Medical Supplies Market

Medical Supplies Market: By Type, Application, End-user, and Region

Market Synopsis:

Global Medical Supplies Market is valued at USD 144.35 Billion in 2022 and is projected to attain a value of USD 206.89 Billion by 2030 at a CAGR of 4.60% during the forecast period, 2022–2028. The Global Medical Supplies Market is occupied by companies such as Becton Dickinson and Company, 3M, Baxter International Inc. and Boston Scientific Corporation among others. The demand for the products offered by these companies is mainly emerging from economies like China and India which are witnessing an immense surge in the healthcare industry. The growth of the market is majorly driven growing prevalence of chronic and infectious diseases, rising number of accidental injuries, growing healthcare expenditure, improving healthcare infrastructure, and rising penetration insurance, among others.

Growing Prevalence of Chronic Diseases and Rising Number of Accidental Injuries to Drive Growth of Medical Supply Market

With medical devices and supplies to help the growing number of illness patients, medical industry value is expected to nearly double in next year. Chronic diseases which include hypertension, heart diseases, cancer etc. are becoming more widespread leading to increased demand for medical products such as medical equipment. In addition, infectious diseases such as Covid-19 and swine flu pandemic also contribute to medical supply market growth. Furthermore, chronic diseases will continue to affect the global population as nearly half of population over 65 had 2 or more chronic disease. As of 2019, cardiovascular diseases are affecting around 17.5 million people globally, which is expected to grow to 26.7 million by 2030. This is further supported by growing prevalence of accidental injuries. For instance, over 35 million people suffer from non-fatal accidental injuries and more than 1.5 million people die of the injuries. This represents huge potential for medical supply market.

Market Segmentation:

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Global Medical Supplies Market is segmented by Type (Diagnostic, Dialysis, Wound Care, Disinfectants, PPE, Radiology, Sterilization, Catheters), Application (Urology, Cardiology, Infection Control), End User (Hospitals, Clinics & Physician Offices) and Region. Wherein, North America to dominate the global market and Asia Pacific to witness fastest growth at a CAGR of 7.7% during the forecast period.

By Type, Catheter Segment Hold Prominent Share of the Medical Supplies Market

It is estimated that in the US alone, 7 million people require some form of catheterization each year. It would be expected that these patients could demand for catheters to solve their medical issues. This is majorly supported by rising population which implied that more cases of diseases or health problems will increase hence more need for drugs and other healthcare products like catheters. As new types of technology were introduced, thus increasing the invention of devices like catheters to help doctors with treating patients which also increased the demand. For example, new techniques where stents are used instead of traditional surgery requiring less operating time and less stay at hospital.

In addition, as the population is growing, for example 1% increase in population implies that 19 million new patients were seen each year. This will result into increased demand for catheters as these millions of new patients will require a catheter at some point in their life. Also, due to the above stated reason and improved medical techniques, it has been observed an increased use of invasive cardiac procedures which also leads to increasing the demand for catheters.

By Application, Urology is Contributing Heavily to Medical Supply Market

For many urology practices, it is the non-reimbursed supplies that are driving increasing costs. There has been an indication for some time now that more urologists are including items on their fee schedule than ever before. Some of these items include Foley catheters, Jelonet IV sets and urinary analgesics. Urology department consumes more supply because that is where they have high requirement, due to illness like kidney stones and other urological problems that require Medical Supplies . Not to forget that the equipment used are costly, which is why they have high requirement of consumables. It has been a difficult challenge to raise reimbursement levels for these items as a result, many practices have begun including them on the fee schedule.

The implementation of hospital formularies is one reason why urologists are beginning to place more emphasis on supplies. While it may be true that hospitals have been placing more emphasis on their supply buyers in recent years, there are other factors at play as well.

Asia Pacific Medical Supply Market to Witness Fastest Growth

In the last few years, the global market has witnessed an immense growth in the prevalence of various diseases such as cancer, diabetes, cardiovascular diseases, respiratory diseases, infectious diseases etc. This has boosted the demand for Medical Supplies in Asia-Pacific region, which is anticipated to grow at a CAGR of 7.7% during the forecast period. Asia-Pacific is also expected to witness significant growth in diagnostic supply revenue over the next five years due to increased penetration of technology and healthcare infrastructure improvement initiatives undertaken by governments of developing countries such as India and China.

Key Players:

Cardinal Health, Inc. (US), Medtronic (Ireland), B. Braun Melsungen AG (Germany), Johnson & Johnson (US), Thermo Fisher Scientific, Inc. (US), Boston Scientific Corporation (US), Avanos Medical, Inc. (US), International, Inc. (US), 3M (US), ConvaTec Group Plc. (UK), Smith & Nephew (Ireland), Cook Medical (US), Abbott (US), Merit Medical Systems (US), Terumo Corporation (Japan), Stryker (US), Fresenius Medical Care AG & Co. KGaA (Germany), Teleflex Incorporated (US), and Coloplast Group (Denmark) are some of the key players in the market.

Medical Supplies Market is segmented as follows:

Medical Supplies Market is segmented as follows: