USD 134.94 Billion
Report ID:
SQMIG35D2081 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|
Tables:
68 |
Figures:
75
Global Medical supplies Market size was valued at USD 134.94 Billion in 2022 and is poised to grow from USD 140.07 Billion in 2023 to USD 188.76 Billion by 2031, at a CAGR of 3.8% during the forecast period (2024-2031).
The primary purpose of the medical supplies market is to support the healthcare industry in providing high-quality patient care. The market aims to meet the needs of healthcare professionals by offering a diverse range of medical supplies that enable accurate diagnoses, effective treatments, and improved patient outcomes. It plays a crucial role in ensuring the safety, efficiency, and effectiveness of healthcare delivery. The rise in healthcare spending by governments, private entities, and individuals is a significant driving factor for the medical supplies market. The high cost associated with medical supplies, especially technologically advanced equipment and devices, can be a significant restraining factor. Limited financial resources of healthcare facilities, particularly in developing regions, may hinder their ability to invest in costly medical supplies. The medical supplies market can face challenges related to supply chain disruptions, such as raw material shortages, manufacturing delays, transportation issues, and geopolitical uncertainties. The increasing preference for home healthcare services presents opportunities for the medical supplies market. The demand for portable and user-friendly medical supplies that can be used by patients or caregivers at home is on the rise.
Global Market Size
USD 134.94 Billion
Largest Segment
Clinics
Fastest Growth
Hospitals
Growth Rate
3.8% CAGR
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The global medical supplies market is segmented on the basis of end user, application, and region. In terms of end user, the market is segmented into hospitals, clinics, and others. With respect to categorization by application, the market is segmented into radiology, wound care, cardiology, urology, respiratory, infection control, IVD, and others. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Medical supplies Market Analysis by End user
The hospitals segment emerged as the dominant market player in 2021. This can be attributed to the significant customer base attracted by government hospitals, leading to higher consumption of medical supplies within these facilities. Additionally, the healthcare sector's development has been bolstered by increased investments from both the government and the corporate sector, further contributing to market growth.
During the forecast period, the clinics segment is expected to present lucrative opportunities. This can be attributed to the growing presence of private clinics in both developed and developing nations. Furthermore, the rising prevalence of various diseases and the increasing demand for disinfectants are positively impacting this segment.
Global Medical supplies Market Analysis by Application
The other segment held the largest revenue share in 2020 and is projected to maintain its dominance during the forecast period. This is primarily due to the availability of a wide variety of consumables within this segment. Factors such as the increasing demand for surgeries, the growing number of hospitals and clinics, the popularity of disposable supplies, and the focus on proper waste disposal of medical supplies are driving the growth of this segment.
The wound care segment is expected to exhibit the highest growth rate during the forecast period. The rising number of road accidents, particularly in developing nations, is fueling the demand for wound care supplies. According to the World Health Organization (WHO), road accidents are one of the leading causes of death among children and young adults aged between 5 and 29 years, with around 93% of these accidents occurring in low and middle-income countries. Therefore, this segment is anticipated to experience rapid growth in the near future.
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North America emerged as the dominant player in the global medical supplies market in terms of revenue. This can be attributed to several factors including the increasing prevalence of chronic diseases, a growing geriatric population, substantial healthcare expenditure, well-developed healthcare infrastructure, and a high demand for surgical procedures within the population. Furthermore, the widespread adoption of health and medical insurance in the region encourages individuals to seek hospital facilities for their healthcare needs. These factors are expected to contribute positively to the growth of the medical supplies market in North America.
Asia Pacific is projected to offer significant opportunities for market growth during the forecast period. This can be attributed to increased investments by governments and the corporate sector in the development of healthcare infrastructure. The region's large population, rising awareness of non-invasive surgeries, growing healthcare expenditure, and increasing awareness of hospital-acquired infections are key factors contributing to the growth of the medical supplies market.
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Global Medical supplies Market Drivers
Technological Advancements
Increasing Chronic Disease Burden
Global Medical supplies Market Restraints
Cost Constraints
Stringent Regulatory Requirements
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The global medical supplies market is highly competitive, with numerous players operating at both global and regional levels. The competitive landscape is characterized by the presence of large multinational corporations, as well as smaller local manufacturers and distributors. These companies engage in various strategies such as mergers and acquisitions, partnerships, product launches, and geographical expansions to strengthen their market position. Here is an elaboration on the competitive landscape of the global medical supplies market. The competitive landscape of the global medical supplies market is dynamic and driven by product innovation, strategic partnerships, and geographical expansions. Companies strive to offer high-quality, technologically advanced products while ensuring compliance with regulatory requirements to gain a competitive advantage and meet the diverse needs of healthcare providers globally.
Top Player’s Company Profiles in Global Medical supplies Market
Global Medical supplies Market Recent Developments
Parata Systems is a creative pharmacy automation solutions supplier that BD bought in June 2022. With the addition of Parata's cutting-edge pharmacy automation solutions, BD's portfolio will be strengthened by the acquisition.
May 2022 Cardinal Health will follow authorization for its pharmacies and specialized offices as per the agreement's conditions. URAC, the biggest independent healthcare organization in the US, and Cardinal Health have an agreement.
The FDA granted Boston Scientific Corporation 510(k) clearance in April 2022 for its EMBOLD Fibered Detachable Coil. This device is intended to impede or decrease peripheral vascular blood flow.
February of 2022 Medtronic plc. introduced the NuVent Eustachian tube dilation balloon, designed to treat obstructive and persistent Eustachian tube dysfunction.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global medical supplies market is expected to experience significant growth during the forecast period from 2023 to 2030. The market refers to the industry that encompasses various products, equipment, devices, and consumables used in the healthcare sector. This market analysis provides a detailed overview of the market, including its size, growth drivers, restraints, trends, and key players. The global medical supplies market has been experiencing steady growth in recent years. The market size is influenced by factors such as increasing healthcare expenditure, growing prevalence of chronic diseases, technological advancements, and rising demand for healthcare services.
The global medical supplies market is highly competitive, with both global and regional players. These companies focus on product innovation, mergers and acquisitions, geographical expansions, and strategic partnerships to maintain their market position. The global medical supplies market is expected to witness significant growth due to factors such as increasing healthcare expenditure, aging population, technological advancements, and the rising prevalence of chronic diseases. However, challenges such as stringent regulatory compliance and pricing pressure need to be addressed. The market is characterized by intense competition, and key players are adopting various strategies to maintain their market share.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 134.94 Billion |
Market size value in 2031 | USD 188.76 Billion |
Growth Rate | 3.8% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Medical Supplies Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Medical Supplies Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Medical Supplies Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Medical Supplies Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG35D2081