May 23, 2024
India Surgical Gloves Market

India Surgical Gloves Market is thriving on Increased Healthcare Expenditure

India surgical gloves market holds immense potential owing to the increased healthcare expenditure in the country. Surgical gloves are essential for any medical or surgical procedure to prevent cross-contamination between healthcare professionals, patients, and instruments. They provide an effective barrier against the transmission of harmful microorganisms, blood, bodily fluids, and chemicals during medical examinations and surgeries. Globally, the rising healthcare costs and growing awareness regarding infectious diseases like HIV and hepatitis have augmented the demand for single-use surgical gloves.

The Global India surgical gloves market is estimated to be valued at US$ 144.78 Mn in 2024 and is expected to exhibit a CAGR of 3.6% over the forecast period 2024 to 2031.

Key players operating in the India surgical gloves are ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation (NSSMC), POSCO, Tata Steel, Baowu Group (China Baowu, Steel Group Corp.), JFE Steel Corporation, JSW Steel, United States Steel Corporation (U.S. Steel), Shagang Group, Ansteel Group.

Key Takeaways

Key players: ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation (NSSMC), POSCO, Tata Steel, Baowu Group (China Baowu, Steel Group Corp.), JFE Steel Corporation, JSW Steel, United States Steel Corporation (U.S. Steel), Shagang Group, Ansteel Group are leading the surgical gloves market in India.

Growing demand: The India Surgical Gloves Market Demand in India is growing steadily owing to rising healthcare costs, increasing healthcare infrastructure, growing medical tourism, and rising prevalence of infectious and chronic diseases.

Global expansion: Leading players in the India surgical gloves market are expanding their global footprint through mergers, acquisitions, partnerships, and new manufacturing plants to leverage the huge export potential for surgical gloves.

Market key trends

Increasing Healthcare Expenditure: As per the Global Burden of Disease Study, cardiovascular diseases, injuries, and cancer have emerged as the top three causes of mortality and morbidity in India. This is driving the government to increase healthcare spending that will boost the demand for disposable surgical supplies like gloves.

Rising Preference for Nitrile Gloves: Nitrile gloves are gaining traction over natural rubber latex gloves due to lower protein content that reduces allergic reactions. Major players are focusing on manufacturing nitrile gloves to capitalize on the growing demand.

Automation in Manufacturing: Prominent players are automating their production processes using robotics, AI, IoT, and big data analytics to improve efficiency, reduce production time, ensure quality control, and meet the rising demand. This will support the industry growth.

Porter’s Analysis

Threat of new entrants: The surgical gloves market requires high R&D costs and investments for manufacturing facilities and equipment which makes it difficult for new players to enter this market.

Bargaining power of buyers: Buyers have moderate bargaining power in this market as there are many established players providing surgical gloves. However, compliance with regulatory standards limits negotiability on prices.

Bargaining power of suppliers: The key raw materials required are latex and polymers whose global supply is fragmented across suppliers. This limits the individual supplier’s control over prices.

Threat of new substitutes: There are few viable substitutes for surgical gloves currently. Alternative products may emerge but they are unlikely to completely replace surgical gloves due to regulatory requirements.

Competitive rivalry: The market has several multi-national players operating globally. However, significant capital requirements and compliance norms restrict entry of small localized players. Intense competition keeps individual player’s market share and pricing in check.

Geographical regions of concentration

The Indian market accounts for a major share of the value currently, driven by its large healthcare infrastructure and rising surgeries. The South region dominates with a high concentration of leading hospitals, clinics and robust healthcare spending. States like Tamil Nadu, Karnataka and Kerala cater to a large patient inflow from within and outside the country.

Fastest growing region

The Western region is poised to be the fastest growing market for surgical gloves in India over the forecast period. States like Maharashtra and Gujarat are accelerating investments in modernizing and expanding their healthcare infrastructure. Rapid urbanization and economic growth are improving access to healthcare in this region. Growing medical tourism and initiatives to promote healthcare as an industry are also propelling the demand for surgical gloves.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it