Global Medical Supplies Market - Share, Opportunities, and Growth Rate
Medical supplies include single-use or disposable products used in all healthcare facilities such as hospitals, clinics, and nursing homes. They are categorized based on their applications and usage in healthcare facilities. Some medical supplies such as hypodermic products and inhalation supplies are used in drug delivery procedures, whereas, sterilization and infection control supplies are used to prevent infections in healthcare settings. For diagnostic procedures, medical supplies such as Glucose testing strips, diagnostic catheters, and Blood Collection consumables are frequently used. Moreover, for the safety of workers in hospitals, personal protective equipment (PPE) are used which help prevent injuries and minimize radiation exposure.
What the Market Looks Like?
Predicted to grow at a CAGR of 6.8% during the forecast period, the Global Medical Supplies Market is estimated to reach USD 136.63 Billion. The market was dominated by North America, followed by Europe, Asia, and the RoW. However, Asia is projected to be the fastest-growing region in the forecast period
Based on application, the market is segmented into urology, wound care, radiology, anesthesia, sterilization, cardiology, ophthalmology, and other applications. The anesthesia segment is expected to register the highest growth during the forecast period. The high growth in this segment is attributed to the increasing number of surgical procedures being performed across the globe and the rising incidence of respiratory diseases.
Based on end user, the Medical Supplies Market is segmented into hospitals, clinics, assisted living centers and nursing homes, ambulatory surgery centers (ASCs), and other end users. The hospitals segment is expected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the increasing investment in healthcare systems, growing prevalence of HAIs, and high incidence of chronic diseases across the globe.
Sterilization:
A contamination-free environment is important for all medical procedures in healthcare facilities. This is because a contamination-free environment prevents various types of HAIs in hospitals, clinics, and nursing homes. Sterilization consumables and supplies, such as detergents, sterilization indicators, pouches, and lubricants, play a pivotal role in providing contamination-free environments in hospitals.
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What Drives the Medical Supplies Market?
The growth of the global market for Medical Supplies is primarily influenced by the following factors:
- Rising Incidence of Diseases
- Growing Geriatric Population
- Increasing Incidence of Hospital-Acquired Infections
- Growth in the Number of Surgical Procedures
Stringent Regulatory Requirements for the Approval of Medical Supplies is a major factor restraining the growth of the market. Regulatory authorities across the globe have laid down stringent regulations the approval and commercialization of medical supplies and consumables around the world
Geographical growth scenario of Medical Supplies Market:
Geographically, the market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). Asia is projected to be the fastest-growing region in the forecast period, owing to factors such as the rising geriatric population, increasing incidence of various diseases, growing medical tourism industry, and improving healthcare infrastructure.
Leading market players and strategies adopted:
The key players in the medical supplies market include Medtronic plc (Ireland), B. Braun Melsungen AG (Germany), Becton, Dickinson and Company (U.S.), Cardinal Health, Inc. (U.S.), Halyard Health, Inc. (U.S.), Johnson & Johnson (U.S.), Thermo Fisher Scientific Inc. (U.S.), Boston Scientific Corporation (U.S.), Baxter International Inc. (U.S.), and 3M Company (U.S.).