New York, May 29, 2023 (GLOBE NEWSWIRE) — According to Market.us, the global medical supplies market is estimated to be valued at USD 190.3 billion by 2032 and is expected to exhibit a CAGR of 4.15% during the forecast period 2023 to 2032.
Medical supplies are a process of medical or surgical equipment that are expendable, consumable, disposable, and used for the treatment or identification of a patient’s illness, injury, or condition. Medical supplies, devices, and instruments are manufactured and distributed to healthcare facilities to ensure safety. Medical supplies contain disposable products or products that are used during surgery and other medical processes. These products can be used only for a single time.
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- By type, the dialysis consumables segment held the largest share of the total market in 2022 and is expected to grow potentially over the forecast period from 2023 to 2032.
- By application, the urology segment accounted for the largest market share in 2022 and is likely to expand significantly during the forecast period
- By end users, the hospital’s segment is anticipated to hold the largest market share globally during the forecast period from 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 44%.
- Europe held a 23.7% revenue share in 2022.
The number of diagnosed patients with chronic diseases has increased worldwide. This surge is a primary driving factor for this market as a greater number of diagnosed patients will require more medical supplies for treatment. Moreover, government investments in healthcare projects and organization development have increased, fueling this market demand.
Factors Affecting the Growth of the Medical Supplies Market
There are several factors that can affect the growth of the medical supplies market. Some of these factors include:
- Rising Prevalence of chronic diseases: The market expansion can be highly attributed to the rising prevalence of chronic diseases that can result in surgeries, increasing the demand for medical supplies.
- Increasing medical tourism in developing countries: As developing countries offer lucrative potentials and improved healthcare infrastructure, individuals are increasingly opting for surgical procedures in these countries. This considerably supports the market growth.
- Increasing awareness: The large population and growing awareness about non-invasive surgeries are anticipated to fuel market growth.
- Increasing investments: The increase in investments by the government sector in developing healthcare infrastructure will likely propel market growth.
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Top Trends in Global Medical Supplies Market
Rapid urbanization has led to a drastic change in the lifestyle of individuals. The lack of physical activities due to busy schedules, unhealthy food habits, and rising pollution levels has resulted in a rise in lifestyle disorders and infections. This drives the demand for medical supplies worldwide. Furthermore, increasing awareness regarding HAIs among individuals fosters the demand for medical supplies. According to WHO, around 15% of patients are suffering from HAIs. Moreover, emerging countries, such as China, India, Brazil, and Indonesia, are anticipated to have increased demand for hospital supplies due to the increasing penetration of private hospitals and clinics.
The market growth of medical supplies is highly attributable to the rising incidence of chronic diseases, rising demand for surgical procedures, increasing investments, a large population base, and increased tourism in emerging nations. Moreover, the COVID-19 pandemic has significantly increased the demand for medical supplies like gloves, masks, and protective eyeglasses, enhancing market growth.
North America region accounted for a significant revenue share of the medical supplies market in 2022. Higher health and medical insurance adoption encourages the population to optimize hospital facilities in this region. Due to the high focus on the cost-effective and innovative procedures adopted in the US, the increasing incidence of inflammatory and hospital-acquired infections and rising demand for surgeries among the population are predicted to boost the regional market growth. The European medical supplies market is the world’s second-largest due to increased healthcare expenditure and the region’s healthcare infrastructure development.
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Scope of the Report
|Market Value (2022)||US$ 128.0 Billion|
|Market Size in 2032||US$ 190.3 Billion|
|CAGR (2023 to 2032)||4.15%|
|North America Revenue Share||44%|
|Europe Revenue Share||23.7%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
The rising prevalence of infectious and chronic diseases is expected to increase market growth during the forecast period. The increasing popularity of non-invasive surgeries among the population, especially in developed countries, is fueling the requirement for the market. In addition, the vast geriatric population base and the high prevalence and incidence of related diseases are expected to drive the market growth positively. Moreover, market contributors and researchers are more dedicated to advancing medical supply products, with partnerships between companies to establish advanced products and the latest technologies driving the growth of medical supplies.
Stringent regulation by the government and the decrease in private health insurance is expected to hinder the growth of the medical supplies market. According to a study, the majority of inventory distractions are suboptimal, and nearly half of them are unnecessary, given the lack of visibility and the fact that health systems often acquire supplies based on historical models and physician importance rather than utilization and predicted demand. As a result, their waste processes are delayed, and inventory and carrying costs are high.
The improved healthcare infrastructure and more reasonable treatment and diagnosis promote medical tourism in the region. The emerging economies offer lucrative potentials in the market with a vast population base, increasing incidence of infectious and chronic diseases, developing healthcare infrastructure and expenditure, and a vast population. Medical supplies allow effective workflow during surgeries. Additionally, there has been an increasing dominance of chronic diseases such as diabetes, cancer, etc., owing to sedentary lifestyles. However, healthcare agencies are focusing on improving diagnosis and treatments through awareness drives and more surgical procedures. Thus, growing chronic disease increases in diagnosis and surgical processes are anticipated to create lucrative opportunities for the medical; supplies market growth during the forecast period.
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Report Segmentation of the Medical Supplies Market
The dialysis consumables segment is expected to grow significantly during the forecast period. This growth is expected to be driven by increased renal disease cases, diabetic patients, and the aging population. In addition, technical advancements, new product approvals, and advantages such as compact design and mobility facilitate the demand for the dialysis consumables devices segment.
The urology segment dominated the global medical supplies market in 2022 and is expected to expand significantly during the forecast period. Urology is the study and treatment of disorders of the blood vessel and hearts. The urology department consumes more supplies because they have high requirements due to illnesses such as kidney stones and other urological problems that require medical supplies. Medical supplies such as ECR machines and oxygen masks are used for urology treatment. Infection control prevents the spread of infections in healthcare settings. Additionally, face masks and surgical drapes are used to reduce the spread of infection. Respiratory equipment includes oxygen masks, oxygen cylinders, and other equipment.
The hospital segment dominated the global medical supplies market with the highest revenue share in 2022. This significant share is achieved due to the increased adoption of the latest medical technologies in hospital supplies to treat patients. In addition, the segment growth can be largely attributed to the increasing number of hospitals and the growing dominance of lifestyle-based diseases such as obesity, hypertension, and diabetes. Moreover, various social capital flows to the market by associates, acquisitions, self-establishment and other forms of joint ventures are some of the major factors that have led to the development of many private hospitals.
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- Dialysis Consumables
- Diagnostic Supplies
- Radiology Consumables
By End- User
- Physician Offices
- Nursing Homes
- North America
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
The market is highly fragmented, with various companies trying to gain higher market share by adopting strategies such as investments and partnerships. Companies also spend on developing improved products but focus on maintaining competitive pricing, forming a competitive landscape in the global market. As a result, this supports market growth.
The competitive landscape of the market has also been examined in this report. Some of the major players include
Recent Development of the Medical Supplies Market
- February 2022– The NuVent Eustachian tube dilation balloon was introduced by Medtronic plc., which is meant to treat Eustachian tube dysfunction that is persistent and obstructive.
- April 2022- The ENSEAL X1 Curved Jaw Tissue Sealer was introduced by Ethicon, part of Johnson & Johnson Medical Devices Companies. This instrument is demonstrated for use in colorectal, bariatric, gynecological, and thoracic procedures.
- May 2022-Under the terms of the agreement, Cardinal Health will adhere to authorization for its specialty practices and pharmacies. Cardinal Health has signed a contract with URAC, the largest independent healthcare organization in the United States.
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