Global Medical Goggle Market Getting on to the Magnanimous Mode: Projected to Grow at a CAGR of 8.4% in the Forecast Period
Published | 06 September 2021
The global medical goggle market is growing at a high CAGR because of the increasing demand for surgical procedures and prevalence of infectious diseases and stringent regulations regarding the safety of healthcare workers...
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global medical goggle market was worth USD 443.4 million in the year 2020. The data generated by the study reveals that the market is estimated to grow at a CAGR of 8.4%, earning revenue of around USD 778.1 million by the end of 2027. The growth of the global medical goggle market is attributable to the increasing demand for surgical procedures and prevalence of infectious diseases and stringent regulations regarding the safety of healthcare workers. Nonetheless, a lack of safety awareness in emerging economies, and high taxes on medical googles may be a limiting factor for market growth.
Increasing Prevalence of Infectious Diseases Is Boosting the Global Medical Goggle Market
Medical goggles are very effective in protecting the eyes of healthcare workers from potential infections. Various communicable viruses, such as COVID-19 can spread through the eyes, nose, and mouth. Therefore, medical goggles have gained huge popularity during the COVID-19 period as these equipment provide additional protection against the virus, especially to those working in high-risk areas and situations, such as hospitals and clinics. As a result, the demand for medical goggles is proliferating at a high rate. Across the globe
Stringent Regulations Regarding the Mandatory Use of Medical Googles Is Driving the Market Growth
Healthcare workers in developed nations are more aware of the importance of medical goggles to their safety, which is driving the growth of the global medical goggles market. Moreover, several countries make it mandatory for surgeons, doctors, and other healthcare workers to wear medical goggles in a potentially sensitive environment. For instance, according to the American National Standards Institute (ANSI), protective eyewear is required for Class 3 and Class 4 laser use where radiation of the eye is possible. Such regulations significantly fuel the market growth.
Global Medical Goggle Market - By End-User
Based on end-users, the global medical goggle market is segmented into hospitals and clinics, ambulatory surgical centers, and others. The hospital segment accounts for the largest market share because of the high number of healthcare professionals working in these facilities. Increasing cases of surgical procedures and infectious diseases treated in these facilities demand the use of safety gears such as medical goggles, which fuels the market's growth. However, ambulatory surgical centers are also anticipated to grow at a substantial rate.
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Global Medical Goggle Market - Regional Insights
Geographically, the global medical goggle market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America dominates the market. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. Countries like China, India, South Korea were some of the worst COVID-19 affected countries, due to which the demand for medical goggles and PPE kits surged significantly. As a result, the manufacturing of medical goggles expanded in this region, increasing the market penetration and further proliferating the overall market growth.
Impact of COVID-19 on Global Medical Goggle Market
The global medical goggle market flourished significantly during the COVID-19 outbreak. Medical goggles and PPE kits are essential in protecting healthcare workers from the COVID-19 virus while dealing with Coronavirus-infected patients. Manufacturers of medical goggles and governments from various nations have made considerable investments in boosting medical goggles production to fulfill the growing demand around the world. Furthermore, the strict government regulations mandating the use of protective gear when working in sensitive environments and WHO and CDC recommendations for the use of goggles, have been increasing the demand for medical goggles.
The leading market players in the global medical google market are UVEX ARBEITSSCHUTZ GmbH, 3M Company, Pyramex, Ansell, Neomed UK Ltd., Bolle Brands, Lasermate Group, Inc., Cantel Medical Corporation, Kimberly-Clark Corporation, Honeywell Corporation, PenCarrie Limited., Molnlycke, Protective Industrial Products, Inc., HaberVision LLC., Encon Safety Products, Bellcross Industries Private Limited, Sunever Eyewear Co., Ltd., Narang Medical Ltd., USA Medical and Surgical Supplies, and other prominent players.
With a diverse set of global as well as regional players, the global medical goggle market is highly fragmented. The regional companies have deeper penetration in the local market with a robust distribution system and easy availability of their products. The prominent market players constantly engage in research and development (R&D) to develop advanced medical goggles. The rapid growth of R&D and advancements in medical protective goggles will provide new opportunities in the future. Furthermore, the adoption of competitive strategies like mergers, acquisitions, collaborations, partnerships, etc., is also very prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global medical goggle market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global medical goggle market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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