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Medical Supplies Market is Expected to Reach $163.5 billion | MarketsandMarkets

MarketsandMarkets Research Pvt. Ltd.
MarketsandMarkets Research Pvt. Ltd.

Chicago, May 17, 2023 (GLOBE NEWSWIRE) -- The medical supplies industry is poised for significant growth and innovation in the near future. With advancements in technology, changing healthcare needs, and a growing global population, the demand for medical supplies is expected to rise. The industry will witness the development of innovative products and materials that improve patient care, enhance infection control measures, and streamline healthcare workflows. From surgical instruments and wound care products to disposable gloves and protective gear, medical supplies will undergo continuous improvement to meet the evolving needs of healthcare professionals and patients. Furthermore, the adoption of digitalization and automation in the manufacturing and distribution processes will improve efficiency, supply chain management, and product traceability. The industry will also see increased emphasis on sustainable and eco-friendly practices, with a focus on reducing waste and implementing environmentally friendly packaging solutions. Overall, the medical supplies industry in the near future will play a crucial role in supporting the delivery of quality healthcare services, ensuring patient safety, and driving advancements in medical technology.

Medical Supplies market in terms of revenue was estimated to be worth $138.4 billion in 2022 and is poised to reach $163.5 billion by 2027, growing at a CAGR of 3.4% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. The major factors driving the growth of this market increasing demand for infection control and rising cases of HAIs, rising volume of surgical procedures, and the increasing demand for medical devices along with the increasing prevalence of infections and chronic diseases. However, the market growth is restrained by the medical supplies’ product recalls and the strict regulatory requirements for their approvals in the market.

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Medical Supplies Market Scope:

Report Coverage

Details

Market Revenue in 2022

$138.4 billion

Estimated Value by 2027

$163.5 billion

Growth Rate

Poised to grow at a CAGR of 3.4%

Market Size Available for

2019-2027

Forecast Period

2022-2027

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Type, Application, End User, and Region

Geographies Covered

North America (US and Canada), Europe (Germany, France, UK, Italy, Spain, and the RoE), APAC (China, Japan, India, and the RoAPAC), Rest of the World (RoW)

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunity

Rising medical tourism and Emerging markets

Key Market Drivers

High prevalence of infectious and chronic diseases

The global medical supplies market is fragmented, with various companies contributing significantly to the market. The medical supplies market is fragmented in nature, with a large number of players offering a variety of products. The major players operating in this market are Medtronic, PLC. (Ireland), Cardinal Health (US), BD (US), Johnson & Johnson Private Limited (US) and B. Braun Melsungen AG (Germany).

The market is based on type, application, end user and region.

Based on type, the medical supplies market is segmented into diagnostic supplies, dialysis consumables, wound care consumables, radiology consumables, disinfectants, infusion & injectable supplies, intubation & ventilation supplies, personal protective equipment, sterilization consumables, catheters, sleep apnea consumables, and other medical supplies. The intubation & ventilation supplies segment dominated the market with its tremendous demand amid the COVID-19 pandemic, massive influx of the coronavirus patients and the massive need of the intubation & ventilation consumables.

Based on application, the medical supplies market is segmented into urology, wound care, radiology, respiratory, infection control, cardiology, IVD, and other applications. The cardiology segment is estimated to register the highest CAGR during the forecast period. The increasing prevalence of cardiovascular diseases across the globe is major factor propelling growth of this segment.

Based on end users, the medical supplies market is segmented into hospitals, clinics/physician offices, and other end users. The hospitals segment has dominated the market in 2021 and is also expected to grow at the highest growth rate during the forecast period. This can be attributed to the high incidence of hospital acquired infections (HAIs), improving healthcare infrastructure and investments.

The medical supplies market is segmented into five major regions, namely, Europe, North America, the Asia Pacific, Rest of the World. In 2021, North America accounted for the largest share of the medical supplies market, followed by Europe. The massive influx of COVID-19 patients and the advanced healthcare infrastructure and expenditure have fuelled the market share of the region. The market in the Asia Pacific is expected to register the highest CAGR during the forecast period, mainly due to factors such as economic growth in the countries of this region, large population base, rising prevalence of chronic and infectious diseases, increasing medical tourism, improving quality medical care, and rising healthcare expenses.

Key Market Players:

The global medical supplies market is fragmented, with various companies contributing significantly to the market. The medical supplies market is fragmented in nature, with a large number of players offering a variety of products. The major players operating in this market are Medtronic, PLC. (Ireland), Cardinal Health (US), BD (US), Johnson & Johnson, Inc (US) and B. Braun Melsungen AG (Germany).

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Hypothetic Challenges of Medical Supplies Market in Near Future:

  • Supply Chain Disruptions: The global medical supplies market heavily relies on complex supply chains that span across different regions. Disruptions such as natural disasters, geopolitical tensions, or pandemics could impact the availability and distribution of medical supplies. Ensuring a resilient supply chain and implementing contingency plans will be crucial to overcome these challenges.

  • Regulatory Compliance: The medical supplies industry is subject to stringent regulatory standards and requirements to ensure safety and efficacy. Keeping up with evolving regulations and maintaining compliance can pose challenges for manufacturers and distributors. Adapting to new regulations, conducting necessary testing and documentation, and adhering to quality control standards will be essential for market players.

  • Cost Pressures: Healthcare systems worldwide face cost pressures, and the medical supplies market is not immune to this challenge. As healthcare organizations seek to reduce costs, they may exert downward pressure on prices, impacting the profitability of medical supply manufacturers and distributors. Finding a balance between maintaining affordability for healthcare providers and ensuring sustainability for the industry will be crucial.

  • Technological Advancements: While technological advancements present opportunities, they can also pose challenges for the medical supplies market. New technologies may require extensive research and development investments, regulatory approvals, and market acceptance. Keeping pace with emerging technologies, such as smart devices or nanotechnology, may require continuous innovation and adaptation.

  • Quality Assurance and Counterfeit Products: Maintaining quality standards and preventing the circulation of counterfeit medical supplies is a significant challenge. Ensuring the authenticity and safety of products throughout the supply chain will require robust quality assurance measures, stringent inspections, and effective tracking and tracing systems.

  • Environmental Sustainability: With increasing awareness of environmental impact, there is a growing focus on sustainability in the medical supplies industry. Reducing waste, implementing eco-friendly materials, and improving recycling processes present challenges in terms of cost, infrastructure, and consumer adoption. Market players will need to embrace sustainable practices and invest in research and development for environmentally friendly alternatives.

Addressing these hypothetical challenges will require collaboration among stakeholders, including manufacturers, healthcare providers, regulatory authorities, and policymakers. By proactively addressing these challenges, the medical supplies market can continue to thrive and meet the evolving needs of the healthcare industry in the near future.

Top 3 Use Cases of Medical Supplies Market:

  • Surgical Instruments and Consumables: Surgical instruments and consumables form a significant portion of the medical supplies market. These include surgical instruments like scalpels, forceps, and retractors, as well as disposable items such as gloves, masks, and gowns. These supplies are crucial for surgical procedures, ensuring sterility, and preventing the transmission of infections. The use of high-quality surgical instruments and consumables enhances patient safety, improves surgical outcomes, and minimizes the risk of healthcare-associated infections.

  • Wound Care Products: Wound care products play a vital role in the medical supplies market. These include dressings, bandages, adhesive tapes, and wound closure devices. They are used to protect and promote the healing of various types of wounds, ranging from minor cuts and abrasions to complex surgical incisions and chronic ulcers. Wound care products help maintain a moist and clean wound environment, prevent infection, manage exudate, and facilitate tissue regeneration. The proper use of wound care supplies can accelerate healing, reduce the risk of complications, and improve the overall quality of patient care.

  • Diagnostic and Monitoring Devices: Diagnostic and monitoring devices are essential medical supplies used for diagnosing and monitoring various health conditions. These include devices such as blood pressure monitors, glucose meters, thermometers, pulse oximeters, and stethoscopes. Diagnostic devices aid in the detection, diagnosis, and management of diseases and medical conditions. They provide valuable information for healthcare professionals to make informed decisions about patient care. Monitoring devices, on the other hand, allow continuous tracking of vital signs and physiological parameters, enabling early detection of abnormalities and timely intervention. The use of accurate and reliable diagnostic and monitoring devices improves patient outcomes, facilitates disease management, and empowers individuals to take an active role in their healthcare.

These use cases highlight the critical role that medical supplies play in supporting healthcare delivery, ensuring patient safety, and facilitating effective diagnosis and treatment. The medical supplies market continues to innovate and evolve to meet the ever-changing needs of the healthcare industry.

Recent Developments:

  • In February 2022, Medtronic plc launched its NuVent Eustachian tube dilation balloon, which is intended for the treatment of chronic and obstructive eustachian tube dysfunction.

  • In April 2022, Boston Scientific Corporation received the FDA 510(k) clearance for the EMBOLD Fibered Detachable Coil, which is indicated to obstruct or reduce the rate of blood flow in the peripheral vasculature.

  • In June 2021, Ethicon, part of Johnson & Johnson Medical Devices Companies, launched its ENSEAL X1 Curved Jaw Tissue Sealer. The device is indicated for colorectal, gynecological, bariatric surgery, and thoracic procedures.

  • In May 2022, Cardinal Health has signed an agreement with URAC, the largest independent health care accreditation organization in the US. Under the agreement, Cardinal Health will pursue accreditation for its specialty pharmacies and practices.

  • In June 2022, BD has acquired Parata Systems, an innovative provider of pharmacy automation solutions. The acquisition will strengthen the portfolio of BD with Parata's portfolio of innovative pharmacy automation solutions.

  • In January 2022, Johnson & Johnson Medical Devices Companies signed a strategic partnership with Microsoft to further enable its digital surgery solutions.

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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com