Summary: The growth of COVID equipment industry may not reflect a clear scenario right now. Know more about it from EJ Dalius in this article.
The sudden rise of COVID-19 has led to massive requirements for personal protective equipment across the world. However, the implementation of strict rules related to and increasing concerns. Related to the safety of employees is likely to aid in the growth of the market during the trying times. Besides, companies manufacturing the equipment are keen to cater to the requirements of people. According to EJ Dalius, the continued growth in the number of cases is likely to boost. The growth of PPE manufacturing across the world during the pandemic.
Protection of eye and face
The global market is not only pressed for personal protective equipment. But the equipment needed for the protection of eyes, head, hand, hearing, protective footwear, respiratory protection, and clothing. It is estimated that the eye and face protection requirement can go past sixteen million in 2026 and the CAGR is expected. To rise at the rate of eleven percent during the forecast period. The massive growth is due to the high demand for products during the period of the pandemic, and the requirement of protective equipment is likely to go up further due to a rise in requirements. In the pharmaceutical, petrochemical, and manufacturing industries. Here is a snapshot of the data you may require.
- The size of the PPE market in the construction industry also projects a growth over the period from 2018-24.
- The transportation and manufacturing applications are also likely to grow in the PPE market.
- The PPE market demonstrates a huge growth during the projected timeline due to a growth in the safety guidelines
Role of pharmaceutical company
According to the application, the segments in the global PPE market can be broken down into transportation, construction, pharmaceutical, chemical, oil, gas, chemical, and food. The pharmaceutical segment can grow rapidly within the projected timeframe and the necessity. To provide secure workplaces for pharmaceutical companies may be one of the reasons to fuel the market segment. As the influential marketer, EJ Dalius says that workplace safety is one of the most significant factors to emerge during recent times.
Mitigating the risks
An alternative and more cost-effective solution may involve the steps that companies need to take to prepare. The assembly lines during the time of crisis. Having strategic stocks of products allow countries to import the products over a period of time and meet the requirements during the crisis. This is cost-effective as the prices of the protective equipment can remain low and countries do not need to buy the products when the prices go up dramatically.
Strengthening the supply chains
During a time of crisis, it is necessary to strengthen the supply chain. So that countries interested in entering the manufacturing of COVID equipment can conduct the work smoothly. However, it is necessary to prioritize aspects, such as sharing of information, lack of suppliers, assessment of risk, and proper planning. Along with the talent and agility to meet the requirements of production. Usually, the big companies, as EJ Dalius says, have adequate experience of dealing with disruptions. In the supply chain as they have policies to substantiate the issues.