Medical supplies include single-use or disposable products used in all healthcare facilities such as hospitals, clinics, and nursing homes. They are categorized based on their applications and usage in healthcare facilities. Some medical supplies such as hypodermic products and inhalation supplies are used in drug delivery procedures, whereas, sterilization and infection control supplies are used to prevent infections in healthcare settings.
What the Market Looks Like?
Predicted to grow at a CAGR of 6.8% during the forecast period, the Global Medical Supplies Market is estimated to reach USD 136.63 Billion.
Based on application, the market is segmented into urology, wound care, radiology, anesthesia, sterilization, cardiology, ophthalmology, and other applications. The anesthesia segment is expected to register the highest growth during the forecast period. The high growth in this segment is attributed to the increasing number of surgical procedures being performed across the globe and the rising incidence of respiratory diseases.
Based on end user, the Medical Supplies Market is segmented into hospitals, clinics, assisted living centers and nursing homes, ambulatory surgery centers (ASCs), and other end users. The hospitals segment is expected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the increasing investment in healthcare systems, growing prevalence of HAIs, and high incidence of chronic diseases across the globe.
The increasing patient pool for renal diseases is the key driver for the global dialysis supplies market
According to Baxter International, Inc. (U.S.), 3.6 million dialysis and transplanted patients were reported in 2015; this is expected to reach over 4.6 million by 2020. In addition, in the U.S. alone, the number of ESRD cases is expected to reach 785,000 by 2020, due to the addition of ~151,000 patients per year, an increase of 60% as compared to 2005 [Source: The United States Renal Data System]. In addition, the increasing incidences of diabetes and hypertension; rising geriatric population; and increasing adoption of dialysis procedures over kidney transplantations are also supporting the growth of this market.
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What Drives the Medical Supplies Market?
The growth of the global market for Medical Supplies is primarily influenced by the following factors:
• Rising Incidence of Diseases
• Growing Geriatric Population
• Increasing Incidence of Hospital-Acquired Infections
• Growth in the Number of Surgical Procedures
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Major Medical Supplies Market Developments:
- In November 2016, St. Jude Medical, Inc. (U.S.) launched its EnSite Precision Cardiac Mapping System and the Sensor Enabled Mapping Catheter in Europe.
- In April 2016, Acelity L.P., Inc. (U.S.) added seven new products to its existing TIELLE foam dressing product line in the U.S.
- In March 2015, Bayer Healthcare (Germany) received Japanese approval for its MRI contrast agent, Gadovist.
Geographical growth scenario of Medical Supplies Market:
Geographically, the market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). Asia is projected to be the fastest-growing region in the forecast period, owing to factors such as the rising geriatric population, increasing incidence of various diseases, growing medical tourism industry, and improving healthcare infrastructure.
Leading market players and strategies adopted:
The key players in the medical supplies market include Medtronic plc (Ireland), B. Braun Melsungen AG (Germany), Becton, Dickinson and Company (U.S.), Cardinal Health, Inc. (U.S.), Halyard Health, Inc. (U.S.), Johnson & Johnson (U.S.), Thermo Fisher Scientific Inc. (U.S.), Boston Scientific Corporation (U.S.), Baxter International Inc. (U.S.), and 3M Company (U.S.).