CAGR of 4.5%, Medical Supplies Market is Expected to Reach USD 185.21 Billion in 2028, Says Brandessence Market Research

LONDON, June 6, 2022 /PRNewswire/ -- The Medical Supplies Market Value is expected to record a valuation of USD 185.21 Billion by 2028, Registering to Accelerate at a 4.5% CAGR, According to the most recent study by Brandessence Market Research & Consulting Pvt ltd.

The Global Medical Supplies Market size was Valued at USD 136.10 Billion in 2021. Medical Supplies Market Size, Share & Trends Analysis Report By Type (Infusion Products, Blood Collection Tubes, Wound Care Products, Dialysis Consumables, Surgical Drapes, Blood Glucose Test Strips, Adult Incontinence Products), By Application (Urology, Wound Care, Sterilization, Anesthesia), Based On Region And Segment Forecasts 2022 – 2028

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The major players operating in the global medical supplies market are:

Medtronic plc, Cardinal Health, Inc., BD, Johnson & Johnson, B. Braun Melsungen AG, Boston Scientific Corporation, Thermo Fisher Scientific, Inc., Baxter International, Inc., Halyard Health, Inc., Avanos Medical, Inc., 3M Company, Smith & Nephew, ConvaTec Group Plc., Abbott, Cook Medical, Merit Medical Systems, Stryker, Terumo Corporation, Teleflex Incorporated, Fresenius Medical Care AG & Co. KGaA, and Coloplast Group.

Medical supplies market: Key Drivers

The outbreak of COVID-19 across the globe has led to a surge in the demand for medical devices at an exponential rate. Healthcare products and consumables such as masks, ventilators, and PPE have witnessed significant demand in recent months. The World Health Organization has warned severe and mounting disruption of the global supply of PPE due to the rising demand, panic buying, hoarding, and misuse. Shortages of these essential commodities have left doctors, nurses, and other frontline workers dangerously ill-equipped to care for COVID-19 patients. To combat this situation, the WHO has advised governments and leading industry players to increase their manufacturing and supply capacity by almost 40%.

According to a press release by the WHO on March 5, 2020, based on WHO modeling, around 89 million medical masks are estimated to be required for the COVID-19 response each month. Similarly, the demand for examination gloves and goggles is estimated to stand at 76 million and 1.6 million per month. According to the United States Conference of Mayors, cities in the US need 28.5 million face masks, 24.4 million other pieces of PPE, 7.9 million COVID-19 test kits, and 139,000 ventilators. These factors are expected to increase the demand for various medical supplies in several countries across the globe in the coming months.

According to a new report by the World Trade Organization (WTO) Secretariat, eighty countries and customs territories so far have introduced export prohibitions or restrictions due to the COVID-19 pandemic. These export prohibitions and restrictions mostly cover medical supplies such as face masks, pharmaceuticals, ventilators, and other medical equipment. Countries such as China and India have also imposed restrictions on exporting certain medical products to limit the chances of facing a shortage of essential products. Restrictive measures by exporting countries are reducing the global supply of these products, leading to even higher prices. In the short term, the current export restrictions could increase the prices of medical masks by approximately 20.5% and the prices of Venturi masks by 9.1%.

Similarly, the prices of protective equipment such as aprons and gloves are estimated to rise between 1% and 2% due to the current restrictions. Other products could experience comparatively smaller increases in their prices. Recently imposed export restrictions by leading producing countries could cause significant disruptions in supplies for developing countries and might further contribute to price increases of medical supplies. The prices for medical supplies are estimated to rise by up to 23% on average, hence leading to a slight decline in the demand for medical supplies.

The medical tourism industry in Asian countries has undergone significant changes over the years, with an increasing number of patients from developed regions such as Europe and North America shifting their focus on undergoing medical treatments in these countries. Asian countries such as Singapore, Malaysia, Thailand, and India offer quality healthcare services at affordable costs.

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Medical supplies market: Key Trends

The outbreak of COVID-19 has led to rising concerns over hygiene, leading to an increased demand for disinfectants. Shortfalls in capacity have prompted healthcare facilities to boost and expand their infrastructure to meet the demands of an increasing patient inflow. Simultaneously, the demand for PPE kits and masks has risen from all quarters.

The use of disinfectants has increased considerably since there is rising need for combating the condition. Manufacturers of disinfectants are, therefore, ramping up production to meet increased demands. For instance, Dutch manufacturer DSM stated that the government sped up the permit process to begin producing disinfectants. Capacity has been expanded to increase production volumes to 130,000 litres of disinfectants, as per WHO specifications.

A shortage of and limited access to supplies such as gloves, medical masks, respirators, goggles, face shields, gowns, and aprons is leaving doctors, nurses, and other frontline workers dangerously ill-equipped to care for COVID-19 patients. Companies have been working to provide the required volume of masks and other essentials for healthcare workers. For instance, Apple donated 2 million masks to the US in March 2020. Similarly, Microsoft has shipped 15,000 pairs of protective goggles, as well as infrared thermometers, medical caps, and protective suits to various countries.

The demand for hand sanitizers is surging globally due to the spread of COVID-19, prompting retailers to ration supplies and online vendors to hike prices. This has also drawn distillers to use their alcohol supply to produce hand sanitizers. For instance, in March 2020, Portland-based Shine Distillery & Grill started making and distributing its hand cleaners free of cost.

Medical supplies market Segmentation Analysis

Based on type, the global medical supplies market is segmented into diagnostic supplies, infusion & injectable supplies, intubation & ventilation supplies, disinfectants, personal protective equipment, sterilization consumables, wound care consumables, dialysis consumables, radiology consumables, catheters, sleep apnea consumables, and other medical supplies. Significant share of the segment can be attributed to the rising target patient population and the growing focus on minimally invasive surgical procedures.

Based on application, the medical supplies market is segmented into urology, wound care, radiology, respiratory, infection control, cardiology, IVD, and other applications. Other applications include, orthopaedics, dentistry, neurology, gastroenterology, and waste management applications. The other applications segment held the largest share of the market in 2019, primarily due to the increasing number of surgical procedures.

Based on end user, the medical supplies market is segmented into Hospitals, Clinics/Physician Offices and Other End Users. The hospitals segment held the largest share of the market in 2019, primarily due to the increasing investments in healthcare systems, and increasing prevalence of chronic diseases requiring hospitalizations.

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Medical supplies market: Regional Analysis

Based on region, the global medical supplies market in North America, Europe, the Asia Pacific, and the Rest of the World has been covered in this report. In 2019, North America held the largest share of the market, followed by Europe. The rising incidence of chronic diseases, increasing geriatric population, and the increasing prevalence of COVID-19 are the major factors driving the growth of the medical supplies market in North America.

On Special Requirement Medical Supplies Market Report is also available for below region:

North America

• U.S, Canada

Europe

• Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

• South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

• Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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