Albany, NY — (SBWIRE) — 10/11/2018 — The latex medical disposables market is largely fragmented, with the top five companies accounting for just over 60.0% in 2015. Transparency Market Research has found that these companies, namely Top Glove Corporation, Ansell, Hartalega Holdings Bhd, C.R. Bard, and B. Braun Melsungen, have been capturing market share through technological advancements and offering a wide product range. Investing in R&D activities has also proven to be beneficial for companies competing in this market.
"While dominant players are competing by launching innovative products, regional vendors are striving to gain market share from existing players," the lead analyst states. Companies are also offering price discounts on bulk purchases, further boosting their position in the latex medical disposables market. Although the threat of new entrants is moderate, the threat of substitutes is considerably high.
The opportunity in the global latex medical disposables market is expected to be worth US$6.4 bn by 2024, rising from US$4.1 bn in 2015 at a modest CAGR of 4.9% therein.
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Latex Gloves Most Significant Contributor in terms of Revenue
Latex gloves has been the major product segment of the latex medical disposables market, accounting for 60.4% in terms of revenue in 2015. The latex foley catheters segment is projected to expand at a CAGR of 5.1% from 2016 to 2024, emerging as the most lucrative segment thus far. By end use, the hospitals segment is expected to account for the dominant share by 2024, followed by diagnostic centers. Hospitals are also anticipated to exhibit a high CAGR throughout the forecast period.
The global latex medical disposables market is well developed in regions such as North America and Europe. However, regions such as Latin America and Asia Pacific exhibit immense potential for high growth. North America leads the global latex medical disposables market, with 33.0% share in 2016. The Asia Pacific market, on the other hand, is projected to expand at the fastest CAGR of 5.8% during the forecast period.
Technological Advancements and Launch of Novel Products Driving Market
"Players within the latex medical disposables market have been investing in the launch of novel technologies and products that are aimed at reducing risks and infections and offering a host of benefits to the patients," the author of the report finds.
For instance, the BARDEX I.C. infection control latex Foley catheter is clinically proven to minimize the risk of catheter-associated urinary tract infections. The catheter's technologically-advanced formulation dramatically lessens bacterial adherence and reduces the formation of biofilm. Similarly, Medline Industries, Inc.'s three-way Foley catheter offers continuous irrigation capabilities for use after urological surgeries. The growth of the latex medical disposables market rides on such developments.
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Latex Allergies Restricting Uptake
Latex allergy is one of the most prominent challenges faced by the global latex disposables market. As a result, many healthcare providers are opting for non-latex products, thereby inhibiting the growth of the market. Leading medical technology company Becton, Dickinson and Company has found that as many as 17 million people in the U.S. are allergic to latex.
Competition is rather high in the medical disposables market, which often leads to diminishing prices of these products, including latex disposables. Shrinking or slowly increasing revenues are expected to hamper the growth of the global latex medical disposables market.
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