Medical Supplies Market Worth $133.5 Billion - Growth Factors Analysis and Recent Developments
North America was the largest regional market for medical supplies
Northbrook, IL -- (SBWire) -- 03/01/2022 --The Research Report on "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", is projected to reach USD 133.5 billion by 2025 from USD 132.6 billion in 2020.
The 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 HAIs, and the rising demand for medical devices are driving the growth of the global medical supplies market. Moreover, the rising medical tourism and emerging markets are expected to offer significant growth opportunities to players operating in the in coming years.
- 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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Industry Segmentation In Detailed:
Catheters accounted for the largest share of the medical supplies market.
By type, segmented into diagnostic supplies, infusion & injectable supplies, intubation & ventilation supplies, disinfectants, personal protective equipment, sterilization consumables, wound care consumables, dialysis consumables, radiology consumables, catheters, sleep apnea consumables, and other medical supplies. The intubation & ventilation supplies segment is expected to grow at the highest growth rate during the forecast period. The growth of this segment is driven mainly by the rising prevalence of respiratory diseases such as asthma and COPD across the globe.
The other applications segment accounted for the largest market share in 2019
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.
Hospitals accounted for the largest share of the medical supplies market.
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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Leading Key Players and Analysis:
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).
Medtronic (US) is among the leaders in the global medical supplies market. The company has a strong medical disposables and consumables portfolio that includes wound care consumables (bandages, dressings, sponges, medical tapes, and adhesives), medication delivery disposables (needles, syringes, and cannulas), urology disposables (drainage bags and catheters), and blood and specimen collection consumables (collection syringes & needles and containers), among other products. The company focuses on organic growth strategies such as product launches and approvals to enhance its product portfolio. For instance, in February 2018, Medtronic plc launched the MiniMed Mio Advance infusion set.
Geographical Analysis in Detailed:
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 market in North America.
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