Medical Supplies Market Overview
Medical supplies cover a wide range of items, from a basic first-aid pack to advanced medical equipment. Some medical supplies are utilized in medicine administration operations, such as hypodermic devices and inhalation supplies, while sterilization and infection prevention supplies are used to keep healthcare facilities clean. Disposable or one-time-use medical supplies are available.
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The global medical supplies market is expected to expand at a CAGR of 4.6%, from USD 132.6 billion in 2020 to USD 133.5 billion in 2025. The expanding prevalence of chronic diseases around the world, rising government and corporate investments in healthcare initiatives and infrastructure development, rising demand for infection control methods to prevent HAIs, and rising demand for medical equipment are all driving this industry forward. Furthermore, the growing elderly population and the rising number of patients with conditions including cardiovascular, renal, diabetes, hypertension, and others are major market drivers in this industry.
The advent of serious infections such as covid-19, Zika, Ebola, and others has necessitated the use of emergency medical supplies. Manufacturers have intensified their efforts to create ventilators, medical gowns, gloves, and other supplies in response to the crisis. In addition, the development of oral or edible vaccines may be beneficial to the global medical supply market. It has been proven that highlighting the usage of disposable syringes can help to reduce hospital-acquired illnesses. Increased use of dialysis procedures, growth in diabetes cases, and a large patient pool for renal illnesses will all boost the industry.
Medical supplies Market Segmental Analysis
The segmentation of the medical supplies market is done by the application and by end-users. By application, the market is further categorized into wound care, sterilization, urology, and anesthesia. By end-users, the market is segmented into clinics, nursing homes, and hospitals.
Medical supplies Market Detailed Regional Analysis
The global medical supplies market is divided into four regions: North America, Europe, Asia Pacific, and the rest of the world.
The North American medical supplies market is possibly segmented into hospitals, AMCs, trauma centres, and specialty clinics in terms of end-use coverage. The trauma centers market is expected to increase at a startling rate in the approaching years, owing to the fact that these workplaces are fueled by competent personnel and equipped with cutting-edge medical technology. The United States is positioned to become a dynamo for the North American market in terms of regional investment. The growth can be attributed to a larger number of steps taken by government authorities and industry participants to speed up the development and production of products such as gloves and masks.
When compared to the leading countries in the world, Asia-Pacific countries such as China and India are constantly developing their hospital bed density estimates. However, several nations have a significant unmet need for hospital supplies such as sterilisation and disinfection equipment and patient examination instruments, which are essential for limiting the spread of communicable illnesses in the hospital setting. In impoverished countries, it creates a huge demand for medical supplies. The demand for hospital supplies is predicted to rise in Asia-Pacific as a result of developing healthcare infrastructure and increased government initiatives to improve and expand healthcare facilities.
The European medical supplies market is estimated to grow at a CAGR of 12.4% during the forecast period. High demand, owing to increased chronic diseases and a growing elderly population, as well as investment in healthcare infrastructure, are driving the growth of the European hospital supplies market. Chronic diseases, which affect one-third of the European population aged 15 and up, are causing increasing distress. As a result of this improved awareness, hospital admission rates are growing, which is supporting total market growth in Europe.
Medical supplies Market Competitive Analysis
Some of the leading players in the medical supplies market are 3M Company (USA), Braun Melsungen AG (Germany). Johnson & Johnson (USA), Baxter International Inc. (USA), Medtronic plc (Ireland), Boston Scientific Corporation (USA), Thermo Fisher Scientific Inc. (USA), and Halyard Health, Inc. (USA)
Industry Updates
In June 2021, the GST Council of India slashed taxes on the medical supplies used for covid treatment. Along with this, the tax on drugs such as tocilizumab and Amphotericin B have been reduced to 0% from 5%.
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