Rising Awareness Regarding Hygiene to Offer Lucrative Opportunities for Global Latex Medical Disposables Market Players
The global latex medical disposables market is highly competitive with a large number of players operating in it. The key manufacturers in the market are focusing on new product development in order to attract a large number of consumers across the globe. The increasing competition in the market is projected to supplement the growth of the market in the coming years.
According to a research study by Transparency Market Research, in 2015, the global market for latex medical disposables was worth US$4.1 bn and is predicted to reach a value of US$6.4 bn by the end of 2024. The market is anticipated to register a healthy 4.90% CAGR between 2016 and 2024. Some of the key aspects related to the growth of the global latex medical disposables market have been addressed in the following blog:
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Which key factors are predicted to accelerate the growth of the latex medical disposables market worldwide?
The rising number of prostate gland surgeries with the use of latex catheters and the increasing awareness among consumers regarding the importance of hygiene are the key factors that are likely to encourage the growth of the global latex medical disposables market in the coming years. In addition, the launch of novel latex catheters, expansion of the product portfolio, and technological advancements are some of the other aspects that are anticipated to fuel the growth of the overall market in the next few years.
What are the key challenges faced by the leading players in the global latex medical disposables market?
The rising cases of allergies among patients caused due to the use of latex products is considered as one of the key factors estimated to restrict the growth of the global latex medical disposables market in the coming years. In addition, the stagnant pricing of latex gloves and the use of substitute raw materials are anticipated to hamper the growth of the overall market in the near future. Nevertheless, the emergence of new and enhanced latex variants in order to gain a competitive advantage over non-latex products is predicted to augment global market in the coming years.
Which region in the global latex medical disposables market is projected to witness progressive growth?
As per the research report, at present, North America leads the global latex medical disposables market, owing to the rising geriatric population. This region is expected to maintain its leading position throughout the forecast period, thanks to the introduction of new material variants by leading players. Furthermore, North America is projected to be followed by Europe in the next few years. However, Asia Pacific is likely to register a robust growth rate in the next few years. The robust growth of this region can be attributed to the growing population and the increasing consumption of latex products.