Technavio analysts forecast the global first aid kit market to grow at a CAGR of close to 3% during the forecast period, according to their latest report.
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Technavio has published a new report on the global first aid kit market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global first aid kit market for 2017-2021. The study considers the revenue generated from the sales of first aid kits at the retailer level to calculate the market size.
The market is expected to have a moderate growth due to its already established market in many countries. Factors contributing to the growth of the market is the increasing safety regulations for workers in the industrial segment, which has led to increased consumption of first aid kits. Another factor contributing to the growth of first aid kit is the demand from sports industry, which require basic treatment while performing any activities.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global first aid kit market:
- Demand from sports industry
- Stringent safety regulations
- Evolving product formats
Demand from sports industry
Around 50% of first aid kit units in the market are traded to commercial end-users that are predominantly the sports industry. Various first aid kit providers in the market design and develop the kits for athletes and sports team that has driven the growth of the first aid kit market. Vendors such as Acme United Corporation and Lifeline offers a wide range of sports-specific first aid kits.
Sarah Haque, a lead analyst at Technavio, says, “Since players are required to perform in various environments, any unexpected injury would require a first aid kit with appropriate items in it. It is essential criteria for sports coaches and physiotherapists to understand the type of injury that could occur during the competition or while practicing.”
Stringent safety regulations
Rising number of occupational injuries is enforcing employers to build a robust workplace safety. Proper risk management and preventive solutions can create these safety workplaces. Workplace injuries have resulted in stringent workplace regulation, which has contributed to increased consumption of first aid kits.
“In 1970, the US government passed the Occupational Safety and Health Act for laborers that ensure the provision of a safe and healthy work environment. The implementation of this act led to the formation of OSHA. OSHA ensures safety standards are implemented at the workplace and assures that employers work toward reducing worker injury and fatality,” adds Sarah.
Evolving product formats
Vendors in the market are offering first aid kits with various easy to use features and using various materials and innovative packaging. This packaging enables users to pick essential items for specific injuries. For instance, various colored compartments in a kit help users to identify products easily during any panic situation.
Falck, a vendor providing products for security and rescue, teamed up with Designit, another vendor providing design solutions, to offer new first aid kit characterized with color coding that provides user friendliness.
Top vendors:
- 3M
- Honeywell
- Fieldtex Products
- Johnson & Johnson
Browse Related Reports:
- Global Over-the-counter Drug Market 2016-2020
- Global Consumer Healthcare Market 2016-2020
- Global Sanitizer Market 2017-2021
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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