Northrook, IL -- (SBWire) -- 07/21/2020 --According to the new market research report "Medical Supplies Market by Type (Diagnostic, Dialysis, Wound Care, Disinfectants, PPE, Radiology, Sterilization, Catheters), Application (Urology, Cardiology, Infection Control), End User (Hospitals, Clinics & Physician Offices) - Global Forecast to 2025" published by MarketsandMarkets™.
How the Market Growth looks like and Industry Segmentation?
The Global Medical Supplies Market is projected to grow from USD 133.5 billion by 2025 from USD 132.6 billion in 2020, at a CAGR of 4.6%
The applications market is categorized into urology, wound care, radiology, respiratory, infection control, cardiology, IVD, and other applications. The other applications segment held the largest market share in 2019, due to factors such as the increasing number of surgical procedures, rising prevalence of dental diseases, and the increasing focus on adhering to proper waste disposal methods.
The end-user segment of this market is categorized into hospitals, clinics/physician offices, and other end users. Hospitals form the largest and the fastest-growing end-user segment in the medical supplies market. This can be attributed to the increasing investments in healthcare systems and the high prevalence of infectious and chronic diseases.
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Major Market Growth Drivers:
- Increasing prevalence of chronic diseases across the globe
- Increasing government and corporate investments in healthcare projects and infrastructure development
- Rising demand for infection control measures to curb the occurrence of hospital-acquired infections
- Increasing number of surgical procedures
- Increasing demand for medical devices
Recent Developments in Medical Supplies Industry:
- In 2020, Baxter launched peri-strips dry with secure grip technology for reliable staple line reinforcement in surgical procedures.
- In 2020, Fresenius Medical Care AG & Co. KGaA inaugurated a EUR 30 million expansion of its transfusion and apheresis disposables plant in the Dominican Republic. The new space includes advanced production equipment, plasma kit assembly lines, and sterilization units that double the cleanroom and storage capacity. The site also includes a large warehouse.
- In 2019, Boston Scientific Corporation acquired BTG plc with a focus on offering best-in-class technologies, unparalleled clinical evidence, and strengthened commercial infrastructure.
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The global medical supplies market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest market share, followed by Europe. The increasing incidence of COVID-19 in the US and the implementation of various supportive initiatives by the Canadian Government are the major factors driving the growth of the medical supplies market in North America.
The prominent players operating in the global medical supplies market include Medtronic (Ireland), Cardinal Health, Inc. (US), BD (US), Johnson & Johnson (US), B. Braun Melsungen AG (Germany), Boston Scientific Corporation (US), Thermo Fisher Scientific, Inc. (US), Baxter International, Inc. (US), Avanos Medical, Inc. (US), 3M (US), Smith & Nephew (Ireland), ConvaTec Group Plc. (UK), Abbott (US), Cook Medical (US), Merit Medical Systems (US), Stryker (US), Terumo Corporation (Japan), Teleflex Incorporated (US), Fresenius Medical Care AG & Co. KGaA (Germany), and Coloplast Group (Denmark).
Medical Supplies Market Worth $133.5 Billion by 2025 : Growth Drivers, Segmentation & Major Key Players
North America was the largest regional market for Disposable Medical Supplies Market