Disposable Medical Supplies Market set to witness surge in demand over the forecast period
The disposable medical supplies market is vast and presents numerous opportunities for small and large players alike. Conventionally, players in the disposable medical supplies market have focused on excelling in specific product categories. These categories include dialysis consumables, diagnostic supplies, infusion products, radiology consumables, hypodermic products, intubation & ventilation supplies, non-woven medical supplies, sterilization consumables, and wound care consumables.
Disposable devices are widely used in the medical sector, primarily due to the necessity of infection-free medical processes. These devices include syringes, hypodermic needles, bandages, applicators, and wraps, exam gowns, drug tests, gloves, face masks, surgical sponges, and suction catheters.
Major considerations behind the use of a specific disposable device in the medical sector usually includes reliability, performance, cost, shelf life, and materials. Plastics are widely used in the manufacturing of various disposable medical supplies due to their extended applications and relatively inexpensive nature.
Recycling of these devices is governed by strict regulations. In the US, FDA regulations require recyclers to adhere to the same standards as the original manufacturer.
The report on global disposable medical supplies market is aimed at narrating the key trends and identifying future opportunities. It includes the most insightful information regarding growth opportunities and leading challenges. In-depth analysis on fundamental competitive threat is a vital part of the global disposable medical supplies market report.
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Disposable Medical Supplies Market: Key Trends
The disposable medical supplies market is expected to witness a healthy growing during 2018-2026. The market is driven by an aging population, increased awareness about serious risks such as HIV infection caused by reuse of medical supplies. The market is also witnessing global rends such as growing incidence of chronic illnesses, and positive local trends such as extension in coverage due to the affordable care act passed in the US in 2010. These drivers are expected to result in notable growth for the market in the near future.
Additionally, increasing regulations requiring hospitals to effectively dispose biomedical waste is also expected to provide an upward push to the disposable medical supplies market. Additionally, despite strong measures and collaboration efforts in the healthcare industry, there are significant number of patients who acquire infections during their hospital stay. According to Center for Disease Control and Prevention, over 3% patients suffer from hospital acquired infections in the US every year.
Moreover, New bioengineered tissue sealants and polymers are reducing the duration of surgical procedures and are resulting in faster recovery for patients. These innovations are expected to open new opportunities for the disposable medical supplies market.
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Disposable Medical Supplies Market: Regional Outlook
The disposable medical supplies market in North America and Europe are expected to register modest growth. Growing emphasis on safety and high costs of liabilities are expected to drive expansion of the disposable medical supplies market in this region. Additionally, growing innovations coming out of North America such as left atrial appendage closure device, recently approved by FDA for reducing the risk of stroke.
On the other hand, modernization in hospitals and medical procedures are expected to drive significant growth in the disposable medical supplies market in Asia Pacific. The region is anticipated to register the fastest growth during the forecast period.
Disposable Medical Supplies Market: Competitive Dynamics
The disposable medical supplies market depicts a competitive and fragmented landscape. Some of the key players in the global disposable medical supplies market are Bayer AG, Abbott Laboratories, Cardinal Health Incorporated, Becton Dickinson, and Company, 3M Company.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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