Medical Supplies Market to Reach USD 329030 Million by 2028 at a CAGR of 7.1% | Valuates Reports

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13 Jan, 2022, 18:30 IST

BANGALORE, India, Jan. 13, 2022 /PRNewswire/ -- The Global Medical Supplies Market is Segmented by Type (Vascular Intervention Supplies, Medical Implanting Material, Injection and Infusion, Wound Care, Blood and Analysis, Incontinence Supplies), by Application (Hospital, Clinic, Nursing Home) and Geography – Global Forecast up to 2026. It is published in Valuates Reports under the Medical Devices & Equipment Category.

The global Medical Supplies market size is projected to reach USD 329030 Million by 2028, from USD 202430 Million in 2021, at a CAGR of 7.1% during 2022-2028.

Major factors driving the growth of medical supplies market are:

The rising frequency of chronic diseases, which leads to more hospital admissions and surgeries, is a major driver of the medical supplies market.

In addition, rising hospital-acquired infections (HAIs), a growing shift to home-based settings, and increased investments in important medical supplies are likely to boost Medical Supplies market growth in the future years.

Furthermore, the growing elderly population, improved healthcare infrastructure in emerging nations, and the ongoing need for disposable medical supplies would propel the medical supplies market forward throughout the forecast period.

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TRENDS INFLUENCING THE GROWTH OF THE MEDICAL SUPPLIES MARKET

Sedentary lifestyles have contributed to an increase in the prevalence of chronic diseases such as cancer and diabetes. Furthermore, healthcare organisations are focusing on increasing diagnosis and treatment rates through public awareness campaigns and more surgical procedures. This, in turn, is expected to fuel the growth of the medical supplies market.

Growing cases of healthcare-acquired infections (HAIs), rising awareness about health and hygiene, particularly in hospitals, are driving demand for disposable medical supplies such as gloves, face masks, and gowns for protection. Furthermore, with a huge economic burden associated with rising diagnosis and treatment rates of patients in hospitals, key market players are focusing on the development of advanced and easy-to-use medical supplies equipment. Thus, increasing investments by key market players, rising HAI incidences, and a rapid transition to home-based settings are expected to drive the medical supplies market in the coming years.

The growing geriatric population around the world, combined with the rapid transformation of healthcare infrastructure in emerging economies, is driving demand for disposable medical supplies.

The global demand for medical supplies is expected to be driven by the emergence of severe illnesses such as the ongoing Coronavirus pandemic. Since the introduction of COVID-19 in many countries, the demand for medical supplies, in-vitro diagnostic instruments, and respiratory care devices has skyrocketed. This trend is expected to fuel the growth of the medical supplies market.

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MEDICAL SUPPLIES MARKET SHARE ANALYSIS

Based on type, The wound care segment is expected to be the most lucrative. The key driver of wound care supplies is predicted to be the increased occurrences of chronic disease, along with surgical procedures and road traffic accidents.

Based on application, The hospitals segment is expected to be the most lucrative. The rising penetration of the hospitals in the developing and the developed nations has fostered the growth of this segment. The rising demand for surgeries and the increased number of hospital admissions are driving up the demand for medical supplies all around the world. Furthermore, the expansion of the medical supplies market was aided by enhanced healthcare infrastructure in developed regions such as Europe and North America. Furthermore, increased government and corporate investments in the establishment of hospitals in developing nations such as India, China, and Brazil are likely to boost medical supply demand in the near future.

Based on region, North America held the largest Medical Supplies market share, with a share of about 35%, followed by Europe and China, having a total share of about 40 percent.

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TOP COMPANIES IN THE MEDICAL SUPPLIES MARKET:

Top five Medical Supplies market players held a share of about 20%.

Global Medical Supplies key players include Johnson & Johnson, BD, Zimmer Biomet, Stryker, Medtronic, etc. 

Other Companies:

  • Smith & Nephew
  • Boston Scientific
  • Abbott
  • Alcon
  • 3M
  • Braun
  • Terumo Corporation
  • Coloplast
  • Teleflex
  • ConvaTec.

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