Medical Supplies Market

Medical Supplies Market Size (2022 to 2027)

The global medical supplies market size is estimated to be worth USD 151.8 billion by 2027 from USD 117.8 billion in 2021 and is forecasted to grow at a CAGR of 5.2% from 2022 to 2027.

Globally, the market for medical supplies is growing at a fast rate. Medical products, one-time-use products, and those products which we can use again. The more is the infrastructure advanced more will be the medical supply market efficient. 

MARKET DRIVERS:

The rising prevalence of chronic diseases worldwide, rising government and corporate investments in healthcare initiatives, and infrastructure development are primarily accelerating the global medical supplies market growth.

Additionally, the rising demand for infection prevention measures to prevent HAIs (hospital-acquired infections) and the demand for medical devices further drive the medical supplies market demand. An increasing patient pool for renal diseases, rising diabetes and hypertension incidence, a growing geriatric population, and rising dialysis procedures for kidney transplants contribute to the medical supplies market's development. 

Furthermore, the global medical supplies market is expected to benefit from adopting safety-enhanced technologies for parenteral drug delivery, inhalation therapies, and dialysis solutions. The increase in demand in the medical supply industry is due to two major factors: the increasing population and the growing concern for community and personal hygiene. The emergence of COVID-19 disease has increased demand for diagnostic supplies like ventilators, N95 masks, and personal protective equipment (PPE) kits, driving the medical supplies market forward.

MARKET RESTRAINTS:

The most significant factor hindering the market's growth is a lack of infrastructure to handle medical supply imports and exports.

Inadequate reimbursement by the government or health insurance providers is the primary cause of a drop in demand for medical equipment and instruments, which has affected the industry's development. Product recalls, strict regulatory requirements for the approval of medical supplies, and trade restrictions impede the growth of the medical supplies market.

MARKET OPPORTUNITIES:

The rising prevalence of various large and small disorders caused by environmental changes, chronic diseases, and an increase in the number of accidents and injuries are escalating the market demand. The global economy is improving, which is promoting business growth and rising access to quality health care. Infectious disease outbreaks and increased public perception of hospital-acquired infections add to the overall demand for hospital supplies. Hospital supplies are in high demand worldwide, particularly in developing countries. On a global scale, countries like Brazil and India are steadily raising their hospital bed density figures. Due to the increased prevalence of COVID-19, a shortage of medical supplies has compelled many non-pharmaceutical companies to produce healthcare products, which will drive up demand for medical supplies. All these are opportunities for the growth of the global medical supplies market.

MARKET CHALLENGES:

High costs of product design and development, regulations and government, technology, and security are challenging market growth factors. Strict lockdown enforced in various regions to combat the disease's spread has caused surgical procedures and non-urgent treatments to be postponed. It has also affected the logistics and supply chain sector, limiting the growth of the medical supplies market.

COVID-19 impact on the global medical supplies market:

The covid19 led to a lockdown in significant countries worldwide to prevent the spread of such contagious viruses. It has impacted the supply chain of medical equipment necessary to treat the covid19 virus and equipment useful for other operations. There is a surge in demand for medical equipment worldwide due to better government and the corporate sector in the healthcare sector. There are also significant developments in robot-assisted surgeries, which will also be a positive factor. The increasing awareness among the public for public and private hygiene is also a factor that has boosted the growth.

REPORT COVERAGE:

This research report on the global medical supplies market has been segmented and sub-segmented based on type, application, end-user, and regions.

Medical Supplies Market - By Type:

• Infusion products
• Blood collection tubes
• Wound care products
• Dialysis consumables
• Surgical drapes
• Adult incontinence products
• Blood glucose test strips

Based on the type, the Infusion products segment is expected to register a substantial CAGR from 2021 to 2026 due to their wide variety of uses and more advanced technology to develop them to make them more affordable and efficient. The products included under this segment are Adhesive removers, Acute care, specialty syringes, acute dialysis cathects, anticoagulant syringes, etc.

The blood collection tube segment is expected to grow at the fastest rate during the forecast period because almost all the tests required to diagnose anybody require blood for the test. It means more tests will drive the growth of blood collection tubes. The increase in population is also a significant factor for profitable growth.

The Wound care products segment is projected to show promising growth during the forecast period. Now, more people have become aware of the risks like spreading infection if the wound is not treated correctly and at the right time. It has led to the development of new ointments that can help skin repair the damaged tissues, and the population growth has supported the growth of this segment.

Medical Supplies Market - By Application:

• Urology
• Anesthesia
• Wound care
• Sterilization

Based on the application, the wound care segment was accounted for the largest in market share in 2020 and is expected to grow at a healthy rate during the forecast period. People are now suffering from more accidents and, thus, more wounds. The private and government sectors are investing more to develop supplies to reduce the body healing process and is more effective.

The anesthesia segment is expected to grow at a decent rate due to its application in various medical treatments. It is the most popular drug category used by doctors on patients during medical procedures, where the patient needs to be awake during the process.

Urology has the fourth largest market and is expected to grow at a decent rate. Many varieties of the product are being used in the urology field to cure or prevent further damage to the body, which will boost this segment's growth.

Sterilization has the third-largest market right now and is expected to grow at the second-fastest rate among all segments. The growing awareness among medical practitioners and patients about the benefits of sterilization and the risk associate is the sterilization of medical equipment has driven the growth of this market.

Medical Supplies Market - By End-User:

• Hospitals
• Clinics
• Nursing Homes

The hospital segment is estimated to occupy the largest share among other segments during the forecast period. Hospitals now specialize in treating various diseases; thus, there is a need for a large variety and quantity of medical supplies. Clinics have the second largest market share and are expected to grow at a reasonable rate, but some clinics specialize in treating one type of disease; thus, the growth is restricted. Nursing homes also have a significant share, but it is low due to their ability to treat wounds better.

Medical Supplies Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, North America has the largest market share globally and is expected to grow faster. The rise in chronic diseases and the rise in the geriatric population are the primary reason for the growth of medical supply demand. To fulfill the need, the government has now started to invest more in improving the supplies to have adequate supplies.

Europe has the second-largest share in the global market, but it is believed that it will soon be equal to the North American region. The main factors that drive growth are the advancement of technology and more focus on quality healthcare by governments of this region.

Asia Pacific region is the third-largest region and is expected to grow at the fastest rate. The main reason for this is the population's growth in countries like India and China and increasing awareness of governments to improve supply and consequences like in current times if the supply is not improved.

KEY MARKET PLAYERS:

Medtronic, Cardinal Health, Inc., BD, Johnson & Johnson, B. Braun Melsungen AG, Boston Scientific Corporation, Thermo Fisher Scientific, Inc., Baxter International, Inc., Avanos Medical, Inc., 3M, Smith & Nephew, ConvaTec Group Plc., Abbott, Cook Medical, Merit Medical Systems, Stryker, Terumo Corporation are some of the most promising companies dominating the global medical supplies market.