A medical device is any instrument, equipment intended to be used for any medical purpose. Different types of medical devices are used for various medical applications such as surgical knives, forceps, gloves, syringes, bandages and dressings, medical laboratory equipment, stethoscopes, dental drills, x-ray films, veterinarian instruments, and other related supplies. However, high-tech medical equipment and retail drug sales are excluded from medical supplies. The companies with equipment supplies such as interventional cardiology devices and dental devices require extensive capital expenditures and revenue generation for their existence in the market. Their products are high-tech and large amount is spend on research and development activities to maintain a steady rollout of new offerings. However, profitability of the companies that supply disposable items such as syringes and surgical gloves is dependent on procedure volume, particularly in hospitals, and therefore, does not require substantial amounts of capital expenditures. Therefore, availability of technologically advanced as well as more effective products and rise in investment in healthcare sector is fueling the market growth.
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Market Dynamics- Drivers
Growing number of hospitals, surgical, and outpatient procedures coupled with rigorous changes in medical standards to enforce infection prevention standards is expected to drive growth of the global medical supplies market during the forecast period. For instance, in 2012, Kuwait Ministry of Health and Public Works announced a grant of US$ 4.4 billion to replace and expand nine operating hospitals, which is expected to provide additional 5,400 beds, 150 operating rooms, and 500 outpatient clinics. This is expected to create a lucrative environment for growth of the market.
Growing volume of patients who need long-term therapy, drug delivery, and other associated services are expected to increase the demand for medical supplies and thereby drive the market growth in the near future. Furthermore, increasing use of safety-enhanced devices for minimally invasive surgeries, parenteral medicines, and inhalation therapies is expected to drive the market. Growing prevalence of chronic conditions such as cancer, heart disorders, neurological disorders, and gynecological disorders will lead to an increase in the number of hospitalizations, thereby increasing the demand for medical supplies. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2015, around 800,000 people in the U.S. died due to stroke and other cardiovascular diseases. Moreover the market is expected to witness significant growth, owing to increasing prevalence of age-related conditions and early diagnosis chronic diseases. According to United Nations Organization, there are an estimated 962 million people aged 60 or over in the world in 2017, comprising 13% of the global population and this population is continuously growing at a rate of about 3 per cent per year. Currently, Europe has the greatest percentage of population aged 60 or over (25%) in the same year.
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Market Dynamics- Restraints
Since the market is fragmented into various small scale players, there is a huge competitive among players. Local vendors in the market are offering lucrative prices on legacy products to retain their market share and enhance their net profit. These factors are expected to restrain growth of the global medical supplies market during the forecast period. Vendors continuously cutting prices on legacy products to retain the market share and support production volume and net profit. Majority of the disposable products that are not protected by patents are more likely to open to competition. Thus all these factors may restraint the overall market growth to some extent. However, key players in the market are investing on research and development of novel technologies, which is expected to create conducive opportunities for them in the near future.
On the basis of region, global medical supplies market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Developed countries such as Japan, U.S., and Western countries are expected to witness slow demand due to robust resource of medical supplies and strict infection prevention standards. On the contrary, growth in the BRIC (Brazil, Russia, India, and China) countries and many other emerging economies is expected to boost as healthcare sector is modernized, expanding, and adapting to formal infection prevention protocols.
Some of the key players operating in the medical supplies market include B. Braun Melsungen AG, Becton, Dickinson and Company, Cardinal Health, Inc., Halyard Health, Inc., Johnson & Johnson, Thermo Fisher Scientific Inc., Boston Scientific Corporation, Baxter International Inc., and 3M Company among others.
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Key players in the market are focused on various growth strategies such as capacity expansion, product launch, and mergers acquisition, in order to gain competitive edge in the market. For instance, in 2017, Becton Dickinson acquired C.R. Bard, Inc., both companies will lead a position to improve the treatment of disease for patients and the process of care for health care providers. Furthermore, in April 2018, B. Braun Melsungen AG started five new and enhanced production plants and other administrative buildings in Penang to manufacture medical devices for infusion therapy and surgical instruments for the treatment of patients in Malaysia and across the world.
Global Medical Supplies Market – Taxonomy
By Product Type
- Diagnostic Supplies
- Dialysis Consumables
- Inhalation Products
- Wound Care Consumables
- Radiology Consumables
- Infection Control Supplies
- Infusion Products
- Intubation & Ventilation Supplies
- Personal Protection Equipment (PPE)
- Hypodermic Products
- Sterilization Consumables
- Other Medical Supplies
- Wound Care
- Other Applications
- Nursing Homes
- Ambulatory Surgical Centers
- Other End Users
- North America
- Latin America
- Asia Pacific
- Middle East
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