Precedence Research Predicts, the medical supplies market size is estimated to be worth around US$ 181.03 billion by 2030 and expanding growth at a CAGR of 3.7% from 2021 to 2030.
The growing burden of various chronic diseases along with the surging growth in the geriatric population across the globe is resulting in the growing volume of medical and surgical procedures across the globe. The surging number of hospitals and clinics along with the growing pool of patients is expected to augment the demand for the medical supplies market across the globe.
The developing nations are foreseeing increased investments towards the development of sophisticated healthcare infrastructure. The rising demand for the surgical procedures and the diagnosis is driving the medical supplies market growth. Furthermore, the rising awareness regarding the hospital acquired infections is significantly boosting the demand for the medical supplies among the healthcare professionals and staffs. The minimally invasive procedures are gaining rapid traction in the developed countries owing to its accuracy and quick recovery, which is spurring the demand for the medical supplies.
Future of Medical Supplies Market
The market players involved are constantly engaged into various developmental activities like partnerships, collaborations, and new product launches. The strategies are expected to play an exceptional role in the growth of the medical supplies market in the forthcoming future.
Scope of the Report
|Market Size in 2021
||USD 130 Billion
|Revenue Forecast by 2030
||USD 181.05 Billion
||3.7% from 2022 to 2030
||2022 to 2030
||3M, Medtronic, Smith & Nephew, BD, Cardinal Health, Inc., Johnson & Johnson, Abbott, B. Braun Melsungen AG, Boston Scientific Corporation, Thermo Fisher Scientific, Inc., Stryker, Baxter International, Inc., Avanos Medical, Inc.
- By type, the catheters was the leading segment in the global medical supplies market in 2021. The increasing prevalence of various diseases such as cardiovascular diseases, diabetes, cancer, respiratory disorders, and urinary incontinence has significantly fueled the demand for the catheters. Urinary incontinence prominently prevails among the geriatric population. Around 10% to 36% of the population is suffering from urinary incontinence, as per the World Health Organization.
- Based on the application, the wound care is expected to be the most opportunistic segment in the upcoming future. The rising cases of sports injuries and road accidents is significantly contributing towards the growth of the wound care segment. Furthermore, the rising incidence of violence across the globe is expected to drive the demand for the medical supplies in the wound care segment.
- Depending on the end user, the hospitals was the largest segment in the global medical supplies market in 2021. The higher preferences for the hospital services among the consumers and the increased penetration of the hospitals across the globe has exponentially driven the growth of the hospitals segment in the global medical supplies market. Furthermore, the majority of the surgical and diagnosis procedures takes place in the hospitals, which makes the hospitals the top consumer of the medical supplies.
- North America led the global medical supplies market in 2021. North America is characterized with the presence of high geriatric population and an increased prevalence of various chronic diseases. It is estimated that more than half of the population in US is suffering from one or more chronic condition. This results in higher volume of diagnosis and surgical procedures, which has significantly constituted the demand for the medical supplies in North America. The better access to the healthcare facilities owing to the presence of developed healthcare infrastructure in the region has favored the growth of the North America medical supplies market.
- Asia Pacific is estimated to be the most lucrative and the fastest-growing market during the forecast period. The rising burden of diseases and rapidly growing geriatric population is driving the demand for the medical supplies in the healthcare units. According the WHO, about 80% of the elderly population will be living in the low and middle income countries by 2050. Furthermore, the higher road accident cases in the developing regions is further fueling the consumption of the various medical supplies. About 93% of the road traffic accidents occur in the low and middle income nations.
COVID-19 Impact Analysis:
- The demand for the disinfectants and the PPE witnessed a sudden and significant spike during the pandemic across the globe as these were an essential consumables for the healthcare professionals that were used as protection from the COVID-19 disease.
- The ventilation and intubation consumables witnessed a rapid spike in demand owing to the high number of hospital admissions during the COVID-19.
Key Developments in the Marketplace:
- In October 2019, 3M completed the acquisition ofAcelity, Inc. specialist supplier of surgical medical and wound care supplies.
- In 2019, Boston Scientific Corporation completed the acquisition of BTG plc to strengthen its commercial infrastructure and strengthen product portfolio.
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