Medical Supplies Market Overview
Market Research Future (MRFR) expects the medical supplies market to reach around USD 132 billion by 2027. The market will continue to thrive at a stunning rate from 2020 to 2027, adds MRFR.
Growth Drivers and Challenges
Mounting number of surgeries across the globe coupled with the rising instances of acute and chronic diseases would favor the medical supplies market over the next few years. The global market size is also fostered by the surging concerns with regard to cross contamination in hospitals along with the expanding elderly patient base affected by a wide range of diseases. The notable raise in bone fractures as well as the soaring number of medical facilities in emerging countries would present attractive opportunities to major industry participants in subsequent years.
Upgradation of healthcare facilities in emerging nations paired with the dramatic surge in the hospital admission rate due to the rising disposable income will also benefit the global market in the future. Manufacturers are steering their focus on the development of medical supplies that cater to a wide range of end-use sectors, for which they are increasingly utilizing modern technologies. They are using their proprietary technologies or deploying licensed technologies taken from other vendors. These efforts by the players to develop high-quality and efficient medical supplies, while keeping in mind the escalating consumer demand and preferences will be a major growth inducer in the following years.
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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)
Medical Supplies Market Segmentation
The market for medical supplies has been considered for type, application, as well as end-users.
The types of medical suppliers listed in the MRFR analysis are blood collection tubes, infusion products, blood glucose test strips, dialysis consumables, wound care products, adult incontinence products, surgical drapes, and more.
Application-based segments covered in the MRFR study include wound care, urology, sterilization, and anesthesia.
Major end-users in the global industry are clinics, nursing homes, and hospitals.
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Medical Supplies Market Reginal Analysis
Over the assessment period, the global Medical Supplies market will be headed by North America, given the soaring cases of COVID-19 and the resultant rise in the demand for a variety of medical supplies. The business growth in the United States is quite robust in response to the frequent technical innovations and launch of new and highly advanced products. The North American market has a number of major manufacturers, such as Johnson & Johnson (U.S.), Boston Scientific Corporation (U.S.), and Thermo Fisher Scientific Inc. (U.S.), which offer extensive lines of medical supplies with multiple applications.
The second position in the global Medical Supplies market belongs to Europe, thanks to the thriving healthcare sector and the imposition of stringent policies and regulations that aim to bring down crosses-contamination across hospitals. The medical supplies manufacturers in Europe focus on strengthening their distribution networks and supply chains to accommodate the surging demand, which also fosters the business growth.
Asia Pacific is touted to emerge as the fastest progressing market for medical supplies, as a result of the incredible expansion of the healthcare industry and the accelerated number of surgeries. The rapid industrialization and the growth in manufacturing capacities of emerging countries like Philippines, India, China, and Vietnam also add value to the APAC market. Additionally, Japan and South Korea are progressively using industrial robots during the manufacturing process to boost supply rate of medical supplies, which should further enhance the market share in the region.
About Market Research Future
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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