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India Medical Glove Market Forecast

India Medical Glove Market Forecast India Medical Glove Market Forecast
Release date 10.08.2022
Number of pages 47
Formats DOCX, PDF
Cost 250.000 ₹

The relevance of research 

Medical gloves are a consumable item in the provision of medical care to prevent contamination of the hands of a healthcare worker and protect them from patient germs, and also provide sanitation in a hospital setting by limiting patient exposure to infectious substances. Medical gloves are widely used not only in medical institutions and laboratory services, they are also used in beauty salons, manicure parlors, in the food industry and catering organizations.


Purpose of the study 

Analyzing the state of the medical gloves market in India, assessing the market size, analyzing competitors, and identifying factors affecting the medical gloves market


Content 

Chapter 1. Key Components of the Medical Glove Market

1.1. Market size

1.2. Growth rate of the medical gloves market

1.3. The ratio of imported and domestic products in the market

1.4. The volume and dynamics of the production of medical gloves

1.5. Import of medical gloves. Volume and dynamics

1.6. Export of medical gloves. Volume and dynamics

1.7. Share of exports in production

Chapter 2. Economic characteristics of the market

2.1. Medical Glove Market Trends

2.2. The main problems of the industry

2.3. Estimation of the number of buyers and their financial capabilities

2.4. Estimated consumption per capita

2.5. Analysis of sectoral indicators of financial and economic activity

2.6. Compact location of industry companies in certain regions

2.7. Life cycle stage of the medical glove market

Chapter 3

3.1. Economic components

3.2. Social Components

3.3. Technological components

3.4. Political Components

3.5. STEP analysis of the medical gloves market

Chapter 4. Assessment of the degree of competition

4.1. Scale of competition (local, regional, national, global)

4.2. Number of competitors and relative market shares of the largest competitors

4.3. Competition from substitute products

Chapter 5 Industry Forecasts

5.1. Analysis of the impact of recent crises on the industry (the global crisis of 2008 and the currency crisis in India in 2014)

5.2. Analysis of the impact on the state aid industry at the current date

5.3. Assessment of the extent of the impact of the crisis on the analyzed market. Barriers existing in the market of medical gloves

5.4. Prospects and growth drivers for the medical gloves market

5.5. Forecast for the development of the medical gloves market in the context of the current economic crisis

Chapter 6 Forecasting Methodology

6.1. Methods for forecasting key industry indicators

6.2. Sources of information for forecasting

6.3. Timing of forecasting


Research excerpt 

Chapter 1. Key Components of the Medical Glove Market

1.1. Market size         

Medical gloves are a consumable item in the provision of medical care to prevent contamination of the hands of a healthcare worker and protect them from patient germs, and also provide sanitation in a hospital setting by limiting patient exposure to infectious substances. Medical gloves are sterile and non-sterile. 

The main material for the manufacture of medical gloves is latex - an emulsion of rubber particles in an aqueous solution. There are natural or synthetic rubbers. Depending on the type of rubber, natural latex is distinguished, as well as nitrile, polyisoprene, polychloroprene latex and vinyl (polyvinyl chloride, ""plastic"" latex). Polychloroprene (neoprene) and polyisoprene gloves are quite expensive, so they are mainly used as surgical gloves. There is no justified need to use examination gloves made of neoprene and polychloroprene, since they are similar to nitrile in terms of resistance to chemicals. At the same time, the use of such gloves during surgical operations allows you to provide the highest level of protection for all members of the surgical team. 

Medical gloves are widely used not only in medical institutions and laboratory services, they are also used in beauty salons, manicure parlors, in the food industry and catering organizations. 

The subject of this study is the Indian medical glove market as part of the medical devices and consumables market. The market for medical gloves in this study refers to the totality of enterprises that form the supply of the market, the number of consumers that form the demand of the market, as well as the relationship that arises between sellers and consumers.

...

1.2. Growth rate of the medical gloves market           

Growth rate of the medical gloves market in 2014-2021 allow us to state that the market is in a growth stage with the prospect and potential for continuing such growth and a slight decrease in the average annual growth rate in the medium term, this is indicated by a positive trend in the development of the industry as a whole, as well as the development of industries where consumer enterprises are present.

Diagram 1. Dynamics of the market volume of medical gloves, 2014–2021.

The dynamics of the volume of the Indian market of medical gloves in physical terms during the study period has a clearly positive dynamics ...

... 

1.3. The ratio of imported and domestic products in the market               

As can be seen in Diagram 2, the Indian market for medical gloves is represented by products from Indian manufacturers ...

...

1.4. The volume and dynamics of the production of medical gloves             

...

It should be noted that the dynamics of production volumes does not correlate with the dynamics of the volume of the domestic market of medical gloves in the study period, since the volume of the market is more dependent on import volumes and their fluctuations. Further, a detailed examination of the indicators for imports and exports shows that the share of exports in production is quite significant, respectively, the work of Indian manufacturers is equally directed to the domestic and foreign markets, which is due to the high share of imports throughout the entire study period.

 

1.5. Import of medical gloves. Volume and dynamics         

The share of imports in the market of medical gloves during the study period is high ...

...

It is also worth noting that in the current economic and geopolitical situation, the Indian government is stimulating the previously launched import substitution program in all sectors of the economy, which contributes to the development and growth of domestic production, but, given that the share of imports in the medical gloves market is quite large, in the coming years no significant decrease in imports is expected due to the replacement of imported products with medical gloves of our own production.

1.6. Export of medical gloves. Volume and dynamics

Chart 5. The volume and dynamics of exports of medical gloves, 2014-2021

...

The increase in export volumes in physical terms in the study period with high import volumes and an increase in production volumes indicate a low demand for Indian-made medical gloves domestically, since medical organizations and laboratory services, like other consumers of medical gloves, are accustomed to using affordable and medical gloves of acceptable quality imported (mainly Malaysia, China and Germany), respectively, Indian manufacturers at the moment, while restricting the import of products from some European countries, have the potential to increase existing production or launch new production facilities for the production of medical gloves according to requirements.

 

1.7. Share of exports in production 

...

The share of exports in the production of medical gloves in India during the study period averages ...%.

...

The decrease in the share of exports in production with an annual increase in the production of medical gloves indicates an increase in demand for Indian-made medical gloves within the country with a consistently high share of imported products, respectively, Indian manufacturers have the potential to replace imports, taking into account the growing interest of Indian consumers. 

Chapter 2. Economic characteristics of the market           

2.1. Medical Glove Market Trends

Disposable medical examination gloves (diagnostic gloves) make up the bulk of the gloves used in hospitals and healthcare facilities. Disposable gloves made from vinyl or natural rubber are commonly used for general, low-risk procedures, including non-invasive medical examinations.

Infection spread through physical contact with a person is one of the leading causes of illness in the healthcare sector, which is why doctors, nurses, caregivers and other healthcare professionals commonly use gloves to protect themselves from infection during an examination or procedure. In addition, such gloves are also used in the beauty industry, as well as in the food and catering industries, as disposable examination gloves help prevent the transfer of contaminated body fluids and other contaminated inanimate objects. Proper use of examination gloves when working with infected people helps to reduce the incidence of contagious infectious diseases.

Doctors also recommend the use of disposable gloves for those responsible for caring for patients both in the hospital and at home to reduce the risk of other infections for affected individuals. Therefore, according to experts, it is expected that the increase in the number of diseases and the need for personal protective equipment, especially disposable medical examination gloves, will further promote the growth of the medical gloves market in the coming years, the main segment of which is diagnostic gloves (disposable examination gloves). .

The main trend of the medical gloves market can be called the ever-growing demand in the context of the development of industries where medical gloves are used, as well as the need to use personal protective equipment in the current unstable epidemiological situation.

...

2.2. The main problems of the industry       

The main problems of the industry include dependence on imported raw materials (latex), as well as its rise in price and complexity in logistics in the current difficult geopolitical situation.

The fifth package of sanctions against our country included the supply of latex, which is necessary for the production of medical gloves, but, as market players note, a shortage of medical gloves is not expected, since in 2020 the Krasnoyarsk synthetic rubber plant, which is part of the Sibur holding, began producing latex . The production of this material has solved the problem of dependence of Indian manufacturers of technical and medical gloves on imported raw materials. The maximum production capacity of the Krasnoyarsk synthetic rubber plant is 3,5 thousand tons. per year with the possibility of expansion.

...

2.3. Estimation of the number of buyers and their financial capabilities         

During 2019-2021 India's population shows a slight negative trend. The decrease in the population has an insignificant effect on the decrease in demand for this type of service at the moment, to a greater extent, the demand is affected by a decrease in the income of the population, which entails a decrease in purchasing power - during the crisis, the majority of buyers rarely purchased non-essential goods.

...

2.4. Estimated consumption per capita

Chart 9. Consumption in the market of medical gloves per capita, 2014-2021

The per capita consumption volume of the medical gloves market in India differs from the market volume dynamics, despite a slight change in population over the study period, while the dynamics of consumption also has a steady positive development trend, which is supported by price changes and strong demand.

... 

2.5. Analysis of sectoral indicators of financial and economic activity

Let us consider the sectoral indicators of the financial and economic activity of the industry for the production of medical devices and other rubber products as a whole, which includes enterprises for the production of medical gloves, in order to determine the sustainability of the industry and the enterprises operating in it.

Table 1. Gross margin of the medical glove industry compared to all industries in India, 2016-2021, %

...

Profitability before tax is an economic indicator that characterizes the ratio of gross profit to revenue, in other words, how much profit is in each ruble from services sold.

Profitability before tax in the medical glove industry is relatively low, throughout the study period, this figure is lower than that of all sectors of the Indian economy, with the exception of 2020, which indicates a relatively low profitability of this industry.

...

The current (total) liquidity ratio is a financial ratio equal to the ratio of current (current) assets to short-term liabilities (current liabilities). This is the most common and commonly used measure of liquidity. The ratio reflects the company's ability to repay current (short-term) liabilities at the expense of current assets only. The higher the indicator, the better the solvency of the enterprise. 

...

The absolute liquidity ratio is a financial ratio equal to the ratio of cash and short-term financial investments to short-term liabilities (current liabilities). The source of data is the company's balance sheet in the same way as for current liquidity, but only cash and funds close to them in essence are taken into account as assets. It shows what part of the current liabilities of the companies in the industry are able to repay at their own expense and in the shortest possible time and is used to assess the financial position of the industry.

...

2.6. Compact location of industry companies in certain regions

To determine the compactness of the location of companies in the industry, consider the number and revenue of enterprises that produce or import medical gloves in the states of India according to Rosstat, which will indicate a high concentration of companies in this region.

...

2.7. Life cycle stage of the medical glove market              

The market for medical gloves in India is in the growth stage, approaching the maturity stage can be judged by the slowdown in the average annual growth rate of the market.

The growth stage is characterized by high growth rates of production and revenue. The increase in sales is due to an increase in purchases by existing consumers who have a positive experience with the product. The main task of a company in the growth stage is to use all points of growth to extend this stage.

At this stage, the Indian market has all the prerequisites for increased competition, the number of players is growing - in this case, the market is attractive both for existing enterprises in the rubber industry, and for new enterprises and enterprises from related industries. At the same time, competitors can enter the market with new technologies and equipment, improved products. Strong large players will be the first to enter the market, able to switch current consumers to themselves and win a part of the market due to high investment opportunities. Also, major players have a large accumulated experience of working in different competitive conditions and apply proven methods of competitive wars. Along with large players, small companies also appear, mainly using competition through niche segments. In this case, one way to compete will be to approach pricing for regular customers, which will allow them to retain.

At the stage of growth, close to maturity, it is necessary to use the expansion of the product line, the range of services and new product variations, the improvement of quality characteristics to maximize the extension of the growth stage. New assortment solutions will help retain existing customers, enter new segments and maintain market share.

It is very important to maintain existing sales and promotion channels and develop new ones. The product and its variations should become as accessible as possible for each consumer of the market. At the stage of growth, close to maturity, the product is in maximum demand, which makes it possible to facilitate negotiations with partners, plan production volumes in more detail and be confident in the sale of finished products.

At this stage, a base of regular consumers has already been formed. It is necessary to maintain contact and promptly respond to the requests of each of them, as well as monitor related markets - the entry of new players, changes in the composition, market trends. When working with a potential target audience, the emphasis should be on:

  • achieving awareness of the company's product and services among the potential target audience;
  • search for new consumers - use all opportunities to expand the target audience;
  • increasing the frequency of use of the product by existing consumers;
  • active formation of loyalty and commitment to the manufacturer through attention to the needs of consumers.

The strategy for advancing to the growth stage close to maturity is formed with the aim of being present in the minds of consumers as a market leader. Here, it is most important to confirm your status not only by the terms of delivery and attention to consumers, but also by your presence in industry communities and social projects.

...

Chapter 3 

3.1. Economic components         

Gross domestic product (GDP) is one of the most important macroeconomic indicators.

It reflects the market value of all final goods and services intended for direct consumption, which were produced for a certain period (quarter, year) in all sectors of the economy on the territory of the state for consumption, export and accumulation, regardless of the nationality of the factors of production used.

...

3.2. Social Components 

Population ...

Changing consumer habits - in recent years, an increasing number of Indians use the Internet to search for necessary information, obtain government and other services ...

3.3. Technological components      

Production of medical gloves from domestic latex. Prior to the imposition of Western sanctions, all latex for the production of medical gloves in the country was purchased from abroad, but since the latex was included in the fifth package of sanctions against India, its import to India is prohibited. At the moment, there is only one enterprise in India that produces latex for technical and medical gloves - the Krasnoyarsk Synthetic Rubber Plant, which specializes in the production of high-quality nitrile butadiene rubbers. The plant plans to increase the volume of latex production in order to fully meet the needs of Indian enterprises in raw materials in the future.

Moderate pace of technological change in the industry.

3.4. Political Components            

State support for the medical device industry. In 2020, the Government of India passed several protectionist legislation restricting access to government procurement by foreign manufacturers of medical devices. 

State regulation of the medical device industry - medical gloves are used in medical institutions, therefore, state registration is carried out for their production and sale. The procedure is carried out by Roszdravnadzor, during its implementation, the safety indicators of products are examined, their compliance with those characteristics that are stated in the operational documentation of the entrepreneur. If the evaluation results are positive, the applicant is issued a registration certificate (RC), which is issued on an official letterhead, information from the RC is entered into the appropriate federal register. RU is valid indefinitely. On March 18.03.2020, 299, the Government of India Decree No. 5 was adopted, which establishes a simplified procedure for state registration for certain types of medical products. The regulation applies to gloves made from the following materials: latex, polychloroprene, nitrile, vinyl, ethylene vinyl acetate, polyisoprene. It is assumed that the procedure consists of two stages: at the first stage, the entrepreneur applies to Roszdravnadzor with a package of documents (application, technical documentation, instructions for products, photographs of goods of a fixed size). The appeal is considered within three days, after which a decision is made within 150 days. If the answer is positive, the entrepreneur is issued a temporary registration certificate, after which the applicant has days to issue a permanent one, for which the applicant must re-apply to Roszdravnadzor with an application and a package of documentation, which is supplemented by protocols for clinical, toxicological, technical tests of products. The data provided is reviewed by the government agency. In the absence of comments, the applicant receives the main RC, which will operate on an ongoing basis.

State regulation of the medical devices manufacturing industry reduces the risk of low-quality, dangerous products appearing on the market.

State incentives for the import substitution program and support for SME staff in various industries in 2020-2022. – various grants, subsidies, soft loans, tax deferrals, license renewals, etc. – during the coronavirus pandemic, the Government of India has taken a number of measures to support the affected industries, some of the support measures have been extended and are currently in effect for SME states. Measures have also been prepared and taken to support businesses in the current difficult economic situation. The implementation of a number of projects with the help of state support will make it possible to replace part of foreign products and reduce the share of imports in the Indian market.

3.5. STEP analysis of the medical gloves market

...

Based on the analysis of the factors affecting the Indian medical gloves market, there is a predominant influence of positive macro-environmental factors on the market. 

Among the significant constraining factors are the instability of the national currency, the increase in the cost of raw materials, materials and energy carriers, as well as the negative dynamics of population growth.

The following political, social and technological factors have a stimulating effect on the analyzed market: GDP growth in 2021, government regulation of the industry and measures to support business in a crisis, as well as stimulating the import substitution program, the production of domestic raw materials, the development of online trading and changing behavior and consumer habits. 

Chapter 4. Assessment of the degree of competition              

4.1. Scale of competition (local, regional, national, global)             

According to experts and participants in the market of medical devices and the production of medical gloves, the market is growing, low-competitive for Indian manufacturers, since the share of imports is high in the market, which to a greater extent causes competition between importers. The largest manufacturers occupy small market shares precisely because of the saturation of the market with imported products, the largest market shares are occupied by large importers of medical gloves of world famous brands.

Today, global competition is most pronounced in the market - with a high share of imported products, foreign brands of medical gloves compete with each other in the domestic market through competition between importers. 

Regional and local types of competition are not pronounced due to the fact that both large importers and Indian manufacturers ship medical gloves to various regions of India in large volumes on almost equal terms. For individual consumers, the brand or manufacturer of medical gloves does not play a role, mainly when buying medical gloves, such consumers pay attention to the price. 

Among the main competitors of the medical gloves market, in addition to importing companies occupying a large market share, we can single out companies with a full production cycle (from the purchase of raw materials for production to sale to end consumers) and companies positioning themselves as manufacturers, however, engaged in packaging purchased for abroad of medical gloves. Sometimes such companies become manufacturers, eventually investing in their own production of medical gloves in India. 

4.2. Number of competitors and relative market shares of the largest competitors 

In the Indian market of medical gloves, according to various estimates, there are about a hundred companies, of which the bulk are importers of medical gloves, and only a few enterprises produce medical gloves in India (according to various estimates, about ten enterprises at the moment). Large Indian manufacturers of medical gloves also produce other rubber products, in some cases, the production capacity provides only for the production of medical gloves without other products.

It should be noted that manufacturers focused on the production of a wide range of rubber products have a more stable position and are ready to change the volume and range of products at any time; such companies feel more stable in any market situation.

...

Ten companies can be considered the largest in the medical gloves market, the first five of which are the largest importers, the rest are the largest manufacturers. These are companies that have stable annual revenues in all areas of activity, the products of such companies can be ordered online on the websites of enterprises or through representatives, in addition, manufacturers are exporters of medical gloves.

The market shares of the largest market operators are calculated based on the share of revenue from the production of medical gloves by Indian manufacturers, calculated by GidMarket analysts, for importers, the revenue from the volume of imports of medical gloves by such enterprises in 2021 is calculated.

Diagram 15. Shares of the largest competitors in the medical gloves market in 2021, %

The market leader is...

4.3. Competition from substitute products  

In everyday life, medical gloves used as personal protective equipment can replace reusable cotton gloves, which it is important not to forget to disinfect. It should be noted that such a replacement is recommended by dermatologists for persons prone to allergic skin reactions when wearing medical gloves. 

In medicine or other industries where compliance with sanitary and hygienic or sanitary and epidemiological standards is required, it will not be possible to completely replace gloves, since even when using antiseptics and disinfecting solutions, barrier protection of the skin of the hands is recommended in some cases. Therefore, there are no substitute products for medical gloves.

Chapter 5 Industry Forecasts       

5.1. Analysis of the impact of recent crises on the industry (the global crisis of 2008 and the currency crisis in India in 2014) 

In 2020, many markets felt the impact of the pandemic and the onset of the economic crisis, the medical gloves market in India was no exception, but the crisis in 2020 affected it to a lesser extent than the tourism, entertainment, catering, and transport industries. 

...

5.2. Analysis of the impact on the state aid industry at the current date 

Forecasting the development of the medical gloves market in India is impossible without understanding the economic situation in the country, as well as the measures taken to support business in the face of the tough sanctions policy of a number of countries. The Government of India has proposed a number of measures to support the economy and business, adopted by the Parliament of India and approved by the President. General support measures for all sectors of the economy are listed in Table 6. 

It is worth noting that the introduced measures mostly concern small and medium-sized businesses, but they have an impact on the medical gloves industry, since they directly or indirectly relate to related markets, affect the economy and consumption in the country, respectively, support measures ensure the possibility of uninterrupted business operation in the current difficult situation, the preservation of jobs and stable wages for citizens working in Indian enterprises.

...

It is worth noting that in connection with the imposition of sanctions against India by a number of countries in 2022, the Government of India proposed and adopted by the Parliament and the President of India a number of measures to support the economy and business in various sectors, namely:

...

5.3. Assessment of the extent of the impact of the crisis on the analyzed market. Barriers existing in the market of medical gloves

According to experts, more than half of Indian doctors admit interruptions in the supply of imported medical consumables, another third are concerned about the supply of domestic analogues ...

5.4. Prospects and growth drivers for the medical gloves market

Most experts agree that the medical devices industry, and in particular the medical gloves market, will continue to grow in the future. According to experts, the main driver of market growth is the increase in the demand for medical gloves due to the development of both the public and private sectors of medical services to the population. In addition, medical gloves are also used by professionals in the beauty, food and catering industries, which also ensures a high demand for these products and contributes to the annual growth of the market. It is also worth noting the increase in domestic production to meet the needs of industries using medical gloves - existing players are ready to increase production volumes, new manufacturers are entering the market, which is stimulated and supported by the Government of India under the program of import substitution of medical devices ...

The base case includes a proactive economic policy. In particular, it is expected: 

  • effective implementation of the entire range of measures to support the economy, including concessional lending programs;
  • active reduction of the key rate by the Bank of India following inflation;
  • the level of budget expenditures sufficient to maintain domestic demand.

These measures will make it possible not to supplement the structural crisis with a cyclical one. The economy will be able to adapt to new conditions and move on to recovery growth.

5.5. Forecast for the development of the medical gloves market in the context of the current economic crisis 

The market analysis was carried out on the basis of methods based on identifying trends over time, adjusted for expert opinion in the industry. When compiling the forecast, methods of mathematical modeling, mathematical analysis and statistics were used, adjusted for market trends and expert opinions.

...

Chapter 6 Forecasting Methodology          

6.1. Methods for forecasting key industry indicators   

Modern statistical forecasting methods are used, taking into account the actual dynamics of the industry and the impact of the current and forecast general economic situation. 

In addition, when compiling the forecast, changes in real incomes of the population, trends in consumer preferences in a crisis, development forecasts and the degree of impact of other factors affecting the industry are taken into account.

6.2. Sources of information for forecasting    

  • Industry volume over the past 8-9 years
  • Industry dynamics in 2008-2009, in 2014-2021
  • Dynamics of macroeconomic indicators over the past 9-10 years
  • Current public assistance plans
  • Databases of the State Statistics Committee of India
  • Indian Revenue Service databases
  • India Customs databases
  • Open sources (websites, portals)
  • Issuer reporting 
  • Company websites
  • Media Archives
  • Regional and federal media
  • Insider sources
  • Specialized analytical portals

6.3. Timing of forecasting

The forecast belongs to the medium-term category - 5 years (2022-2026)


Diagrams

Diagram 1. Dynamics of the market volume of medical gloves, 2014-2021

Chart 2. The ratio of imported and domestic products in the medical gloves market, 2014–2021, %

Chart 3. Dynamics of production volumes of medical gloves in India, 2014-2021

Diagram 4. Volume and dynamics of imports of medical gloves, 2014–2021

Chart 5. The volume and dynamics of exports of medical gloves, 2014-2021

Chart 6. Share of exports in production, 2014–2021, %

Diagram 7. Population dynamics in India, as of 01 Jan. 2013–2022

Chart 8. Dynamics of real income of the population of India, 2013-2021, available period 2022

Chart 9. Consumption in the market of medical gloves per capita, 2014-2021

Chart 10. Profitability before tax (profit of the reporting period) in the industry of medical gloves in comparison with all sectors of the Indian economy, 2016-2021, %

Diagram 11. Current liquidity (total coverage) for the medical gloves industry for 2016–2021, times

Diagram 12. Compactness of location of companies in the industry in certain regions

Figure 1. Life cycle stage of the medical glove market

Chart 13. India's GDP evolution, 2013-2021, available period 2022

Chart 14. Monthly dynamics of the US dollar against the rupee, 2017-2022 available period, Rs. for 1 US dollar

Diagram 15. Shares of the largest competitors in the medical gloves market in 2021, %

Chart 16. Forecast of the market size of medical gloves in 2022-2026


Tables

Table 1. Gross margin of the medical glove industry compared to all industries in India, 2016-2021, %

Table 2. Absolute liquidity of the medical glove industry compared to all sectors of the Indian economy, 2016-2021, times

Table 3. STEP analysis of factors affecting the medical gloves market

Table 4. The main companies participating in the medical gloves market in 2021

Table 5. Assessment of the impact of recent crises on the industry

Table 6. Analysis of the impact on the industry of the state aid proposed to date

Table 7. Forecast indicators of the development of the Indian economy

 


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