May 2023, MRFR Press Release/- Market Research Future has published a Research Report on the Global Face Shield Market.
Face Shield Market is expected to reach a value of approximately USD 3.1 billion in 2028 and is projected to grow at a 6.2% CAGR between 2021 and 2028. The demand for face shield is anticipated to increase owing to the growth in healthcare, manufacturing, and various other industries. The healthcare industry across the globe is increasing at an exceptional rate. As per MRFR analysis, the global healthcare industry in 2018 was worth USD 8.40 trillion. Global healthcare spending is expected to reach USD 10 trillion by 2028. The healthcare industry in emerging markets is anticipated to witness exponential growth in the next couple of years. According to Krane Shares Emerging Market Healthcare Index, by 2028, emerging countries are projected to increase healthcare spending as by 24.4% of their current GDPs compared to just 9.8% in developed markets over the same period. Rapid urbanization, increasing awareness of basic healthcare amenities, and the rising per capita income are some of the key factors, which are anticipated to boost the healthcare industry in such markets. The increasing trend of medical tourism is further expected to boost the face shield market in the next couple of years. Additionally, the manufacturing industry in emerging economies is growing at an exponential rate. With rapid urbanization in emerging economies such as China, India, and many other southeast Asian countries, the demand for face shield is expected to grow in the next couple of years. Indian government initiatives such as ‘Make in India’ and ‘Atmanirbhar Bharat’ are anticipated to boost the manufacturing industry. This, in turn, is anticipated to further boost the growth of the face shield market during the forecast period.
Additionally, with the outbreak of a global pandemic, COVID-19, the demand for a face shield for protection from harmful infections is anticipated to increase for a short period. With the increasing number of COVID-19 infections across the globe, the demand for face shield is expected to increase across hospitals and other medical facilities. Several companies manufacturing face shields for the construction and manufacturing industries are coming up with reliant and effective face shields for protection against COVID-19 infections. Startups such as Armor Care, an India based startup company, started mass production of face shield owing to rising demand in the healthcare sector. Similarly, Amazon.com, Inc., an e-commerce company based in the US, began the production of face shields for the US healthcare industry. Therefore, the outbreak of COVID-19 is certainly expected to boost the demand for the face shield market for a short period.
Growth in the healthcare and manufacturing industries, coupled with the rising number of COVID-19 cases across the world, is expected to boost the demand for face shield during the forecast period.
Growth Opportunities in the Market
Polycarbonate is more economical: The polycarbonate segment is expected to register the fastest growth during the forecast period. Polycarbonate material is economical. Additionally, polycarbonate material also helps in countering and protection against the airborne droplets of the COVID-19 virus. With the growing number of COVID-19 cases, the demand for face shields having polycarbonate materials is expected to have the fastest growth during the forecast period.
Growth of the healthcare and manufacturing industry: The demand for face shield in the healthcare and manufacturing industries is expected to increase during the forecast period. With the growing number of emerging economies and the development of healthcare, infrastructure is expected to boost the growth of the global market. This, in turn, is anticipated to increase the demand for face shields in the global market during the forecast period. Additionally, the manufacturing industry in emerging economies is experiencing robust growth in the last couple of years. However, amidst the current scenario of the global pandemic, COVID-19, demand for face shield is expected to surge in the healthcare industry for a short period.
Dominance of Store-Based Distribution Channels: The majority of face shields are sold through vendors as face shields are most sold in bulk in professional sectors. The healthcare and manufacturing industries are some of the dominant sectors for the face shields. The professional segment is further anticipated to remain dominant during the forecast period. Additionally, amidst the outbreak of COVID-19, individual usage of the face shield is expected to grow for the next couple of years.