Surgical Masks Market: Introduction
According to the report, the global surgical masks market was valued over US$ 15.6 Bn in 2020 and is projected to contract from 2021 to 2030. Surgical masks comprise basic surgical masks, anti-fog surgical masks, fluid/splash resistant surgical masks, N95 masks, and other surgical masks such as high barrier masks. The growth of the global surgical masks market can be attributed to a surge in COVID-19 pandemic, increase in the number of surgeries, and rise in levels of air pollution across the globe. However, product rejections, demand-supply gap, and ban on exports have created challenges for the surgical masks market. North America dominated the global surgical masks market in 2020 and the trend is projected to continue during the forecast period. This can be ascribed to rapidly increasing number of COVID-19 cases in the U.S. and government & regulatory policies regarding manufacture as well as import of surgical masks.
Growing Pandemic of COVID-19 to Drive Global Market
COVID-19, caused by a coronavirus, has been spreading rapidly across the globe. People infected with coronavirus experience symptoms of mild to moderate respiratory illnesses. The disease is known to spread through respiratory droplets of an infected person. The use of surgical masks was advocated for infected persons to curb the spread of the disease. As of January 13, 2021, around 92,751,889 people were infected with COVID-19 globally; of which, 19,85,603 people have succumbed to the virus. The rapidly growing number of COVID-19 cases has fueled the demand for and supply of surgical masks 12-fold across the globe.
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For instance, China exported around 76 billion surgical masks across the globe from March 2020 to May 2020 against the total annual global production of 20 billion masks in 2019. Rise in fear of infection among people and asymptomatic spread of the disease have led to the usage of masks by all people, creating a strong demand for surgical masks. Furthermore, ongoing efforts to flatten the curve of the infection globally have prompted wearing of masks, which is known to minimize the spread of the infection. Hence, the growing pandemic of COVID-19, rise in fear among people, and healthcare professionals advocating usage of masks to reduce the risk of infection drive the global surgical masks market.
Increase in Geriatric Population to Propel Global Market
The geriatric population i.e., the population aged over 65, has been increasing significantly over the past few years. According to the U.S. Census Bureau, the geriatric population is expected to account for over 16.7% of the global population in 2050. The population aged over 80 is anticipated to triple by 2050 compared to that in 2019. The geriatric population is increasing at a significant rate globally. Increase in longevity and decline in fertility rates are key factors contributing to the rise in the geriatric population.
Rise in geriatric population, which is highly susceptible to infections, owing to their weakening immunity, fuels the need for surgical masks in order to protect themselves from respiratory infections. The prevalence of pulmonary diseases increases with age and contributes to higher morbidity and mortality. Common pulmonary diseases affecting the geriatric population include chronic obstructive pulmonary disease, bronchitis, asthma, and pneumonia.
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Presently, Europe has a significantly large geriatric population. Aging is associated with declining support for long-term caregiving from families and highly expensive formal long-term caregiving services. Hence, these structural changes in society are likely to lead to a rise in demand for healthcare services and ultimately escalate the demand for surgical masks.
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Demand for High Barrier Masks Due to Higher Protection
In terms of protection type, the global surgical masks market has been divided into low barrier, moderate barrier, and high barrier. The high barrier segment held the largest market share in 2020 and is estimated to gain market share by the end of 2030. The growth of the segment can be attributed to higher bacterial filtration efficiency (BFE) and particle filtration efficiency (PFE) protection.
Hospitals to be Major End Users
Based on end user, the global surgical masks market has been divided into hospitals, diagnostic laboratories, clinics, academic & research centers, and others. The hospitals segment held the largest market share in 2020 and is estimated to gain market share by the end of 2030. The growth of the hospitals segment can be attributed to surge in the number of patients being admitted in hospitals suffering from COVID-19. This creates high demand for surgical masks. Additionally, increase in the number of surgical procedures being performed on an annual basis propels the segment.
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Surgical Masks Market: Prominent Regions
The global surgical masks market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global surgical masks market in 2020, followed by Europe. Well-established healthcare infrastructure, large number of patients infected with COVID-19 in North America, rise in demand for surgical masks in the U.S., and presence of a large number of domestic as well as multinational players operating in the market can be attributed to North America’s dominance of the global surgical masks market. The market in Asia Pacific is projected to expand at the highest CAGR during the forecast period, owing to a large patient pool of chronic diseases and infections in India, China, Australia, and New Zealand, rise in per capita healthcare expenditure, and increase in access to healthcare. The market in Latin America and Middle East & Africa is anticipated to grow at a moderate pace during the forecast period.
Increase in Production Capacity to Meet Global Demand for Surgical Masks by Key Players to Augment Global Market
The global surgical masks market is fragmented in terms of number of players. A large number of players account for a significant share of the global market. Key players operating in the global surgical masks market include Stryker Corporation, 3M, KCWW, Honeywell International, Inc., Prestige Amritech, Ansell Ltd., Medline Industries, Inc., Henry Schein, Inc., Cardinal Health, AlphaProTech, and Makrite.
JULY 09, 2020: The Nuclear Fuel market comprises of companies, industry associations, and governmental bodies which are involved in mining, refining, and storage of nuclear fuels and construction of nuclear reactors.
The major application of nuclear fuels is in the nuclear reactor for sustaining a nuclear chain reaction required for generating electric energy.
Westinghouse Electric Company (WEC) and GE Hitachi in the U.S., and Electricite de France (EDF) in France and Russia are the two major contributors.Key growth drivers of the market:With an increase in GDP, the country is showing growth in terms of construction, manufacturing, and public services.
With such attractive opportunities, India is set to become a global manufacturing hub.
This initiative is expected to achieve ~40% electric power installed capacity from non-fossil fuel and nuclear-based energy resources by 2030.Key deterrents to the growth of the market:With the expanding civilian nuclear energy programs, weak export controls of nuclear fuels, and zones of domestic instability, the Indian nuclear power industry requires to implement stronger nuclear security policies.
But the country is lagging in this area due to weak regulation of the nuclear sector.India has the world's largest thorium reserve, but the thorium three stage reactor is still under development, which makes it impossible for India to use its thorium reserve shortly.Companies covered:Larsen & Toubro LimitedWalchandnagar Industries LimitedBharatiya Nabhikiya Vidyut NigamElectronics Corporation of India LimitedIndia Rare Earth LimitedNuclear Fuel ComplexNuclear Power Corporation of India LimitedUranium Corporation of India LimitedTo Browse Full Research Report @: https://www.radiantinsights.com/research/thorium-nuclear-fuel-market-in-india-2018-2023Table of ContentsChapter 1: Executive summaryChapter 2: Socio-economic indicatorsChapter 3: Introduction3.1.
