Healthcare Consumables Market Size, Share Analysis And Forecast Report 2024 To 2033

"The Business Research Company recently released a comprehensive report on the Global Healthcare Consumables Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The healthcare consumables market size has grown rapidly in recent years. It will grow from $281.63 billion in 2023 to $311.30 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to rising demand for preventive healthcare and routine check-ups, increasing prevalence of chronic diseases such as diabetes and cardiovascular conditions, growing elderly population with higher healthcare needs, expansion of healthcare infrastructure in emerging markets and increasing focus on home-based and remote healthcare solutions.

The healthcare consumables market size is expected to see rapid growth in the next few years. It will grow to $466.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to increased integration of smart technologies in healthcare consumables, rising investments in healthcare research and development, growing adoption of digital health solutions and telemedicine, expansion of healthcare access in developing regions and rise in adoption of ai and automation in healthcare processes. Major trends in the forecast period include growth in demand for eco-friendly and sustainable healthcare products, expansion of personalized healthcare and customized consumables, increased emphasis on preventive healthcare and wellness products, advancements in healthcare technology and disposable medical devices and advancements in healthcare technology and innovations in consumable products.

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Market Drivers and Trends:

The rising number of hospital admissions is expected to propel the growth of the healthcare consumables market going forward. Hospital admissions are increasing due to several reasons, such as an aging population, the rising prevalence of chronic diseases, and advancements in medical technology. The use of healthcare consumables in hospital admissions includes essential items such as gloves, syringes, bandages, and surgical instruments, which are vital for patient care and medical procedures. For instance, in September 2023, according to the National Health Service (NHS), a UK-based publicly funded healthcare system, England recorded 16.4 million finished admission episodes (FAEs), a 2.6% increase from 2021-22, indicating higher demand for consumables necessary for patient care (NHS). Therefore, the rising number of hospital admissions is driving the growth of the healthcare consumables market.

Major companies operating in the healthcare consumables market are focusing on advanced products, such as biodegradable consumables, to gain a competitive advantage. Biodegradable products involve materials designed to break down naturally through biological processes, such as microbial activity, thereby reducing environmental impact and waste. This technology aims to minimize pollution and enhance sustainability by ensuring that products decompose into non-toxic substances. For instance, in April 2022, Unigloves, a UK-based healthcare consumables company, launched a new line of biodegradable nitrile gloves. These gloves feature a reduced environmental footprint, superior durability, and enhanced grip compared to traditional nitrile gloves. They decompose in industrial composting facilities within 12 months, unlike standard gloves that persist for decades.

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Major Key Players of the Market:

Cardinal Health Inc., Johnson & Johnson, Abbott Laboratories, 3M Company, Siemens Healthineers, Becton Dickinson and Company (BD), Philips Healthcare, Stryker Corporation, GE HealthCare Technologies Inc, Boston Scientific Corporation, B. Braun Melsungen AG, Alcon Laboratories Inc., Fresenius Kabi AG, Zimmer Biomet Holdings Inc., Terumo Corporation, Smith & Nephew plc, Hologic Inc., Nipro Corporation, Coloplast A/S, Dexcom Inc., Hollister Incorporated, Invacare Corporation, AngioDynamics Inc., Biolife Solutions Inc., Medi-Plast Ltd., Ortho Clinical Diagnostics

Healthcare Consumables Market 2024 Key Insights:

• The healthcare consumables market size is expected to see rapid growth in the next few years. It will grow to $466.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%.
• Rising Hospital Admissions Fuel Healthcare Consumables Market Growth
• Adoption Of Biodegradable Products In Healthcare Consumables
• North America was the largest region in the healthcare consumables market in 2023

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