Exponential Rise in Demand amid COVID-19 Pandemic to Augment Market Growth
Surgical masks are predominantly used by healthcare professionals while performing surgeries or medical procedures. While the demand for personal protective equipment witnessed consistent growth prior to the novel COVID-19 pandemic; however, in the current scenario, the gap between the demand and supply for N95 masks and other types of protective medical gear continues to widen at a rapid pace. As the number of COVID-19 cases around the world continues to spike, several N95 masks manufacturers are increasingly finding new ways to ramp up the production speed and roll out more products. In addition, as N95 respirator masks are primarily designed for high-risk environments and highly effective in restricting viruses from spreading.
In the current scenario, due to the shortage of N95 masks globally, N95 mask manufacturers have largely focused on expanding their production capacities and bridging the gap between demand and supply. Prior to the pandemic, China produced nearly half of the global N95 masks. However, countries around the world have witnessed a surge in the number of N95 mask manufacturers during the COVID-19 pandemic, as more number of companies are diversifying their product range to fulfill the growing demand for N95 masks.
The raw materials required to manufacture N95 masks such as melt-blown fabric is largely sourced from China, which indicates the role of China in the supply chain of N95 masks. The COVID-19 pandemic is one of the leading factors that is expected to drive the global N95 masks market and as per current trends, production as well as demand for N95 masks are set to move in the upward trajectory during the COVID-19 era. At the back of these factors, the global N95 masks market is expected to reach a value of ~US$ 6.4 Bn by the end of 2030.
To know the scope of our report Get a Sample on N95 Masks Market
Demand for N95 Increase amid COVID-19 Crisis; Market Participants focus on Addressing Supply Chain Bottlenecks
As the COVID-19 pandemic continues to spread rapidly around the world, it presents a major health threat to the human population. The ongoing pandemic has played a key role in increasing the demand for personal protective equipment and a similar trend was observed during the SARS pandemic in 2003. While several hospitals and healthcare centers around the world were experiencing a severe shortage of N95 masks in the first two quarters of 2020, the supply-demand gap has narrowed down over the course of the pandemic due to the entry of a number of N95 masks manufacturers. This is expected to drive the N95 masks market.
Exports from nations that are large-scale producers of N95 masks have declined particularly in the first two quarters due to the increasing demand from domestic markets. Although the production of N95 masks in China has witnessed a 12-fold growth during the COVID-19 pandemic, due to the increasing domestic demand coupled with trade restrictions imposed by various governments around the world, exports continue to remain sluggish.
Entry of Several Small-sized Startups to Drive N95 Masks Market
Several leading and medium-sized N95 mask manufacturers are currently focusing on expanding their production output to cater to the demand. Several government agencies as well as organizations are extending support to increase production amid the ongoing health crisis. The allocation of funds and other resources for large-scale manufacturing of N95 masks is on the rise to address various challenges in the supply chain. For instance, the U.S. Air Force (USAF) issued a US$ 125 Mn contract to 3M in order to expand the supply chain and produce N95 masks in larger quantities. As per the agreement, 3M will manufacture around 26 million additional N95 masks per month. Similar initiatives around the world are expected to empower and accelerate the production of N95 masks.
More Trending Reports by Transparency Market Research – https://www.biospace.com/article/hemorrhoid-treatment-devices-market-increase-the-number-of-surgery-procedures-to-propel-the-global-market/