April 18, 2024
First Aid Kit

The Global First Aid Kit Market Is Trending Towards Increased Safety Consciousness

The global first aid kit market is an essential healthcare industry comprising first aid supplies and equipment intended to assess and address basic medical needs. First aid kits contain essentials such as bandages, antiseptic, scissors, thermometer, CPR mask, emergency blanket, and first aid manual to treat minor wounds, allergies, headaches and provide temporary relief in case of injuries and medical emergencies until professional medical assistance arrives. They are suitable for domestic, commercial, industrial and automotive use. First aid kits ensure immediate medical assistance is available to individuals in distress.

The Global First aid kit Market 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 Share 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 growing necessity to address medical needs instantly has boosted demand for first aid kits. Their widespread presence in homes, workplaces, automobiles and public areas ensures timely medical assistance is a step away in emergencies. Stringent government regulations mandating first aid kit installation has further spurred the market.

Global industrialization and development of transportation infrastructure has augmented the frequency and risk of injuries and medical exigencies. This has driven global expansion of the first aid kit market with manufacturers catering to the international audience through effective supply chain and logistics.

Market Key Trends

One of the key trends driving growth in the First Aid Kit Market is increased focus on safety at workplaces. Stringent workplace safety regulations across industries mandate installation of first aid boxes based on the number of employees. This has boosted adoption across industrial, manufacturing and construction sectors. Furthermore, heightened safety awareness and precautionary approaches have spurred individual kit purchases for homes and vehicles. First aid kit manufacturers are launching innovative products with advanced features to address this growing demand and consolidate their market share.

Porter’s Analysis

Threat of new entrants: New companies can enter this market easily as the entry barriers are low however existing big players have established brand names and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power in this market as there are many established players offering substitutable products.
Bargaining power of suppliers: A few key players dominate the supply side in this market so suppliers have some bargaining power over price and quality.
Threat of new substitutes: Substitutes like generic alternatives pose minimal threat as first aid kits offer convenience of multiple products in one package.
Competitive rivalry: Competition is high among existing players to increase their market share through new product launches, marketing campaigns and distribution tie-ups.

North America accounts for the highest share in the first aid kit market currently in terms of value due to rising awareness about safety and preparedness. Asia Pacific is expected to witness the fastest growth during the forecast period driven by increasing healthcare expenditure and growing focus on workplace safety in industries like manufacturing and construction in major economies.

Geographically, the market for first aid kits is concentrated in developed regions like North America and Western Europe currently. However, the Asian market is growing at a rapid pace led by China, India and other Southeast Asian countries. Factors like rising disposable income, improving access to healthcare services and initiatives by governments and corporations for more safety measures are fueling the demand in Asia Pacific region.

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