Medical Supplies Market to Reach Over $192.95 Billion by 2028 - Increasing Prevalence of Chronic Diseases Globally to Boost Sales - Exclusive Report by Vantage Market Research
Vantage Market Research
8 min read
WASHINGTON, Jan. 26, 2022 (GLOBE NEWSWIRE) -- The Global Medical Supplies Market size is expected to reach USD 192.95 Billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period. The growing cases of chronic diseases globally coupled with government and corporate investments in the healthcare projects as well as infrastructure development is fuelling market growth, states Vantage Market Research, in a report, titled “Medical Supplies Market by Type (Diagnostic Supplies, Infusion & Injectable Supplies, Intubation & Ventilation Supplies, Disinfectants), by Application (Urology, Infection Control, Cardiology, Other Applications), by End User (Hospitals, Clinics/Physician Offices, Other End Users), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)” The market size stood at USD 138.96 Billion in 2021.
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Provide chapter-wise guidance on request 2021 Updated Regional Analysis with Graphical Representation of Trends, Size, & Share, Includes Updated List of figures and tables.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. The Medical Supplies Market is no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop swift spread of COVID-19. These actions led to severe impact on the global economy impairing various industries. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data-points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
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Market Overview:
Rising Frequency of Accident & Injury Cases and Chronic Illnesses to Drive Market
Higher frequency of large- and small-scale problems that are caused by the environmental change, chronic diseases coupled with increasing cases of accident and injury has led to the expansion of medical supplies industry. Increasing prevalence of maternity-care and surgical infections and hospital-acquired illnesses, is fuelling the demand for various medical product supplies to assure the health & cleanliness. Additionally, the medical supply is expected to expand significantly as a result of COVID-19. With frequency of operations, the requirement for surgical gowns, drapes, gloves, procedural kits and trays, will be higher.
Growth Elderly Population to Fuel Market Growth
Increasing number for renal disorders cases, rising diabetes in young and old people globally, hypertension prevalence, and rising old population is fuelling the market growth. Additionally, dialysis operations for kidney transplants and other such operation are producing demand for medical product supplies globally. Plus, an increase illness frequency and rise in number of hospitals acquired infections are increasing the need of medical supplies all over the globe.
Regional Analysis:
Rise in Geriatric Population in North America
Asia Pacific is expected to dominate and witness a higher growth rate during the forecast period driven by to increasing geriatric population couple with impact of COVID-19 are factors fuelling the growth of the medical supplies market in the region. The growing presence of diseases in countries like U.S. and Canada is majorly contributing in the consumption of medical supplies. The increment in healthcare expenditure and developed healthcare infrastructure in region, coupled with high demand for the different types of surgeries among the population are prominent factors that are accountable for high demand for medical supplies in region. Several government initiatives in for of medical sector development and adoption of medical insurance policies by population encourage surgical treatment fuelling the medical supplies market growth.
List of Prominent Players in the Medical Supplies Market:
Cardinal Health, Inc. (US)
Medtronic (Ireland)
B. Braun Melsungen AG (Germany)
Johnson & Johnson (US)
Thermo Fisher Scientific, Inc. (US)
Boston Scientific Corporation (US)
Avanos Medical, Inc. (US)
International, Inc. (US)
3M (US)
ConvaTec Group Plc. (UK)
Smith & Nephew (Ireland)
Cook Medical (US)
Abbott (US)
Merit Medical Systems (US)
Terumo Corporation (Japan)
Stryker (US)
Fresenius Medical Care AG & Co. KGaA (Germany)
Teleflex Incorporated (US)
Coloplast Group (Denmark)
Recent Developments in the Industry:
1. December 2021: Fresenius Medical Care, the world's leading provider of products and services for individuals with renal diseases, announced changes to the Management Board effective. They follow a unanimous decision by the Supervisory Board of Fresenius Medical Care Management AG to adapt the composition of the Management Board to the company's new operating model, which is being launched in 2023.
2. December, 2021: Clarity Pharmaceuticals a clinical-stage radiopharmaceutical company developing next-generation products to address the growing needs in oncology, and Cardinal Health are pleased to announce that the companies have entered into an agreement covering Clarity’s Targeted Copper Theranostics (TCT) platform.
This market titled “Medical Supplies Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below: –
Application: - Urology, Infection Control, Cardiology, Other Applications
End User: - Hospitals, Clinics/Physician Offices, Other End Users
Quantitative Data - Units
Revenue in USD Million/Billion and CAGR from 2022 to 2028
Regions Covered
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Countries Covered
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Medical Supplies Market?
How will the Medical Supplies Market change in the upcoming six years?
Which application and product will take a lion’s share of the Medical Supplies Market?
What is the Medical Supplies market drivers and restrictions?
What will be the CAGR and size of the Medical Supplies Market throughout the forecast period?
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