27-Apr-2020 | Market Research Store
Before coronavirus could catch the global attention, Lim Wee Chai had a strong gut feeling that his company is going to have wonderful year ahead. Top Glove Corp. Bhd. is world’s major medical gloves manufacturer, founded by Lim Wee Chai in 1991.
Lim commented that pandemics were always good for their business. H1N1, SARS, swine flu, and bird flu all brought big business orders for them. Thus, when the reports were out that a mysterious virus had taken hold of China we started to prepare for a big thing.
Same was the scenario for the Lim’s local rivals. Malaysia holds majority of the global medical gloves market shares. It is the largest manufacturer of the medical gloves. Several companies mostly located in the industrial cities like Kuala Lumpur have a turnover of over 200 billion units—single gloves—every year. The orders are from the medical sectors all over the world.
This market in the healthcare sector has grown gradually since 1980s. As the medical services and hygiene standards were made stringent in countries such as India, China, and other emerging economies, the market started gaining popularity.
As per data from Malaysian Rubber Glove Manufacturers Association, in 2019, Malaysia exported around 182 billion glove pieces, which accounted for about $4.31 billion.
The glove companies have made a few bright spots in Malaysia’s economy.
The trigger that aided to increased demand for medical gloves was the epidemic AIDS. It created a rise in the demand for medical gloves for all the healthcare workers in the medical sector and even for the police in Europe and the US. The manufacturers in the West could not match up with the demand. This proved beneficial for the Malaysian entrepreneurs and they stepped in to fill the void. The factor that proved favorable for them was low labor costs.
The report featured on the global medical gloves market by the Market Research Store states that the market has gained significantly due to COVID-19.
https://www.marketresearchstore.com/report/global-medical-gloves-market-report-2019-655917