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.
Growth in the medical supplies market is primarily driven by the increasing prevalence of chronic and infectious diseases, rising number of surgeries, growing geriatric population, and rising number of hospital-acquired infections (HAIs). However, strict and mandate regulatory requirements for the approval of medical supplies and rising number of product recalls are expected to hinder the growth of this market.
How Medical Supplies Market Looks Like in terms of Revenue?
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.
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 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.
Major Medical Supplies Market Developments
Geographical growth scenario of the Market:
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.
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.
Leading market players and strategies adopted:
The key players in the medical supplies market include Becton, Dickinson and Company (U.S.), Boston Scientific Corporation (U.S.), Johnson & Johnson (U.S.), 3M Company (U.S.), Medtronic plc (Ireland), B. Braun Melsungen AG (Germany), Thermo Fisher Scientific Inc. (U.S.), Cardinal Health, Inc. (U.S.), Baxter International Inc. (U.S.), and Halyard Health, Inc. (U.S.).
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