The Global Medical Supplies Market is expected to experience substantial growth over the forecast period, with a projected value of USD 163.5 billion by 2027, compared to USD 138.4 billion in 2022, representing a Compound Annual Growth Rate (CAGR) of 3.4%. This growth can be attributed to two key factors: the rising global prevalence of chronic diseases and the significant investments being made in medical research.
The increasing incidence of chronic ailments worldwide has necessitated a higher demand for medical supplies, leading to substantial market expansion. Additionally, significant investments in medical research have resulted in the development of advanced and innovative medical products, further bolstering market growth.
However, the market’s growth rate faces challenges due to certain factors. Product recalls within the medical supplies industry can have adverse effects on market growth and consumer trust. Furthermore, stringent regulatory standards and approval processes for medical supplies can hinder the introduction of new products to the market, potentially limiting growth prospects.
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The driving factors behind the market’s growth are the increasing demand for infection control measures to combat hospital-acquired infections, the rising demand for various medical devices, the steady expansion of Intensive Care Unit (ICU) capacities in hospitals and surgical centers, and the growing number of accidents and trauma cases worldwide.
The research study also provides comprehensive market size data for major countries across all regions, including North America, Europe, the Asia Pacific, and the Rest of the World.
Overall, the medical supplies market continues to demonstrate robust growth prospects, fueled by the pressing need to enhance healthcare infrastructure and deliver high-quality patient care through innovative and efficient medical supply solutions.
Key Market Players
Some of the major players operating in the medical supplies market are Medtronic plc (Ireland), Cardinal Health (US), BD (US), Johnson & Johnson, Inc. (US), B. Braun Melsungen AG (Germany), Boston Scientific Corporation (US), Thermo Fisher Scientific, Inc. (US), Baxter (US), 3M (US), Smith & Nephew (Ireland), Convatec Inc. (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), Coloplast Group (Denmark), Hamilton Medical (Switzerland), ACell, Inc. (US), Invacare Corporation (US), Medline Industries, LP. (US), DeRoyal Industries, Inc. (US), Shenzhen MedRena Biotech Co., Ltd. (China), Kerecis (US) and Whiteley (Australia).
Drivers: High prevalence of infectious and chronic diseases
Rising government-funded investments and initiatives in healthcare projects; Increasing demand for infection control measures to curb HAIs; Rising number of surgical procedures; Increasing demand for medical devices; Rising number of agreements between companies to manufacture cost-effective medical devices; An increase in the number of ICU beds in hospitals and surgical centers, as well as an increase in the number of accidents and trauma cases
The increasing prevalence of chronic and infectious diseases, and the high volume of injuries place a great demand on medical supply products. The geriatric population across the globe is also expanding. The vast geriatric population base and the high prevalence and incidence of related diseases among them drive the growth of the market. Market participants and researchers are more focused on advancing medical supply products, with collaborations among companies to launch advanced products and the incoming latest technologies driving market growth. The government’s investments in disease research and studies drive the market's growth rate even higher.
Opportunities: Rising medical tourism and Emerging markets
The emerging economies such as India, China, and Brazil offer lucrative potentials in the market with their vast population base, rising incidence of infectious and chronic diseases, improving healthcare infrastructure and expenditure. The improving healthcare infrastructure and the more affordable treatment and diagnosis as compared to North America and Europe are promoting medical tourism in the region.
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The Global Medical Supplies Market faces several challenges that impact its growth trajectory. One significant challenge is the occurrence of medication errors and risks associated with certain medical supplies. Some medical supply products, like wound care dressings and infusion supplies, may carry potential side effects and the risk of medical errors, which can be detrimental to patients’ health and well-being.
Additionally, the shortage of skilled medical professionals poses a major obstacle for the market. The loss of experienced healthcare professionals who are proficient in utilizing medical supplies and consumables for various interventions hampers the effective delivery of healthcare services.
Among the various types of medical supplies, intubation & ventilation supplies dominate the market, holding the largest share. This surge in demand is mainly attributed to the outbreak of the novel coronavirus, where these supplies played a crucial role in treating patients with respiratory issues.
The medical supplies market is segmented into several categories, including diagnostic supplies, dialysis consumables, wound care consumables, radiology consumables, disinfectants, infusion & injectable supplies, personal protective equipment, sterilization consumables, catheters, sleep apnea consumables, and other medical supplies.
Despite the challenges, the market continues to experience growth due to the rising demand for infection control measures, medical devices, ICU beds, and the increasing incidence of accidents and trauma cases. As the healthcare industry continues to evolve, addressing these challenges will be essential to ensure the safe and effective use of medical supplies and to improve patient outcomes globally.
North America was the largest regional market for medical supplies market.
The medical supplies market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Rest of the World. North America held the largest share of the medical supplies market in 2021, followed by Europe. The largest market share of North America is driven by the high incidence of strong presence of industry players, high prevalence of chronic and infectious diseases, and advanced healthcare infrastructure in the region.
Report Link: Medical Supplies Market
Recent Developments:
- In February 2022, Medtronic plc launched its NuVent Eustachian tube dilation balloon, which is intended for the treatment of chronic and obstructive eustachian tube dysfunction.
- In April 2022, Boston Scientific Corporation received the FDA 510(k) clearance for the EMBOLD Fibered Detachable Coil, which is indicated to obstruct or reduce the rate of blood flow in the peripheral vasculature.
- In June 2021, Ethicon, part of Johnson & Johnson Medical Devices Companies, launched its ENSEAL X1 Curved Jaw Tissue Sealer. The device is indicated for colorectal, gynecological, bariatric surgery, and thoracic procedures.
- In May 2022, Cardinal Health has signed an agreement with URAC, the largest independent health care accreditation organization in the US. Under the agreement, Cardinal Health will pursue accreditation for its specialty pharmacies and practices.
- In June 2022, BD has acquired Parata Systems, an innovative provider of pharmacy automation solutions. The acquisition will strengthen the portfolio of BD with portfolio of Parata for innovative pharmacy automation solutions.
- In January 2022, Johnson & Johnson Medical Devices Companies signed a strategic partnership with Microsoft to further enable its digital surgery solutions.
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