The PPE Market to stabilize reaching $11.45 billion in 2023, a newly published report predicts. The Coronavirus pandemic has caused the demand for PPE including; disposable gowns, coveralls, gloves, face masks, face shield, goggles, surgical caps, and shoe covers to surge in 2020. The rise in the number of coronavirus cases across the world, and the resulting need to ensure the safety of healthcare workers who are at the frontline combating the spread of the disease, are expected to continue to drive the growth of the personal protective equipment market for years to come.
Globally, as of 10 January 2021, there have been 88,383,711 confirmed cases of Covid-19 reported to the WHO. The outbreak of Covid-19 has caused major disruptions in the supply chain of PPE. The disruptions led to shortage in PPE supply which became inadequate and unable to meet the increased demand. Gowns, gloves, goggles, face masks and shields were insufficient and could not meet increased demand from surge in Covid-19 cases.
The WHO estimates that 89 million face masks, 76 million examination gloves and 1.6 million medical goggles are required each month for the COVID-19 response.
It is then not surprising to know that the global personal protective market is expected to have grown from $5.99 billion in 2019 to $7.83 billion in 2020 at a compound annual growth rate (CAGR) of 30.80%. The market is then expected to stabilize and reach $11.45 billion in 2023 at a CAGR of 13.5%, according to the Global Healthcare Personal Protective Equipment (PPE) Market 2020-2030: Covid-19 Growth and Change Report.