Disposable Medical Supplies Market Targets $80.25 Billion Value by 2023
The global disposable medical supplies market was valued at $48,630 million in 2016, and is expected to reach $80,252 million by 2023, registering a CAGR of 7.3% during the forecast period.
Few examples of disposables medical supplies include bandages & wraps, drug tests disposables, exam gowns, face masks, gloves, suction catheters, surgical sponges, hypodermic needles, syringes, and applicators among others.
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The major factors that drive the market growth are increase in demand for disposable medical supplies to avoid contamination and hospital-acquired infections, and rise in incidence of diseases worldwide. However, the rising environmental concerns due to the improper disposable of medical waste impede this market. Moreover, the increase in robot-assisted surgeries is expected to create numerous opportunities, as robotic surgeries utilize disposables such as syringes, needles, scissors, scapula, and others.
Increase in incidence of chronic diseases and rise in surgical procedures globally are expected to supplement the market growth. For instance, there are about 4.2 million surgeries that employ various disposable medical supplies are being performed only in the U.S. However, an inadequate reimbursement for these devices and the waste produced due to the disposable products are expected to pose major limitations to the growth. Moreover, the rise in robot-assisted surgeries and increase in investments by developing economies in healthcare sector may pave way for opportunities for market expansion.
The nonwoven medical supplies segment is expected to grow at a significant CAGR during the forecast period, owing to their wide usage in the healthcare settings. These products are surpassing woven fabrics in terms of popularity, as they offer better hygiene conditions and effectively aid in avoiding contamination and infections. The cardiovascular segment dominated the global disposable medical supplies market, accounting for two-ninths share of the total market in 2016. This is due to the high incidence of various types of cardiovascular diseases globally, which in turn increases the number of diagnostic and surgical procedures that utilize disposable medical supplies. Among end users, hospitals generated the highest revenue in 2016, accounting for one-third share, and this segment is projected to continue this trend throughout the forecast period.
Key Findings of the Disposable Medical Supplies Market:
• The infusion products segment accounted for about one-sixth share of the total market in 2016, and is expected to register a high CAGR of 9.0% from 2017 to 2023.
• The gynecology segment accounted for one-sixth share of the total market and is expected to grow at a CAGR of 7.5%.
• U.S. dominated the North American disposable medical supplies market and is projected to grow at a CAGR of 6.0%.
• India is the fastest growing country in the Asia-Pacific disposable medical supplies market during the forecast period, registering a CAGR of 9.4%.
• Ambulatory surgery centers accounted for one-fourth market share in 2016, and are expected to grow at a CAGR of 7.4%.
Asia-Pacific is expected to witness highest growth rate throughout the forecast period, and is expected to continue this trend, owing to high population density in countries such as India and China. In addition, rapid growth in geriatric population and increase in number of chronic diseases in the developing economies boost the market growth.
The key players operating in the global disposable medical supplies market are Abbott Laboratories, Bayer AG, Becton, Dickinson, and Company, Cardinal Health Incorporated, Domtar Corporation, Medtronic plc, 3M Company, Braun (B.) Melsungen AG, Terumo Corporation, and Smiths Group plc. Other players operating in the value chain are Bard (CR) Incorporated, BarrierSafe Solutions International, Cederroth Intressenter AB, Johnson & Johnson, Ansell Limited, Teleflex Incorporated, Derma Sciences Incorporated, and Centaur Guernsey LP Incorporated.
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