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Medical Supplies Market, By Type (Diagnostic Supplies, Disinfectants, Intubation & Ventilation Supplies, Personal Protection Equipment, Sterilization Supplies, Infusion & Injectable Suppliers, Dialysis Consumables, Wound Care Supplies, Radiology Supplies, and Other Medical Supplies); By End-user (Hospitals & Clinics, Ambulatory Care, and Home Setting) and Region - Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
Medical Supplies Market to surpass USD 532.7 billion by 2030 from USD 355.9 billion in 2021 at a CAGR of 4.60% in the coming years, i.e., 2021-30.
Medical supplies and equipment account for a high proportion of health care costs that have a significant impact on the quality of care. The healthcare sector has been booming worldwide over the last few years, largely due to the increasingly affluent population seeking high-quality care. The market for medical supplies is rising too rapidly along with the thriving healthcare sector, seeing the growing demand for treatment and surgical procedures.
Medical Supplies Market is expected to project a CAGR of 4.60% during the forecast period, 2021-2030
The medical supply market is driven mainly by increased awareness of environmental & personal hygiene leading to increased demand for disinfectants, expansion of healthcare facilities due to increased COVID 19 patients, and increased demand for PPE kits & N95 masks worldwide, increased demand for ventilators, and increased demand for diagnostic supplies. Furthermore, repurposing the liquor production lines to produce sanitizers gives players in this business an opportunity. While Delays in non-emergency treatment and surgical procedures and the impact of the lockdown on the supply chain and logistics are likely to curb the growth of this market.
During the forecast period, the disinfectant segment is projected to grow at the highest CAGR
The market is segmented into intubation and ventilation supplies, disinfectants, personal protective equipment, diagnostic supplies, supplies of sterilization, infusion and injection supplies, supplies of dialysis, supplies of wound care, supplies of radiology, and other medical supplies. During the forecast period, the disinfectant segment is expected to grow at the highest rate. This may be due to the increasing demand for sanitizers and other disinfectants to protect people from coronavirus cross-contamination.
The Hospital segment will drive growth in the demand for medical supplies in 2020
The medical supplies industry was segmented into hospitals, clinics, and other end-users, based on end-users. The segment of hospitals represented the largest market share in 2019 and is expected to grow at the highest growth rate during the forecast period. This segment's highest growth is attributed to the growing demands for hospital beds and intensive care units, increased demand for specialized hospital staff, and increased consumption of personal protective equipment.
The increase in demand fuels the medical supplies market
Owing to the spread of the COVID-19 pandemic, demand for N95 masks, PPE kits, and ventilators worldwide has increased. This surge in demand has a positive influence on the global market for medical supplies. The widespread disease has created a severe, front-line shortage of medical resources. This worldwide shortage of medical supplies has pushed numerous non-pharmaceutical companies into producing different medical products. For Instance, US-based SanTan Brewing in Arizona repurposed its beer production line to produce hand sanitizers in April 2020. In the same month, the company produced 400 gallons of medical-grade hand sanitizers. While Pernod Ricard's US facility, which eventually produces Malibu Coconut Rum, started producing 1000 gallons of hand sanitizer in March 2020.
An increasing number of patients with COVID-19
A growing number of patients COVID-19 require an excessive amount of medical supplies for proper care. Thus, rising positive COVID-19 cases are fuelling target market growth. As of 17 June 2020, according to World of Meters, the number of cases of coronavirus has risen to 8,264,468 while the death toll from this virus has risen to 446,135.
Lockdown leading to the transportation problem
During the lockdown period, everything being shut hinders the growth of the medical supplies market. The major problem is taking medical goods from one place to another in the COVID situation and most of the raw materials are hard to occupy.
Global Medical Supplies Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA. In 2019 North America accounted for the largest share of the market in medical supplies. North America made up the largest share of the demand for medical supplies in 2019. The large proportion of this area can be attributed mainly to the high use of intubation and ventilation equipment, a high number of positive COVID-19 cases and deaths in the US, a robust health care network, and the presence of many major hospitals in the country. In addition, a significant number of major global players are based in the United States, thanks to which the United States can easily export these.
Medtronic plc (Ireland)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Medical Supplies Market size was estimated at USD 532.7 billion by 2031 and is expected to reach USD 532.7 billion by 2031
3M Company (U.S.), B. Braun Melsungen AG (Germany), Johnson & Johnson (U.S.), Boston Scientific Corporation (U.S.), Baxter International Inc. (U.S.), Halyard Health, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Cook Medical (US), Merit Medical Systems (US), Stryker (US), Terumo Corporation (Japan)
the disinfectant segment and The Hospital segment are anticipated to hold the Medical Supplies Market
Drivers The increase in demand fuels the medical supplies market
Medical supplies and equipment account for a high proportion of health care costs that have a significant impact on the quality of care.
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