Global Medical Supplies Market Forecast 2023-2030
- Global Medical Supplies Market is valued at USD 144.35 Billion in 2022.
- Global Medical Supplies Market valuation to reach USD 89 Billion by 2030.
- Medical Supplies sales to account for a significant CAGR of 4.60% during 2023 – 2030.
The outbreak of pandemic has increased demand for medical supplies such as N95 masks, ventilators, sanitizers, and PPE kits which is driving industry growth in this sector. Also included within this market are various gadgets, tools and consumables used in hospitals and healthcare facilities worldwide as a result of coronavirus’ global impact. Due to this shortage in resources on frontlines because of coronavirus infection, non-pharmaceutical enterprises have started manufacturing various medical products resulting in new opportunities within this market.
Becton Dickinson and Company, 3M, Baxter International Inc. and Boston Scientific Corporation dominate the Global Medical Supplies Market. Demand for their products mainly emanates from emerging economies like China and India where healthcare sector has seen rapid expansion. Growth of this market can be seen through factors like chronic and infectious diseases prevalence rising rates, rising number of accidents injuries lead to growing healthcare expenditure, improving infrastructure and rising penetration insurance coverage rates.
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***Note – The Medical Supplies Industry Sample Report Includes:
- Scope For 2030
- A brief introduction to the Medical Supplies latest research report.
- Leading players in the Market
- Research framework (structure of the report)
- Short term market dynamics
- Marketing Channel
- Market Segmentation
- List of Figures, Charts.
- List of Tables [TOC]
- Research methodology adopted by Vantage Market Research
Top Companies in Global Medical Supplies Market
- Cardinal Health Inc. (US)
- Johnson & Johnson (US)
- Medtronic (Ireland)
- Braun Melsungen AG (Germany)
- Thermo Fisher Scientific Inc. (US)
- Boston Scientific Corporation (US)
- International Inc. (US)
- 3M (US)
- ConvaTec Group Plc. (UK)
- Avanos Medical Inc. (US)
- Smith & Nephew (Ireland)
- Merit Medical Systems (US)
- Cook Medical (US)
- Abbott (US)
- Terumo Corporation (Japan)
- Stryker (US)
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Medical Supplies Market Driving Factors
Rising hospital admissions, surgical and outpatient procedures, as well as advancements and enforcement of infection prevention standards are expected to boost the adoption of medical supplies over time. In 2012, Kuwait Ministry of Health and Public Works announced a grant of USD 4.4 billion to replace and amplify nine operating hospitals, adding 5,400 beds, 150 operating rooms, and 500 outpatient clinics – creating an ideal environment for market expansion.
Rising numbers of patients who require long-term therapy or surgery, drug delivery, and related products is projected to stimulate demand for medical supplies, promoting the market forward. Safety-enhanced devices for minimally invasive delivery of parenteral medicines, IV solutions and inhalation therapies are expected to contribute significantly. Furthermore, an increase in hospitalizations for conditions like cancer, heart diseases, neurological diseases or gynecological problems will likely bolster medical supplies demand further.
According to the CDC foundation, in 2015 approximately 800,000 U.S. deaths occurred due to cardiovascular diseases including stroke. With an aging demographic comes an enormous drive towards device development that will address age-related conditions while providing early diagnostic tools. According to United Nations Organization, in 2017 an estimated 962 million people aged 60 or over existed worldwide – representing 13% of total global population; growing at an annual rate of approximately 3-4% with Europe leading this trend with 25% aged 60 or above in its population in the same year.
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Medical Supplies Market Restraints
This market is composed of many small to large scale companies, making competition between vendors very fierce. Vendors frequently cut prices on legacy products in order to hold market share while supporting production volumes and net profits, while most disposable products not protected by patents are more susceptible to competition – all these factors restrain overall market growth in some way. To address them, competitors need to improve existing products through technology advances as well as boost R&D spending to meet any technological gaps or shortcomings that exist in their offerings.
Global Medical Supplies Market Segmentation
- Diagnostic Supplies
- Personal Protective Equipment
- Sterilization Consumables
- Infusion & Injectable Supplies
- Intubation & Ventilation Supplies
- Infection Control
By End User:
- Clinics/Physician Offices
- Other End Users
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Market Trends and Opportunities
One of the recent trends observed by (VMR) in the global medical supplies market is that leading players are engaging in acquisition strategies primarily with an eye towards expanding their global share. Baxter International Inc. purchased Claris Injectables, which was part of Claris Lifesciences sterile injectable pharmaceutical company Claris Lifesciences for $625.0 million to expand its product portfolio; and Boston Scientific Corporation announced an agreement to purchase Symetis SA in March 2017; both these medical technology firms specialize in transcatheter aortic valve implantation (TAVI) devices designed for minimally invasive heart valve replacement procedures.
Players in the industry have responded to the rising demand for medical supplies through online distribution channels. Online selling provides ample opportunities for vendors of these supplies to expand their network across multiple geographies. With global internet penetration growing at such an incredible rate, consumers have taken to purchasing medical products online platforms as it often proves cheaper compared to products supplied through conventional distribution channels.
Asia-Pacific is expected to experience the fastest compound annual growth (CAGR) during forecast period 2023-2030. This region contains the highest prevalence rate of chronic illnesses. China’s healthcare sector has witnessed tremendous development due to FDI investments and merger and acquisition activities by major market players.
Geriatric populations are highly vulnerable to numerous illnesses, with China being home to the world’s highest geriatric population. By 2050, one out of every four people will be over the age of 60; overall population projections show about 1.3 billion. Additionally, China is the world’s leading exporter of low-tech medical device equipment, offering growth and investment opportunities to emerging players looking to enter this hospital supply industry.
North America emerged as the global medical supplies market revenue leader.
North America leads the hospital supplies market due to an increasing number of cost-effective minimally invasive procedures and rising prevalence of communicable diseases and hospital-acquired infections, which has forced healthcare sectors to implement advanced supplies. According to CDC estimates in 2015 in the U.S. alone 62700 patients suffered catheter-associated urinary tract infections while disposable supplies are increasingly being preferred as disposable care solutions and patient security is prioritized over cost considerations; Stryker and Medtronic Covidine supply providers further augment this growth of course!
Furthermore, the increasing prevalence of chronic diseases, an aging population, substantial healthcare expenditures and well-established infrastructure as well as high demands for surgical procedures among its population. Furthermore, health and medical insurance policies offer individuals financial security when seeking hospital facilities for healthcare services, thus stimulating its market further. All these factors should contribute positively to North America medical supplies industry growth.
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