by First aid kits are basic medical supplies used in emergency situations to provide initial medical assistance or treatment before professional help arrives. They contain medical supplies such as bandages, adhesive bandages, gauze pads, bandage wraps, compression bandages among others that can be used to dress wounds or immobilize injuries.
The global First Aid Kit Market is estimated to be valued at US$ 368.53 Bn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
The first aid kit market is primarily propelled by the rising demand for standardization of first-aid supplies. There is an increasing need for having standardized first aid kits across organizations, schools, homes, and commercial spaces to effectively handle medical emergencies. Standardizing first aid kits ensures the availability of essential medical items required to treat common injuries and ailments. It helps reduce uncertainty during emergency situations. The standardization of kits also helps streamline availability, storage, inspection, and replenishment of first aid supplies. Various regulatory bodies have provided guidelines regarding the essential contents of first aid boxes and kits based on the number of employees or people in an organization. This is anticipated to drive the demand for standardized first aid kits over the forecast period.
SWOT Analysis
Strength: First Aid Kits provide basic medical supplies that can help treat minor injuries and ailments until emergency medical help arrives. They are a cost effective way to ensure safety equipment is available on-site.
Weakness: Basic first aid kits may not have all necessary supplies needed to properly treat serious injuries. Supplies can expire over time if the kit is not refreshed periodically.
Opportunity: Expanding product lines to include specialized kits tailored for home, office, automobile, travel, and other specific uses. Growing awareness of importance of emergency preparedness is increasing demand.
Threats: Intense competition from private label and generic brands offering similar supplies at lower costs. Regulations requiring standardized contents could affect product design and pricing.
Key Takeaways
The Global First Aid Kit Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$ 368.53 Bn by 2024 expanding at a CAGR of 9.1% through 2031.
Regional analysis: North America dominates the global first aid kit market currently and is expected to continue its dominance over the forecast period. This can be attributed to growing awareness about emergency preparedness and preparedness training programs run by organizations in the region. The Asia Pacific region is expected to witness the fastest growth over the forecast period owing to rapidly improving healthcare infrastructure and increasing healthcare expenditure in developing countries such as India and China.
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. They are focusing on developing specialized and customizable first aid kits for different end-use sectors to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
