July 17, 2024

The Rising Health Concerns and Growing Incidents of Accidents Drive the First Aid Kit Market

The kits include items like bandages, antiseptic, painkillers, and gloves to treat cuts, fractures, allergic reactions, or stop external bleeding. First aid kits are essential for homes, schools, workplaces, gyms, automobiles, and outdoor recreational areas due to their effectiveness in providing emergency first response. The need for first aid kits has increased remarkably with rising concerns over health and safety among individuals and organizations. The growing rates of minor and major accidents globally have further propelled the demand for easily accessible medical care products like first aid kits.

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 key trends:

One key trend gaining traction in the first aid kit market is the introduction of specialized kits tailored as per different end-use requirements. For instance, automotive first aid kits are compactly designed with miniaturized items to accommodate small car trunk spaces. Sports or outdoor kits contain additional supplies for muscle strains, sprains, burns, insect bites etc. Workplace kits mandated by safety regulations are robust and well-stocked. Manufacturers are innovating product designs and configurations according to the needs of homes, industries, schools and community organizations. The customized solutions enhance accessibility, handling, and effective application of medical supplies during emergencies. They are increasing the adoption of first aid kits among various consumer segments.

Porter’s Analysis

Threat of new entrants: Low as there are high setup and production costs for manufacturing first aid kits. Large players have established brand equity and strong distribution networks.

Bargaining power of buyers: Moderate as buyers have limited options to choose from in terms of product quality and price. Switching costs are also relatively low.

Bargaining power of suppliers: Moderate as raw materials required are commonly available. Suppliers do not have significant influence over pricing.

Threat of new substitutes: Low as there are limited product alternatives that can provide emergency medical assistance.

Competitive rivalry: High due to presence of numerous global and regional players. Players compete based on product quality, pricing, and innovation.

Key Takeaways

The Global First Aid Kit Market Size is expected to witness high growth over the forecast period. North America currently dominates the market owing to stringent workplace safety regulations and higher spending on employee wellbeing programs in the region.

Regional analysis: North America is projected to maintain its leading position in the global market during 2023-2030. Favorable government policies regarding employee safety and rising investments by organizations are fueling market growth. Asia Pacific is expected to grow at the fastest pace on account increasing awareness about injuries and availability of low-cost kits.

Key players: 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. These players compete based on their product portfolio, pricing, innovation and distribution network.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it