With most experts now fearing a second wave of the Covid-19 pandemic to hit the world, the global demand for personal protective equipment (PPE) such as masks, gowns and gloves could see a sharp spike and see the annual spend on PPE hit $50 – 80 billion, which is a five to eightfold increase from pre-pandemic levels, suggests a May 2020 report from Jefferies. Post-pandemic, the PPE market, the Jefferies note says, could still be three times as big as pre-pandemic levels. PPE prices, in this backdrop, will remain elevated for the foreseeable future, even with a surge in Chinese manufacturing capacity and non-traditional players entering the market. It expects stricter hospital measures to be implemented, which includes PPE inventory level standards where institutions will likely be required to have at least three months of pandemic-level PPE stock available at all times. A more recent June 29 Jefferies note suggests the PPE categories with the greatest shortages include level 3 isolation gowns; N95 masks (small size); nitrile gloves (small and medium sizes); air purifying respirators; and surgical masks. “Some hospitals only have three days of PPE supply on hand and many are just keeping up with daily demand. One expert expects that it won't be until the end of 2021 before supplies will be sufficient to meet all stockpiling demand,” the June 29 note said.