DUBLIN--(BUSINESS WIRE)--The "Medical Supplies Market by Type (Diagnostic supplies, Dialysis Consumables, Disinfectants, Catheters, Radiology Consumables), Application (Urology, Cardiology, Radiology, IVD), End-User (Hospitals, Clinics & Physician Offices) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The medical supplies market is projected to reach USD 163.5 billion by 2027 from USD 138.4 billion in 2022, at a CAGR of 3.4% during the forecast period.
The major factors driving the growth of this market are the growing prevalence of chronic diseases worldwide, rising government-funded investments and initiatives in healthcare projects, increasing demand for infection control measures to curb HAIs, rising number of surgical procedures, and the increasing demand for medical devices. However, product recalls and stringent regulatory requirements for the approval of medical supplies are factors expected to restrain the growth of this market in the coming years.
The intubation & ventilation supplies segment held the largest share of the medical supplies market in 2021.
The medical supplies market by type is further segmented into disinfectants, catheters, personal protective equipment, wound care consumables, infusion & injectable supplies, diagnostic supplies, radiology consumables, intubation & ventilation supplies, and sleep apnea consumables, sterilization consumables, dialysis consumables, and other medical supplies. In 2021, the intubation & ventilation supplies segment accounted for the largest share of the medical supplies market 2021, owing to the growing demand for intubation and ventilation consumables due to the outbreak of COVID-19.
The other application segment is estimated to grow at a rapid rate during the forecast period.
Based on application, the medical supplies market is segmented into urology, wound care, radiology, respiratory, infection control, cardiology, IVD, and other applications. In 2021, the other applications segment accounted for the largest share of the medical supplies market. Moreover, the cardiology segment is expected to register the highest CAGR during the forecast period. The high growth in this segment can primarily be attributed to the increasing prevalence of cardiovascular diseases worldwide.
The hospitals segment held the largest share of end users of the medical supplies market in 2021.
The end user segment of the medical supplies market is further segmented into clinics/physician offices, hospitals, and other end users. The dominant share was held by the hospitals segment in 2021 which was driven by the increasing investments in healthcare systems, the growing prevalence of HAIs, and the high incidence of chronic diseases.
The Asia Pacific is the fastest-growing regional market for medical supplies.
In 2021, the medical supplies market is further divided into North America, Europe, Asia Pacific and ROW (Rest of the World). The dominating shares of the market was held by the North America region in 2021 and Europe held the second largest share in the same year.
Although, the Asia Pacific region is expected to grow with the fastest growth rate during the forecast period of 2022 to 2027. This is attributed to the expanding geriatric population, advancing medical tourism industry in the region and the high burden of chronic diseases. These factors have placed huge demand of the medical supplies consumables which has propelled the market growth in the region.
Market Dynamics
Drivers
- Growing Prevalence of Chronic Diseases Worldwide
- Increasing Government-Funded Investments and Initiatives in Healthcare Projects
- Increasing Demand for Infection Control Measures to Curb HAIs
- Growing Number of Surgical Procedures Worldwide
- Increasing Demand for Medical Devices
- Increasing Number of ICU Beds in Hospitals and Surgical Centers
- Rising Number of Accidents and Trauma Cases
Restraints
- Product Recalls
- Stringent Regulatory Requirements for Approval of Medical Supplies
Opportunities
- Emerging Markets
- Rising Medical Tourism
Challenges
- Medication Errors and Risks Associated with Medical Supplies
- Shortage of Skilled Medical Professionals
Companies Mentioned
- 3M
- Abbott
- Acell, Inc.
- B. Braun Melsungen Ag
- Baxter
- Becton, Dickinson and Company
- Boston Scientific Corporation
- Cardinal Health
- Coloplast Group
- Convatec Inc.
- Cook Medical
- Deroyal Industries, Inc.
- Fresenius Medical Care AG & Co. KGaA
- Hamilton Medical
- Invacare Corporation
- Johnson & Johnson Services, Inc.
- Kerecis
- Medline Industries, Inc.
- Medtronic plc
- Merit Medical Systems
- Shenzhen Medrena Biotech Co., Ltd.
- Smith & Nephew
- Stryker
- Teleflex Incorporated
- Terumo Corporation
- Thermo Fisher Scientific Inc.
- Whiteley
For more information about this report visit https://www.researchandmarkets.com/r/22sbdr
