Medical Supplies Market Key Insights And Growth Scenario For 2018-2026
The medical supplies industry consists of companies engaged in the manufacturing and distribution of basic medical products such as surgical knives, forceps, gloves, syringes, bandages and dressings, medical laboratory equipment, stethoscopes, dental drills, x-ray films, veterinarian instruments, and other related supplies. The medical supplies excludes manufacturing and distribution of high-tech medical equipment and retail sales of drugs. Several strategies are adopted by the vendors of this industry to optimize profits. The companies with equipment supplies such as interventional cardiology devices and dental devices require extensive capital expenditures and revenue generation for their existence in the market. Their products are high-tech and large amount is spend on research and development activities to maintain a steady rollout of new offerings. However, profitability of the companies that supply disposable items such as syringes and surgical gloves is dependent on procedure volume, particularly in hospitals and therefore, does not require substantial amounts of capital expenditures. Therefore, availability of technologically advanced as well as more effective products and rise in investment in healthcare sector is fueling the market growth.
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Medical Supplies Market Drivers
Increasing volume of hospitals, surgical, and outpatient procedures, and upgradation and enforcement of infection prevention standards is expected to increase the adoption of medical supplies over the forecast period, thereby driving growth of medical supplies market. For instance, in 2012, Kuwait Ministry of Health and Public Works announced a grant of US$ 4.4 billion to replace and expand nine operating hospitals, which is expected to provide additional 5,400 beds, 150 operating rooms, and 500 outpatient clinics. This is expected to create a conducive environment for growth of the market.
Increasing number of patients who require long-term therapy or surgery, drug delivery, and related products is expected to increase the demand for medical supplies, in turn driving growth of the market. The usage of safety-enhanced devices for the minimally invasive delivery of parenteral medicines, IV solutions, and inhalation therapies will lead to the growth of the market. The rising prevalence of chronic conditions such as cancer, heart disorders, neurological disorders, and gynecological disorders will lead to an increase in the number of hospitalizations, thereby increasing the demand for medical supplies.
Medical Supplies Market - Regional Analysis
On the basis of region, global medical supplies market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Demand for medical supplies in the Western Europe, U.S., Japan, and most other developed countries will increase at a slow pace, as their medical supplies are already well established and have adopted stringent infection prevention standards to meet the health care needs of people. By contrast, growth in the BRIC (Brazil, Russia, India, and China) countries and many other emerging economies expected to spur as health care sectors are modernized, expanding, and adapting to formal infection prevention protocols.
Medical Supplies Market – Competitive Landscape
Some of the key players operating in the medical supplies market include,
- B. Braun Melsungen AG
- Becton
- Dickinson and Company
- Cardinal Health, Inc.
- Halyard Health, Inc.
- Johnson & Johnson
- Thermo Fisher Scientific Inc.
- Boston Scientific Corporation
- Baxter International Inc.
- 3M Company
among others....
Medical Supplies Market – Taxonomy
By Product Type:
Diagnostic Supplies, Dialysis Consumables, Inhalation Products, Wound Care Consumables, Radiology Consumables, Infection Control, Supplies, Infusion Products, Intubation & Ventilation Supplies, Personal Protection Equipment (PPE), Hypodermic Products, Sterilization Consumables, Other Medical Supplies
By Application :
Urology, Wound Care, Radiology, Anesthesia, Sterilization, Cardiology, Ophthalmology, Other Applications
By End User:
Hospitals, Clinics, Nursing Homes, Ambulatory Surgical Centers, Other End Users
By Region
North America, Latin America, Europe, Asia Pacific, Middle East, Africa
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