New York, USA, March 07, 2023 (GLOBE NEWSWIRE) -- Medical Supplies Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR). “Medical Supplies Market Information by Type, Application, End User and Region - Forecast till 2030”, the market size was valued at USD 8.4 billion in 2021 and is projected to grow from USD 8.78 Billion in 2022 to USD 12.03 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.6% during the forecast period (2022 - 2030).
Market Scope
The increasing adoption of technologically advanced smart wearables and image-guided therapy systems coupled with the ongoing trends of accurate and real-time monitoring is anticipated to drive market growth. The global market of medical supplies is an ever-increasing space. Over the last decade, the medical supplies market is invariably registering a higher CAGR.
Medical supplies and equipment significantly impact the quality of patient care and account for a high proportion of healthcare costs. Medical supplies comprise consumables and disposable healthcare materials ordered or prescribed by a physician. The demand for low-cost medical supplies is high enough for primarily and customarily used to serve medical purposes, including customary supplies, catheters, oxygen, gloves, gauze, needles and syringes, and diabetic supplies.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 12.03 Billion |
| CAGR | 4.6% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing prevalence of chronic diseases |
| Growing surgical procedures to drive the market growth |
At any hospital, the cost of materials constitutes between 22 and 24 percent of total expenses. To help hospitals to cut down on their procurement inefficiencies and bring down the costs to about 17-19 percent, players operating in the medical supplies market are following the B2B marketplace model where they act as an aggregator charging a service fee for packing and delivering products depending on category and size.
Thus, by eliminating middlemen in the supply chain, providing choice, and bringing transparency to pricing, they ensure the delivery of medical supplies on time. Besides, these supplier companies maintain a limited inventory of fast-moving goods, selling directly to customers for a commission.
Generally, the complex web of e-commerce operation stocks around 100,000 products ranging from a machine as complex as an MRI scanner to a cotton roll, ensuring timely delivery. They also open fulfillment centers to aid in the process of receiving, packaging, and shipping orders for goods.
Medical Supplies Market Dynamics
The growing use of drone services for carrying out deliveries of medical supplies in various locations across the world has positively impacted market growth, improving supply chain operations. Using drone services helps cut down delivery times but also improves deliveries in hard-to-reach and rural locations as compared to by-road and ferry deliveries.
Prevailing chronic diseases such as heart disorders and cancer supports the market growth, raising the necessities for these supplies. Additional factors bolstering the market size include the growing healthcare sector increasing population, and urbanization. Improving economic conditions worldwide supports market growth, increasing accessibility to good health care.
Simultaneously, factors such as the growing geriatric population and the rising number of patients with chronic diseases such as cardiovascular, renal, diabetes, hypertension, and others provide impetus to the market growth. Furthermore, safety-enhanced devices for the minimally invasive delivery of medicines, inhalation therapies, and IV and dialysis solutions are expected to lead the market growth.
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Competitive Landscape
The fiercely competitive medical supplies market appears fragmented, characterized by the presence of numerous small & large players. By incorporating strategic initiatives such as partnership, collaboration, technology launch, expansion, and acquisition, industry players try to gain a larger competitive share in this market.
These players are accentuating fundraising to strengthen their technology and increase the team size. They also plan to foster the number of their fulfilment centers through online platforms and develop supply chain & logistics capability.
For instance, on Feb.17, 2023, Narayana Health, one of the best multispecialty private hospitals in India, announced a partnership with Garuda Aerospace, a leading provider of advanced automated drones, to expand its ferry medical supplies services to more hospitals.
The MoU signed between the companies will enable Narayana Health to transport bio-medical supplies, marking its foray into the medical sector across India and beyond. The partnership announcement on the final day of Aero India 2023 aims to revolutionize the delivery of critical and emergency medical supplies, including samples for diagnosis during high traffic and other challenging conditions.
Leaders in the global medical supplies market include
- Medtronic plc (Ireland)
- 3M Company (US)
- B. Braun Melsungen AG (Germany)
- Johnson & Johnson (US)
- Boston Scientific Corporation (US)
- Baxter International Inc. (US)
- Halyard Health, Inc. (US)
- Halyard Health Inc (US)
- Thermo Fisher Scientific Inc. (US)
Segmentation
The medical supplies market analysis is segmented into types, applications, end-users, and regions. The medical supplies type segment is sub-segmented into infusion products, wound care products, blood collection tubes, dialysis consumables, adult incontinence products, surgical drapes, blood glucose test strips, and others.
The application segment is sub-segmented into urology, wound care, anesthesia, sterilization, and others. The end user segment is sub-segmented into hospitals, clinics, nursing homes, and others. The region segment is sub-segmented into Asia-Pacific, Americas, Europe, and rest-of-the-world.
Regional Outlook
The medical supplies market in the North American region accounts for the largest market share globally. Extensive uptake of advanced technologies, accessibility to products & services, and the emphasis on delivering cost-competitive supplies are key driving forces fostering the market revenues of medical supplies in the region.
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The European region is rapidly emerging as a lucrative market for medical supplies, following the North American market closely. Countries like the UK, Germany, and France, backed by the adoption of technologies, purchasing power, and the presence of global players, along with the concerns over the cost of health care, drive the medical supplies market in the region.
The market of medical supplies in the Asia Pacific region is to growing rapidly. Factors substantiating the market growth include the proliferating healthcare sector and economic development in this region. Rapidly growing markets in countries such as China, Japan, and India are expected to push up the market growth in the region.
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