The global medical supplies market size is forecasted to reach from US$ 130 billion in 2021 to US$ 181.06 billion by 2030, growing at a CAGR of 3.7% from 2021 to 2030, as per reports by market research and consulting organization Precedence Research.
The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030. The medical supplies market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit). The report offers exclusive insights to help companies make informed decisions to sustain growth through the assessment period.
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The rapid growth in the number of hospitals and clinics across the globe is estimated to foster the demand for the medical supplies in the forthcoming years. The rising prevalence of various chronic diseases, growing geriatric population, and rising incidences of road traffic accidents are the major contributors for the growing demand for medical supplies. The government is investing heavily in the development of sophisticated healthcare infrastructure in the underdeveloped and developing nations, which is expected to spur the growth of the medical supplies market all over the globe.
The medical supplies market is driven by the increasing healthcare expenditure and constantly evolving technologies in the medical equipment industry. The rising demand for the diagnosis is positively contributing towards the development of the medical supplies market. Moreover, the rising popularity of non-invasive surgeries among the population especially in the developed nations is propelling the demand for the medical supplies.
Report Scope of the Medical Supplies Market
|Market Size||USD 181.06 Billion by 2030|
|Growth Rate||CAGR of 3.7% From 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Type, Application, End Use, Region|
The report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation and so on.
Some of the prominent players in the global medical supplies market are listed as below:
- Cardinal Health, Inc.
- Johnson & Johnson
- B. Braun Melsungen AG
- Boston Scientific Corporation
- Thermo Fisher Scientific, Inc.
- Baxter International, Inc.
- Avanos Medical, Inc.
- Smith & Nephew
- ConvaTec Group Plc.
- Teleflex Incorporated
- Fresenius Medical Care AG & Co. KGaA
- Coloplast Group
- Cook Medical
- Merit Medical Systems
- Terumo Corporation
The steady revenue growth of the global medical supplies market is supported by factors such as the rising prevalence of acute and chronic illnesses such as cardiac, infectious, oncological, respiratory, and urological disorders across the globe. Growing patient pool due to increased inclination towards unhealthy lifestyle choices such as alcoholism, smoking, lack of physical activity, and excessive junk food consumption, and rapidly growing rate of hospital admissions have led to a substantial increase in demand for medical supplies.
Therefore, the growing demand for medical supplies such as personal protective equipment (PPE), disinfectants, and numerous other disposable hospital supplies amid the ongoing COVID-19 pandemic is driving the global market revenue growth to a major extent. Some other important factors boosting revenue growth of the market are increasing incidences of road accidents and physical injuries, rising volumes of surgeries, rapid adoption of technologically advanced diagnostic and surgical equipment in healthcare facilities, and rapidly advancing global healthcare infrastructure.
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.
Segments Covered in the Report
- Diagnostic Supplies
- Infusion & Injectable Supplies
- Sterilization Consumables
- Wound Care Consumables
- Dialysis Consumables
- Radiology Consumables
- Wound Care
- Infection Control
By End User
– North America (U.S. and Canada)
– Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
– Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
– Latin America (Brazil and Rest of Latin America)
– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Why should you invest in this report?
If you are aiming to enter the global medical supplies market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for medical supplies are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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