NEWS RELEASE July 2020
Annual Face Mask Market of $40 billion to $400 billion
Efficient facemasks will be a primary weapon to combat COVID. If all of the world’s 7.6 billion citizens wore the equivalent of N95 masks when in public places there would not be any virus transmission. If everyone wore N80 masks 95% of the transmission would be eliminated. If they wore N30 masks 51% of the transmission would be eliminated. Loosely fitting scarves and DIY masks average only 10% reduction. These are rough estimates but the Daily Coronavirus Technology Solutions Alerts have extensive analysis of these options.
Healthcare workers and others in high virus environments should be spending more on masks than those in less risky environments. There are 43 million healthcare workers of which 2 million are surgeons who will need to change masks frequently throughout the day.
The world is now split with 3.8 billion people in the middle income or wealthy group. However, since wealthy people will benefit from mask wearing by poor people the ability to pay is likely to be less of an obstacle.
There are lots of variables which will impact the market size. There are others which will impact the market share for different products.
Market size variables
- Number of individuals at risk
- Development of vaccines and therapies
- Herd immunity
- Funding for developing countries
- Commitment to a solution
- Related benefits such as prevention of other outbreaks and protection against air pollutants
Market share variables
- Meltblown capacity
- Development of nanofibers and other media
- Efficiency requirements
- Mask design
- Global cooperation
The ability of N95 masks worn by transmitter and recipient to eliminate 99.75% of the virus and for N80 masks to eliminate 95% are justification for spending trillions of dollars per year for masks. These straight forward calculations may or may not be accepted by decision makers.
In any case there is newly developed consensus that masks are a primary weapon to fight COVID. As result at least $40 billion will be spent on masks in 2021.
However there is justification for a forecast as high as $300 billion. If masks become a primary weapon and are successfully employed the value will be trillions of dollars per year in reduced health costs and increased economic output around the world.
There is the outside chance that COVID will disappear by 2027 and the mask market could drop below $40 billion. The odds are that it will still be a threat although less of a threat than at present. So there is a wide range of possible revenues in 2027.
So many developments are occurring each day that it is necessary to compile them in the daily Alerts and then continually revise forecasts. These daily Alerts will help suppliers adjust their sales programs as needed. They can use the Coronavirus Technology Solutions as a foundation. McIlvaine can supplement this service with customized forecasts for masks, media and other products.
For more information on Coronavirus Technology Solutions Click here for more information