The Medical Supplies Market is estimated to reach revenue of $208.36Bn by 2025 from $132.08Bn from 2018, growing at a CAGR of 6.77% during the forecast period 2019-2025. The growth of the Medical Supplies Market is owed to increased awareness among patients towards preventative care. Safety enhanced devices/personal protective equipment for the delivery of parenteral medicines, dialysis and other therapies will be creating a huge demand in the market.
By Type – Segment Analysis
On the basis of Type, Dialysis consumables is the dominating segment that accounts to a CAGR of 4.1%, owing to rising incidence of diabetes and hypertension and growing geriatric population in the developing countries.
By Application – Segment Analysis
On the basis of application, anesthesia segment holds the largest share in the Application segment in 2018. The high growth in this segment is owed towards the rising number of surgical procedures being performed across the globe and the growing prevalence of respiratory diseases.
By End User- Segment Analysis
On the basis of end user, Hospitals segment holds the largest share owes to the increasing funding in healthcare systems, growing prevalence of HAIs(healthcare associated infection), and high incidence of chronic diseases globally.
By Geography – Segment Analysis
On the basis of geographical area, Asia pacific remains the fastest growing segment accounts to 38% share in the market owing to the increasing geriatric population, growing medical tourism industry, and improving huge healthcare infrastructure facilities. Followed by North America which holds significant share in the market.
Drivers – Medical Supplies Market
Ø Rising Geriatric population and disease prevalence
Rising geriatric population and increasing prevalence of various diseases boosts the demand for medical supplies in the market. According to WHO, The number of people aged 65 or older is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050.
Ø Increasing number of surgeries
Increasing number of surgeries in developed and developing nations positively attributed to the growth of the market. According to article on Healthgrades, there are more than 670,000 surgeries in the United States every year to repair certain types of broken bones.
Challenges – Medical Supplies Market
Ø Inadequate reimbursement mechanism is a major challenge faced in the market due to the unorganized policy statements.
Ø The waste produced on the medical supplies hinders the growth of medical supplies in the market. For e.g., according to WHO, about 16 billion injections are administered globally, thus increasing the amount of waste generated.
Medical Supplies Industry Outlook
Companies are adopting strategies like agreements and collaboration to withstand the excessive competition in the medical supplies industry. Companies are also starting investing in new technologies through research and development wing established in the companies. The companies are also acquiring and expanding in the market to ensure their presence worldwide.
Ø In 2019, Medtronic enters to an agreement to acquire Titan Spine, a privately-held titanium spine interbody implant and surface technology company which is engaged in medical supplies business.
Medical Supplies Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Medical Supplies Market. The assessment includes the forecast, an overview of the competitive structure, the medical supplies market share of the competitors, medical supplies market size as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
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