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First Aid Kit Market is Estimated to Witness High Growth Owing to Increasing Demand From Workplaces12/15/2023 First aid kits are portable medical kits used to provide emergency first aid for injuries and illnesses. They contain medical supplies such as bandages, disinfectants, antiseptics, gauze pads, tape etc. First aid kits are used for managing minor wounds, cuts, burns and basic hygiene purposes. The need of first aid kits is crucial in offices, schools, factories, transportation vehicles to administer emergency medical care before medical assistance arrives.
The global First Aid Kit Market is estimated to be valued at US$ 319.9 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: Increasing demand from workplaces is estimated to witness high growth for the first aid kit market. With rising concerns over workplace safety, government regulations in many countries mandate employers to have well-stocked first aid boxes/kits at workplaces. This is increasing the consumption of first aid kits from industries to ensure availability of medical supplies in case of any mishaps or injuries. Growing number of manufacturing plants and infrastructure projects across developed and developing nations will also drive the adoption of first aid kits. Strict implementation of occupational safety and health rules by regulatory bodies will necessitate use of first aid kits, therefore opening profitable opportunities for market players. Porter’s Analysis Threat of new entrants: Low capital requirements and availability of generic products pose moderate threat of new entrants in the first aid kit market. However, established brands, regulations and certifications act as entry barriers. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various product options from private label brands. However, compliance requirements and need for quality products increase switchig costs. Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials and ingredients. Established suppliers also rely on long term contracts and integration. Threat of new substitutes: Threat of substitutes is low as first aid kits provide comprehensive first aid solutions. However, selective items can be substituted based on application and compliance standards. Competitive rivalry: The market is moderately competitive due to presence of numerous private label brands and established brands. Product innovation, compliance to quality standards and expansion into newer regions intensify competition. SWOT Analysis Strengths: Compliance to quality and safety standards. Availability of customizable and specialized kits. Weaknesses: Seasonal demand and inventory management issues. Heavy reliance on retail channels for private label brands. Opportunities: Emerging applications in home, workplace and outdoor activities. Growth in e-commerce and multi-product offerings. Threats: Price wars among private label brands. Stringent regulations and certification requirements. Key Takeaways In terms of compliance to quality and safety standards, product innovation, customization abilities and expansion into growing regions, the key players are focusing on differentiation and market penetration. Private label brands actively compete on pricing while differentiating through value added product suites. The future market trends are likely to be shaped by evolving compliance needs, emphasis on worker and user safety and scope of multi-item first aid solutions. The Global First Aid Kit Market Size is expected to witness high growth supported by increased safety awareness and expanding applications. The North America region currently dominates the market owing to stringent workplace safety compliances and high spending on healthcare and safety products. Asia Pacific is projected to register fastest growth on back of improving economic conditions, rising incidents of accidents and initiatives toward employee safety in major countries like China and India. Key players operating in the first aid kit market are 3M Company, Acme United Corporation, AdvaCare Canadian Safety Supplies, Beiersdorf AG, Certified Safety Manufacturing, Cramer Products, Dynamic Safety USA, and Fieldtex Products Inc. among others. 3M is a prominent player offering comprehensive line of first aid kits for healthcare, workplace, automotive and home applications. Get more insights on this topic: https://www.dailyprbulletin.com/first-aid-kit-market-size-market-share-analysis/
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