NEW YORK, Sept. 04, 2018 (GLOBE NEWSWIRE) -- The global medical supplies market is projected to grow from USD 91.3 billion in 2016, to USD 140.5 billion in 2023, at a CAGR of 6.3% during the period 2017 – 2023. The growth in medical supplies market is attributed to increasing aging population and rise in chronic diseases across the world. Additionally, availability of technologically advanced, as well as more effective products and rise in investment in healthcare sector is also aiding the market growth. Moreover, rapid adoption of new surgical procedures and rise in the rate of surgery are some other factors leading to the medical supplies market growth. An increased awareness towards preventative care is also driving the market growth.
The report segments medical supplies market by Type(diagnostic supplies, dialysis consumables, wound care consumables, radiology consumables, respiratory products, infection control, sterilization consumables, lab products, infusion products, intubation & ventilation supplies, hypodermic products, personal protection equipment (PPE), others), Application(anesthesia, radiology, cardiology, urology, sterilization, ophthalmology, wound care, others) End-User(hospitals, clinics, nursing homes, ambulatory surgery centers, others), and Region(North america, Europe, Asia-Pacific, Rest of the World(RoW)). The report studies the global medical supplies market over the forecast period (2017-2023).
Key Findings of the Global Medical Supplies Market Report
- The global medical supplies market is expected to increase from USD 91.3 billion in 2016, to USD 140.5 billion in 2023, at a CAGR of 6.3% during 2017 -2023
- The dialysis consumables type segment is expected to show highest CAGR during the forecast period due to rising number of renal diseases
- On the basis of application, the anaesthesia segment is expected to show highest CAGR due to increase in the rate of surgeries across the globe.
- North America holds the largest share in the global medical supplies market. The Asia-Pacific region is expected to witness fastest growth during the period 2017– 2023.
- Some of the key companies operating in the global medical supplies market are Medtronic PLC, Cardinal Health, Inc. Johnson and Johnson, Boston Scientific Corporation, 3M Company, Halyard Health, B. Braun Melsungen AG, Thermo Fisher Scientific Inc., Baxter International, and Becton, Dickinson and Company.
Medical Supplies Industry- Overview
Medical supplies pose impact on the quality of patient care and account for a high proportion of health care costs. It is vitally important that the right health sector goods (equipment, drugs, supplies etc.) are available, in the appropriate places and in the required quantities. The medical equipment, supplies and distribution industry consists of companies engaged in the manufacturing and distribution of basic medical equipment and supplies. The industry includes forceps, surgical knives and gloves, bandages and dressings, syringes, stethoscopes, medical laboratory equipment, x-ray films, dental drills, and other related supplies. The medical supplies & distribution industry excludes retail sales of drugs and medical supplies, and manufacturing and distribution of high-tech medical equipment.
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Regional Insights
Geographically, North America holds the largest share in the global medical supplies market, However the Asia-Pacific region is expected to witness fastest growth during the period 2017– 2023. The robust demand, in the Asia-Pacific region, is one of the key driving factors for the overall growth of the global medical supplies market. Economies such as China and India are the key markets and offer high potential for the market growth in the region. The growth in these developing economies is attributed to improving healthcare infrastructure and services, coupled with rise in medical tourism and growing population.
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