Medical Supplies Market Size, Growth and Share Analysis By Type (infusion products, blood collection tubes, wound care products, dialysis consumables, surgical drapes, adult incontinence products, blood glucose test strips), Applications (urology, wound care, anesthesia, sterilization), End user (hospitals, clinics, nursing homes) – Forecast to 2022
Medical Supplies Market Trends and Insight
The global Medical Supplies Market size is scheduling to surge its investment in funds as it seeks to hit a hike target in the face of the economic slowdown caused by the Coronavirus pandemic. Market Research Future gathered the facts by studying over the medical supplies and comes out to be gaining revenue of USD 132 Billion by the end of 2022.
The medical supplies market might witness lucrative growth owing to escalating cases of surgeries. Medical supplies products condense the burden of work and allow easy and efficient workflow. The strengthening infrastructure of healthcare, which includes infection prevention standards, have positively influenced the medical supplies market for decades and will continue in the forecast period.
In the current days, low-cost medical supplies are replacing high value-added single-use products at the time of surgery and general patient care, which will compel the growth of the medical supplies market. The rising demand for Medical Supplies, especially gloves, owing to escalating awareness among workers regarding hygiene and health, is the foremost factor fueling the market of Medical Supplies across the globe.
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Furthermore, some factors such as surging incidences of diseases globally, a significant rise in the elderly population, surging incidences of hospital-acquired infections, growth in the rate of surgical procedures as well as a mount in the rate of accidents and injuries are all driving the growth of the market considerably.
Furthermore, the growth in this medical supplies market is also driven by the mounting prevalence of chronic diseases globally, rising government and corporate investments in healthcare projects and infrastructure development, mounting demand for infection control measures to curtail the occurrence of HAIs, and the intensifying demand for medical devices.
On the flip side, the factor of stringent regulatory requirements for the approval of medical supplies, product recalls, and the imposition of trade restrictions are somehow hampering the growth of this market.
Medical Supplies Market Segmentation
The medical supplies market is further studied among the segments of the type that has comprised of blood collection tubes, infusion products, dialysis consumables, wound care products, adult incontinence products, surgical drapes, and blood glucose test strips.
Based on the segment of applications, the medical supplies market has included wound care, urology, anesthesia, and sterilization.
Based on the segment of the end-user, the medical supplies market has included clinics, hospitals, and nursing homes.
Medical Supplies Market Regional Framework
Geographically, in the year 2019, the medical supplies market was led by North America. North America is reigning supreme as the foremost market players as it has a highly advanced setup for healthcare and the technical expertise of the professionals. These commendable factors are helping the region to come forward as the best market.
Asia Pacific medical supplies market is predicted to inflate at the highest CAGR during the forecast period. The increasing geriatric population, growth in the medical tourism industry, and the mounting prevalence of chronic medical conditions are the key factors driving the demand for medical supplies in the Asia Pacific medical supplies market.
Europe is also fast catching up as the region as it shows similar traits in implementing advanced technologies in the medical supplies market.
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Medical Supplies Market Top Players
The core players in the global medical supplies market are Medtronic plc (Ireland), Boston Scientific Corporation (U.S.), 3M Company (U.S.), Covidien Ltd. (Medtronic PLC. Company), Baxter International Inc. (U.S.), B. Braun Melsungen AG (Germany), Johnson & Johnson (U.S.), Thermo Fisher Scientific Inc. (U.S.), and Halyard Health, Inc. (U.S.), Cardinal Health., and others.
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