First aid kits are a collection of supplies for use in case of any kind of medical emergencies, minor burns, cuts, bruises and insect bites. They contain basic medical equipment and first aid supplies like bandages, gauze, thermometer, scissors, antibiotic ointments, antiseptics, etc. First aid kits provide instant treatment before seeking medical assistance. They are portable and easy to access during any emergency situation which makes them useful in homes, vehicles, workplaces, schools, etc. Rising consumer awareness about the importance of emergency care and self-treatment during medical contingencies have fueled the demand for first aid kits over the years.
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, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing consumer awareness towards emergency care and increased focus on safety measures at workplaces are expected to propel the demand for first aid kids over the forecast period. As mentioned earlier, one of the driving factors behind the growth of first aid kit market is rising consumer awareness about the significance of emergency medical care. Growing health and safety concerns have encouraged people to keep well-stocked first aid kits at home and workplace. Strict enforcement of various workplace and industrial safety regulations by regulatory bodies to ensure minimum first aid requirements at all times have also augmented the requirement of these kits across industries. Additionally, increasing incidence of minor accidents/injuries from day-to-day life coupled with growing participation in adventure sports have further fueled the sales of first aid kits in the recent past.
Segment Analysis
The First Aid Kit market is dominated by the Home Care segment which holds more than 35% market share. Home care kits are preferred more as they are easily accessible and handy to use in case of any emergency at home. The larger kits which are suitable for homes usually contain a wider range of medicines, dressings and equipment to deal with minor injuries and illnesses.
PEST Analysis
Political: Governments across regions are focusing more on awareness regarding first aid measures. They are promoting training programs and making basic kits easily available to citizens.
Economic: Rising healthcare spending and economic growth is driving demand for quality first aid kits. The market is also fueled by increasing safety regulations across industries.
Social: Growing health awareness and risk of accidents has made first aid skills and kit availability very important. People are more conscious now regarding emergencies at home, offices or during travel/outings.
Technological: Kit manufacturers are now offering digital variants with features like expiry reminders, automatic re-ordering and video tutorials for treatment procedures. This is boosting popularity especially among urban populations.
Key Takeaways
The Global First Aid Kit Market Growth is expected to witness high over the forecast period of 2024 to 2031 on account of rising health and safety awareness.
Regional analysis
North America holds the largest share currently owing to robust healthcare infrastructure and regulatory focus on worker safety in industries.
Europe and Asia Pacific are fastest growing regional markets with China and India emerging as lucrative countries.
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. Key players are focusing on new product launches and partnerships to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
