Blogs
on March 19, 2024
First aid kits consist of essential items required to take emergency response actions during minor illnesses and injuries. Common contents of first aid kits include bandages, sterile gauze, alcohol wipes, antiseptic creams, and emergency aid instructions. First aid kits are intended for use by non-medical staff who may be at hand to help during medical emergencies before the arrival of emergency medical services. Their use helps prevent infections, promotes wound healing, and provides relief from pain until professional medical help is received. The growing importance of emergency preparedness has led to an increasing demand for first aid kits across industries, public places, schools, households and for community use during outdoor activities and events.
The Global First Aid Kit Market Size is estimated to be valued at US$ 368.53 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the first aid kit market are Advanced Cell Technology, Inc., Angel Biotechnology Holdings PLC, Biotricity, Lineage Cell Therapeutics, Inc., BrainStorm Cell Limited., CIRM, Celgene Corporation (A subsidiary of Bristol-Myers Squibb Company), Takara Bio Inc., Cellular Engineering Technologies., Cytori Therapeutics Inc., and STEMCELL Technologies. The demand for first aid kits has been growing owing to stringent workplace safety regulations and rising awareness regarding importance of emergency preparedness. Technological advancements are also being made to equip first aid kits with more useful medical equipment like digital thermometers, emergency blankets etc.
Market Trends
The growing trend of integrated first aid kits - Manufacturers are developing first aid kits integrated with additional medical equipment like digital thermometers, emergency blankets, CPR masks etc. to enhance emergency response capabilities.
Increasing demand for customized kits - There is demand for customized first aid kits designed for specific use cases like outdoor activities, workplaces, automobiles etc. containing only relevant medical supplies.
Market Opportunities
Rising focus on community preparedness - Initiatives are being undertaken to promote emergency preparedness at community level which will drive demand for public access first aid kits.
Growth in e-commerce sales - Online sales of first aid kits have been increasing with growing internet penetration providing an opportunity for manufacturers.
Impact of COVID-19 on First Aid Kit Market Growth
The COVID-19 pandemic has impacted the growth of first aid kit market both positively and negatively. On the positive side, the demand for first aid kits witnessed a surge initially during the pandemic as people started stocking essential medical supplies and first aid items at homes to tackle emergencies. Manufacturers experienced spike in orders for first aid kits as organizations and companies were procuring kits on a large scale to make workplaces safe. However, with imposition of lockdowns across countries, the supply chains were disrupted causing shortage of raw materials. This affected the production of kits.
The pre-COVID scenario of first aid kit market was one of steady growth. Being an essential commodity, the demand remained stable from sectors like healthcare, households, workplaces, transportation etc. Post COVID, the demand has increased permanently. As safety and hygiene have become top priorities, focus on first aid is higher than before. Companies are ensuring availability of kits in offices, factories as part of new standard operating procedures. Industries which faced temporary lull are also placing high priority on worker health. The market is likely to sustain elevated growth levels driven by increased spending on healthcare and safety products. Manufacturers need to strengthen supply chains and boost production to cater to growing demand.
Regions Where First Aid Kit Market is Concentrated in Terms of Value
North America accounts for the largest share of global first aid kit market in terms of value. This is attributed to factors like availability of advanced healthcare facilities, stringent workplace safety regulations, presence of leading manufacturers and high spending capabilities of consumers in the US and Canada. Additionally, awareness regarding importance of first aid training in North America is higher compared to other regions.
Fastest Growing Region for First Aid Kit Market
Asia Pacific region is poised to witness fastest growth in the first aid kit market during the forecast period from 2024-2031. This is due to rising healthcare infrastructure, population growth, increasing road accidents and industrialization in developing countries like India and China. With improving economic conditions, people in Asia Pacific are willing to spend more on personal health and safety products which is propelling the demand for first aid kits. Stringent workplace safety compliances are further driving the uptake of first aid kits across industries.
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Posted in: Health