The N95 Mask Market is estimated to reach a high CAGR of 14% during the forecast period (2021-2028).
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(Spin Digit Editorial):- Chili, New York Aug 5, 2021 (Issuewire.com) – Market Overview
An N95 is a type of respirator mask used as personal protective equipment for prevention against inhaling aerosols as well as vapors or gases that are health hazards. N95 mask also provides protection against inhaling micro airborne infectious agents such as airborne viruses including coronavirus, SARS, H1N1, etc. According to the European standard, it should have a minimum of 95% filtration and a maximum of 8% leakage to the inside. N95 masks are gaining popularity as it is considered most common and best-selling type of respirator mask, for protection against the coronavirus, it is also used in versatile industries such as construction, agriculture, healthcare, metals & mining, and others.
The global N95 mask market growth is driven by the global outbreak of coronavirus, increasing respiratory diseases, and concerns from the public towards safety.
The global outbreak of coronavirus
The demand for the N95 mask market is boasting with increasing coronavirus cases. As of March 2021, almost 132 million were affected by the virus, resulting in 2.87 fatalities globally. For this reason, WHO has informed industry and governments to increase the manufacturing of masks by 40% to meet rising global demand.
In the initial phases, countries faced shortages of masks for doctors, nurses, frontline workers, and the public due to limited access to supplies of PPE’s. WHO shipped nearly half a million sets of personal protective equipment to 47 countries and based on modeling, WHO has estimated demand of 89 million medical masks each month. The virus has also created opportunities for the market to grow globally, such as 3M will import 166.5 million respirators over April 2021, primarily from its manufacturing facility in China.
The market is also driven by government approvals for N95 masks. For instance, U.S. National Institute for Occupational Safety and Health has certified NIOSH-42C FR84, the FFP2 masks are certified by the European Union conforming to and the KN95 meets the Chinese National Medical Products Administration (NMPA) standard.
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Presence of low quality and fake masks
The N95 mask market is impacted by low quality and fake N95 masks, as the market has seen huge competition in the market and to take advantage, vendors are selling false products at low prices. There has been various recent news related to the fake N95 masks. For instance, the Massachusetts hospital has spotted fake 30,000 N95 masks.
According to 3M, more than 10 million masks have been seized since the pandemic, and the company has fielded 10,500 queries about the authenticity of N95s. Such instances are responsible for restraining the global N95 mask market growth. Moreover, the availability of cheap masks and the shortage of N95 masks will also impact the market growth.
COVID-19 Impact Analysis
Due to the pandemic, stakeholders across the N95 mask market have drastically grown, with increased production of more than 100%. The need for proper personal protective equipment for avoiding these droplets to the nose and mouth has created healthy opportunities and employment in the sector. For instance, Honeywell Inc has expanded its N95 face mask manufacturing at its site, creating more than 500 new jobs to deliver masks to the U.S. Department of Health and Human Services. Also, the company has added a new N95 mask production line at the Fulgaon facility in India to help emergency responders, support frontline healthcare workers, and government organizations responding to the COVID-19 pandemic. The continuous government support towards the market is also helping the market to spike such as the Directorate General of Foreign Trade (DGFT) has withdrawn its restriction for the monthly export quota of 50 lakh units of N-95/FFP2 masks. Etihad will make and distribute 1.3 million masks over the next three months to flight attendants, other staff, and medical professionals, it said in a statement.
However, amid the pandemic situation, prices for surgical masks and N95 respirators have grown drastically with stocks sold to the highest bidder, as the market suffered the shortage of masks in the world. China being the largest producer of masks with a daily production of more than 20 million masks per day has also suffered from global demand and shortage of supply. Also, many countries like Germany, South Korea, and Thailand have banned the export of face masks to other countries to fulfill the local demand.
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By end-users, the N95 mask market is classified into healthcare, construction, food & beverages, mining, and oil & gas.
The healthcare sector is expected to grow at the fastest CAGR during the forecast period (2021-2028)
The healthcare sector is expected to hold the largest market for the N95 mask market in the forecast due to the high demand from nurses, doctors, and other frontline warriors. According to one of the largest medical suppliers in the U.S., Premier estimated the use of N95s had increased 500 percent since July 2020 and more than 14,000 % increase in N95 and KN95 mask spend as compared to March 2019. Also, it suggested that hospitals keep 3X to 17X surge in supply-demand for personal protective equipment, with N95 masks at topmost priority.
Also, the leading companies including 3M, Prestige Ameritech, and Honeywell have doubled their N95 mask production as various governments are requesting the public not to buy the N95 masks, so as to fulfill the demand for healthcare professionals. The N95 mask is considered the safest type of mask with the approval of various regulative authorities including the National Institute for Occupational Safety and Health (NIOSH), which has emerged as the main factor for market growth in the healthcare field.
North America region holds the largest market for the global N95 mask globally
The demand for N95 masks has been in excess due to the spread of the Covid-19 globally, every region has seen significant demand for N95 masks with increasing production of more than 100% and huge investments in the market.
North America region holds the significant market share for the N95 mask market globally and is expected to continue its dominance in the forecast period with increasing demand from health care workers, hospitals, and the local public due to the covid outbreak. The region has observed significant expansions and investments from the leading market players such as 3M has doubled its production of N95 masks to 1.1 billion per year at its manufacturing facilities, including in the U.S., Asia, and Europe and it has aimed to further double its capacity to 2 billion per year within next year. Alpha Pro Tech observed face mask sales for $15.4 million in the 4th quarter of 2020, compared to $13.4 million in the third quarter and $8.5 million in the attributed due to increased sales of our proprietary N-95 mask.
According to the 3M, almost 5 million people require to use a respirator at work every day in the U.S, and N95 is considered as the most common regulatory certification for respiratory protection to be used in the workplace.
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The N95 mask market is highly competitive with the local player’s presence followed by the global companies, contributing to the major share in the market growth. In addition, some of the key players contributing to the growth of the market are Shawmut Corporation, 3M, Honeywell, Ambu A/S, Moldex-Metric Inc., Alpha Pro Tech, Vogmask, Teleflex, Moldex-Metric AG, Louis M. Gerson Co., Inc, and others. The major players are adopting various new strategies to dominate the market, such as launching new products, acquisitions, and collaborations, which are contributing to the growth of the N95 mask market globally.
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Source :DataM Intelligence
This article was originally published by IssueWire. Read the original article here.