Ottawa, Nov. 24, 2021 (GLOBE NEWSWIRE) -- Precedence Research, Recently Announced Report on “Medical Supplies Market Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 to 2030”.
The rising penetration of hospitals, clinics, intensive care units, and other diagnostic centers across the globe is the primary driver of the global medical supplies market. The growing prevalence of chronic diseases and rising number of road accidents is significantly boosting the consumption of the medical supplies. According to the World Health Organization, the road accidents are the major cause of injury and death among the population aged between 5 years to 29 years. Around 93% of the road accidents occur in the underdeveloped and developing economies.
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The growing demand for the diagnosis of various chronic diseases among the population is further fueling the demand for the medical supplies. According to the CDC, in 2019, there were 45 million outpatient surgeries, over 900 million physician visits, and 155 million emergency department visits in US. Moreover, the rising popularity of non-invasive surgeries among the population especially in the developed nations is propelling the demand for the medical supplies.
Scope of the Medical Supplies Market
| Report Coverage | Details |
| Market Size in 2021 | USD 130 billion |
| Growth Rate From 2021 to 2030 | CAGR of 3.7% |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Base Year | 2021 |
| Regional Scope |
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| Companies Covered | 3M, Medtronic, Johnson & Johnson, Smith & Nephew, BD, Cardinal Health, Inc., Abbott, B. Braun Melsungen AG, Stryker, Boston Scientific Corporation, Thermo Fisher Scientific, Inc., Baxter International, Inc., Avanos Medical, Inc. |
The lack of proper healthcare infrastructure in the underdeveloped markets and lower demand for the surgeries owing to low disposable income of the consumers are the major factors that limit the growth of the medical supplies market. The stringent government regulations pertaining the medical supplies and good manufacturing practices are the major challenges faced by the market players.
Based on the region, North America dominated the global medical supplies market in 2020. The rising prevalence of various chronic diseases in US and Canada is significantly contributing towards the increased consumption of the medical supplies. Increasing prevalence of chronic diseases, rising geriatric population, increased healthcare expenditure, developed healthcare infrastructure, and increasing demand for the surgeries among the population are several prominent factors that may be held accountable for the increased demand for the medical supplies in North America. The higher penetration and adoption of health and medical insurance policies among the population encourages the people to go for the surgery treatment, which drives the growth of the global medical supplies market in the region.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. This can be attributed to the increased government investments in the development of the sophisticated healthcare infrastructure in the region. The rising popularity of non-invasive surgeries and growing adoption of health and medical insurance among the population is positively impacting the market. Further, the increasing number of diagnostic centers and private clinics in the region is further fueling the market demand. Moreover, the increased number of road accident cases is a major factor that may significantly drive the demand for the medical supplies in Asia Pacific during the forecast period.
Based on type, the catheters segment dominated the market in 2020. This is due to the rising geriatric population and rise in the number of diabetic population. The chronic diseases such as diabetes, stroke, dementia, and chronic obstructive pulmonary disease can cause urinary incontinence. According to the WHO, urinary incontinence is prevalent among 9.9% to 36.1% of the population. It is twice higher in older women as compared to that of older men. Urinary incontinence is the primary driver of the catheters segment in the global medical supplies market.
Based on the application, the wound care segment is estimated to be the most opportunistic segment during the forecast period. The rising cases of road traffic accidents is expected to be the major driver of the wound care consumables. According to WHO, road accidents is one of the most prominent cause of death among the children and young adults aged between 5 years to 29 years. Around 93% of the road accidents are occurred in the low and middle income countries. Hence, this segment is expected to grow rapidly in the upcoming future.
Based on the end user, the hospitals segment dominated the market in 2020. The rising penetration of the hospitals in the developing and the developed nations has fostered the growth of this segment. The increased number of hospital admissions, and rising demand for the surgeries is fueling the consumption of the medical supplies across the globe. Moreover, developed healthcare infrastructure in the developed regions like Europe and North America played a crucial role in the growth of the medical supplies market. Moreover, rising government and corporate investments in the development of hospitals in the developing countries like India, China, and Brazil is expected to further fuel the demand for the medical supplies in the upcoming future.
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Segments Covered in the Report
By Type
- Diagnostic Supplies
- Infusion & Injectable Supplies
- Disinfectants
- PPE
- Sterilization Consumables
- Wound Care Consumables
- Dialysis Consumables
- Catheters
- Radiology Consumables
- Others
By Application
- Radiology
- Wound Care
- Cardiology
- Urology
- Respiratory
- Infection Control
- IVD
- Others
By End User
- Hospitals
- Clinics
- Others
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