According to our new research study on “N95 Masks Market Forecast to 2028 – COVID-19 Impact and Analysis – by Product, Distribution Channel, and End User,” the market is expected to reach US$ 4,925.80 million by 2028 from US$ 1,914.54 million in 2021; it is estimated to register a CAGR of 14.5% from 2021 to 2028.
Face masks are a particular type of personal protective equipment designed to reduce the respiratory exposure of the wearer to dangerous substances such as toxic chemicals or infectious particles. N95 masks are capable of blocking out at least 95 percent of the airborne particles larger than 2.5 microns, including particles or droplets carrying viruses and bacteria, thereby protecting people against respiratory tract infections and diseases.
Prevalence of COVID-19
COVID-19 is a contagious disease that is transmitted through the nasal and oral cavity. Since its emergence, SARS-CoV-2, the causative agent, has undergone mutation a couple of times, which has added to the severity of the COVID-19 pandemic. Right from the initial phases of this crisis, the World Health Organization (WHO), as well as health authorities from many countries, has been instructing healthcare professionals and the general public to use facial masks that lessen the chances of viral transmission from infected persons or carriers to healthy populations. Thus, the demand for masks has increased exponentially since 2020. The governments and regulatory bodies are insisting on the continuous use of masks in public places. As a result, the demand for N95 masks has also increased. As per COVID-19 tracker data by the Centers for Disease and Control (CDC), as of August 17, 2021, the seven-day case rate per 100,000 is 270.6, and over 113,993 new cases are reported in the US. Moreover, as per the European Centre for Disease Prevention and Control, as of August 12, 2021, the total count of COVID-19 cases reached ~35,381,520 in the European Economic Area (EEA).
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The growth of the N95 masks is mainly attributed to factors such as prevalence of COVID-19 and increasing investments and initiatives by market players and governments. However, availability of alternate products hinders the market growth.
Market leaders operating in the market have undertaken various organic and inorganic growth strategies in the 3M, Kimberly-Clark Corporation, Medline Industries, Inc., Cardinal Health Inc, Ansell Limited, ALPHA PRO TECH, LTD., Honeywell International Inc., The Gerson Company, Medisca Inc., and Moldex-Metric.
Several in organic approaches, such as product launches, and expansion in the N95 masks, have resulted in the growth of the market. Likewise, inorganic strategies such as mergers & acquisitions, and collaboration have helped the company to strengthen its revenue, which allows the company to hold a strong position in the market.
Below is the list of the growth strategies done by the players operating in the N95 masks:
- In Jun-2021 Project N95 – a non-profit organization – is adding several Gerson N95 respirators to its suite of products. Gerson 1730, Gerson 3230, and Gerson 3230+ are the three masks, offered by The Gerson Company, increased the selection of vetted U.S.-made N95 respirators available in the Project N95 Shop, opening access to more quality, domestically produced PPE from reputable manufacturers.
- In Jan-2021, 3M has raised its annual production rate to 2.5 billion N95 respirators, a fourfold rise over 2019. In 2020, the company manufactured 2 billion respirators globally.
- In Nov-2020, Medline began making face masks at its Lithia Springs, GA plant, and anticipated production on level-1 earloop procedure masks began in January, with a second production line expected to launch later in 2021.
- In Sep-2020, Moldex- Metric, Inc., the manufacturer of the N95 mask planned to open a new manufacturing facility in Wilson County. Moldex-Metric, Inc. planned to take over an existing building in Lebanon and build an additional distribution center on the 21-acre site creating 220 job opportunities.
- In Aug-2020, Honeywell International, Inc. has added a N95 face mask production line at its Fulgaon facility in India to help frontline healthcare workers, emergency responders, and government organizations responding to the COVID-19 pandemic.