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Medical Supplies Market Size, Insights, Growth, Share, Values, Segmentation, Outlook, Overview
Medical Supplies MarketThe global Medical Supplies market size is projected to reach US$ 329030 million by 2028, from US$ 202430 million in 2021, at a CAGR of 7.1% during 2022-2028. One of the main market drivers for medical products is the rising prevalence of chronic diseases, which leads to more hospital admissions and surgeries.
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Along with the tendency towards home-based settings and rising investments in crucial medical supplies, it is predicted that the prevalence of hospital-acquired infections (HAIs) will rise in the coming years.
The market's growth is being accelerated during the forecast period by the rising geriatric population, better healthcare infrastructure in emerging nations, and the continuing demand for disposable medical supplies.
TRENDS INFLUENCING THE GROWTH OF THE MEDICAL SUPPLIES MARKET:
Sedentary lives are contributing to an increase in chronic diseases like cancer and diabetes. In order to increase the rate of diagnosis and treatment, healthcare organizations are also focusing on expanding surgical procedures and awareness initiatives. Additional medical supplies reduce the burden and promote effective operation workflow. Rising rates of diagnosis, treatment, and surgical procedures are therefore expected to create lucrative possibilities for the growth of the medical supplies market during the time of forecasting.
Increased awareness of health and hygiene, especially in hospitals, and the increasing prevalence of healthcare-acquired infections (HAIs) are driving demand for disposable medical supplies such as gloves, face masks, and gowns for protection. Additionally, major market players are focusing on the creation of advanced and user-friendly medical supplies and equipment due to the substantial financial burden associated with the rising rates of patient diagnosis and treatment at hospitals. Therefore, rising investments by key market participants, an increase in HAI cases, and a rapid shift towards home-based settings are all expected to cause the medical supply market to grow in the upcoming years.
The growing geriatric population worldwide and the accelerating transformation of the healthcare infrastructure in emerging nations are driving demand for disposable medical supplies. Expanding government efforts for the construction of healthcare facilities are also anticipated to support market growth for medical supplies during the forecast period.
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MEDICAL SUPPLIES MARKET SHARE ANALYSIS:
The hospital sector is anticipated to present lucrative opportunities for growth in the medical supplies market share due to the rising number of community, and multispecialty hospitals in developing countries, the growing emphasis of healthcare organizations and governments on the prompt treatment of patients, and the rising public awareness.
The largest segment of medical supplies by category is vascular intervention supplies, which make up about 40% of the market.
North America currently holds the largest share of the global market for medical supplies at 35% thanks to its well-developed healthcare infrastructure, favorable reimbursement policies, cutting-edge medical technology, presence of significant market players, rise in chronic diseases, and the growing number of patients receiving treatment. In the market for medical supplies, this area is anticipated to present lucrative opportunities for market share expansion. With a joint stake of 40%, China and Europe are the second-largest regions.
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By Type
• Vascular Intervention Supplies
• Medical Implanting Material
• Injection and Infusion
• Wound Care
• Blood and Dialysis
• Incontinence Supplies
By Application
• Hospital
• Clinic
• Nursing Home
Key Companies
• Johnson & Johnson
• BD
• Zimmer Biomet
• Medtronic
• Smith & Nephew
• Boston Scientific
• Stryker
• Abbott
• Alcon
• 3M
• Braun
• Terumo Corporation
• Coloplast
• Teleflex
• ConvaTec.
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