Medical Supplies Market Research Report
The worldwide medical supplies market is expected to increase at a CAGR of 4.6 percent, from USD 132.6 billion in 2020 to USD 133.5 billion in 2025. The expanding prevalence of chronic diseases worldwide, rising corporate and government investments in healthcare initiatives and infrastructure development, rising demand for infection control methods to prevent HAIs, and increasing costs for medical equipment are all driving this industry forward.
The global medical supplies market is steadily expanding. Medical supplies cover many items, from a basic first-aid pack to advanced medical equipment. Some medical supplies are utilized in medicine administration operations, such as hypodermic devices and inhalation supplies, while sterilization and infection prevention materials are used to keep healthcare facilities clean. Disposable or one-time-use medical supplies are available. These things are only meant to be used once.
The medical supplies sector is driven by a large elderly population, an increase in chronic sickness cases, and new technologies and equipment. The growing older population and the rising number of patients with chronic conditions like hypertension, cardiovascular disease, diabetes, kidney disease, and others are key market drivers in this market. Growth will be fueled by devices that enhance the security of inhalation therapies, minimally invasive parenteral medicine administration, and IV and dialysis solutions. The market is likely to profit from the adoption of safety-enhanced devices for parenteral medicine administration, inhalation therapies, IV, and dialysis solutions.
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Medical Supplies Market Major Key Players
3M Company (U.S.), Medtronic plc (Ireland), Braun Melsungen AG (Germany), Boston Scientific Corporation (U.S.), Johnson & Johnson (U.S.), Thermo Fisher Scientific Inc. (U.S.), Baxter International Inc. (U.S.), Halyard Health, Inc. (U.S.)
Diagnostic supplies, infusion and injectable supplies, disinfectants, sleep apnea consumables, intubation & ventilation supplies, personal protective equipment, wound care consumables, sterilization consumables, radiology consumables, dialysis consumables, catheters, etc as other medical supplies are the different types of medical supplies. The intubation & ventilation consumables segment is expected to increase at the fastest CAGR during the projection period. This is due to an increase in the incidence of respiratory diseases like asthma and COPD and the global incidence of COVID-19.
Other applications segment to dominate the medical supplies market in 2019
The medical supplies market is divided into wound care, urology, radiology, infection control, respiratory, IVD, cardiology, and other applications, depending on the application. In 2019, the other applications category accounted for the greatest share of the market, owing to an increase in surgical procedures, a rise in the frequency of dental problems, and a growing emphasis on effective waste disposal methods.
This research examines the medical supply markets in North America, Asia Pacific, Europe, and the rest. North America had the biggest market share in 2019, followed by Europe. The primary reasons driving the growth of the medical supplies market in North America are the rising frequency of chronic diseases, the growing elderly population, and the increased incidence of COVID-19.
A rising number of patients are undergoing diagnostic and surgical treatments as the frequency of chronic diseases rises, and healthcare organizations emphasise early identification and treatment. As per the American Hospital Association (AHA), 36.2 million inpatient admissions were recorded in the United States in 2019. The demand for medical devices, including capital equipment and consumables, is expanding in developed and emerging nations due to an increase in inpatient admissions and an increase in surgical and diagnostic operations.
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