market Players Prospering during COVID Times – P&S Intelligence

Personal Protective Equipment Market Players Prospering during COVID Times - P&S Intelligence
The global personal protective equipment market is projected to advance at a 7.7% CAGR during forecast period by P&S Intelligence.

From $48.7 billion in 2019, the personal protective equipment market is expected to advance at a CAGR of 7.7% during 2020–2030 (forecast period). The key growth driver for the industry is the strict safety regulations that are aimed at making working conditions safe for employees in many sectors. In the current era, the COVID-19 pandemic is acting as a strong booster for the market growth, as PPE is essentially meant to protect the wearer from injuries and exposure to harmful substances.

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By the second week of December 2019, the number of patients infected by the novel coronavirus breached the 67 million mark, while deaths crossed 1.5 million, as per Worldometer. This has created a healthcare crisis the world hasn’t seen in ages, because of which the resources at the disposal of medical centers are draining rapidly. One of the resources the importance of which has risen manifold during the pandemic is PPE. Currently, almost the entire focus of the healthcare sector and governments is on COVID care.

As a result of this, many new permanent and temporary hospitals have been established, while many of the existing ones are being expanded. PPE is being used in healthcare centers extensively to protect the medical staff from catching the infection, which is driving the personal protective equipment market advance. In addition, even in other industries that are necessary to fulfill the demand for essential stuff, such as foodstuff and medical devices, workers are being provided with PPE to keep infection cases to the minimum and prevent the hampering of production.

Geographically, North America is set to generate significant revenue for personal protective equipment market players during the forecast period. This is because the U.S. has been affected the worst by the COVID pandemic, recording more than 15 million cases and over 288,000 deaths by the first week of December 2020. This has propelled the price of respiratory masks from $0.3 per piece before the pandemic to $7.0 per piece during it. Further, healthcare and industrial safety regulations are really stringent in North America, thereby adding to the demand for PPE products.

Hence, as long as the pandemic rages and even after normalcy is restored, the demand for PPE will continue rising.

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