Overview:
Medical supplies & equipment account for a high proportion of health care costs, impacting the quality of care significantly. Over the past few years, the healthcare sector is burgeoning, worldwide, mainly due to the increasingly prosperous population that demands high-quality care. Along with the flourishing healthcare sector, the medical supplies market is too growing rapidly, witnessing the increasing demand in treatment and surgical procedures.
Moreover, the growing prevalence of miscellaneous large and small disorders that are driven by the ecological changes, chronic diseases, and increasing cases of accidents & injuries are escalating the market on the global platform, increasing the demand for medical supplies.
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Acknowledging the substantial growth, the market perceives currently, Market Research Future (MRFR) in its recently published study report confirms that the global medical supplies market is poised to touch a valuation over USD 132 BN by 2022, registering a staggering CAGR during the forecast period (2017-2022).
Additional factors driving the growth of the market include safety-enhanced devices used in the minimally invasive delivery of medicines, inhalation therapies & IV, and dialysis solutions among others. The improving economic conditions, worldwide, are supporting the growth of the Medical Supplies Market, increasing access to good health care.
The medical supplies business is diverse as well as vast, supplying a wide range of healthcare materials ordered/prescribed by a physician, ranging from consumables and disposable to Electronic medical devices.
Developing an online store or eCommerce site is the latest trend observed in the market. The market is increasingly witnessing the development of web store software for medical supplies distributors and wholesalers. These ERP-integrated web stores allow buyers to translate complex processes into a user-friendly and efficient ordering environment, delivering quality products at affordable prices.
While B2B e-commerce solutions support the market players’ complex sales processes for pharmaceutical products and other medical supplies. These eCommerce sites use the data stored in the Dynamics or SAP ERP system that can perfectly follow the established administrative n processes.
Key players:
Driving the global medical supplies market are, Boston Scientific Corporation (U.S.), Baxter International Inc. (U.S.), Halyard Health, Inc. (U.S.), and Thermo Fisher Scientific Inc. (U.S.) among others.
Industry/Innovation/Related News:
February 12, 2019 —- Z5 Inventory, Inc. (the US), a leading global company serving supply chain and materials management professionals in hospitals and healthcare facilities and develops physical inventory count software solutions for hospitals, unveiled online medical supplies store. The online store named Buy.Z5Inventory.com provides a low-cost alternative to traditional medical and surgical supply vendors, offering the new, long-dated product at significantly reduced prices.
February 19, 2019 —- Momina Krepost AD (Bulgaria), a leading local medical supplies company announced the purchase (acquisition) of 14.96% stake of Sopharma AD (Bulgaria), a leading drug maker and supplier of disposable medical products.
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Global Medical Supplies Market – Segmentations
The market has been segmented into four key dynamics for the ease of understanding.
By Type: Infusion Products, Blood Collection Tubes, Wound Care Products, Dialysis Consumables, Surgical Drapes, Blood Glucose Test Strips, Adult Incontinence Products, and others.
By Application: Urology, Wound Care, Sterilization, Anesthesia, and others.
By End-user: Hospitals, Clinics, Nursing Homes, and others.
By Region: North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Medical Supplies Market – Regional Analysis
North America, heading with the extensive accessibility to healthcare products & services, dominates the global medical supplies market. Similarly, factors such as the huge uptake of advanced technologies and increasing emphasis on delivering cost-competitive supplies foster the growth of the regional market.
The European medical supplies market, backed by improving economic conditions in the region has emerged as another lucrative market, globally. Additionally, factors such as increasing healthcare expenditures, the adoption of advanced technologies, and the presence of global players foster the growth of the medical supplies market in the region.
The medical supplies market in the Asia Pacific region, led by the rapidly proliferating healthcare sector and developing economy, has emerged as a promising market, globally. Proliferating markets in countries, such as Japan, China, and India, are pushing up the growth in the regional market.
Global Medical Supplies Market – Competitive Analysis
This market appears to be fiercely competitive and fragmented due to the presence of several matured as well as small but considerable players. These players try to sustain their market positions and gain a competitive advantage by means of acquisition, strategic partnership, expansion, product/technology launch, and collaboration.
To achieve their goals, they invest substantially and also transpire massive investments in R&D to develop a cost-competitive portfolio. Such strategic initiatives not only help them to move into new markets, expand the sales team, and build the portfolio of medical products but also substantially help to off-load their burdens of debts.
These players also try to increase the number of their fulfillment centers through the online platform and develop supply chain & logistics capability. They open fulfillment centers to aid in the process of receiving, packaging and shipping orders for goods.
These players follow B2B marketplace model where they act as an aggregator charging a service fee for packing and delivering products depending on category and size of Medical Supplies Market
Thus, by abolishing mediators from the supply chain they ensure timely delivery of medical supplies, providing choices with transparency in pricing. These supplying companies also try to maintain a good number of fast-moving items which they sell directly to customers for a commission.
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