The Global 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 market growth drivers are the increasing prevalence of chronic diseases worldwide and increasing investments into medical research. The growth rate of the market is restrained by the product recalls and stringent regulatory standards for the medical supplies approvals.
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Growth in this market can be attributed to the expanding geriatric population, increasing research investments, high volume of surgical procedures, and the high prevalence of chronic diseases.
Key Market Players
Some of the major players operating in the medical supplies market are Medtronic plc (Ireland), Cardinal Health (US), BD (US), Johnson & Johnson, Inc. (US), B. Braun Melsungen AG (Germany), Boston Scientific Corporation (US), Thermo Fisher Scientific, Inc. (US), Baxter (US), 3M (US), Smith & Nephew (Ireland), Convatec Inc. (UK), Abbott (US), Cook Medical (US), Merit Medical Systems (US), Stryker (US), Terumo Corporation (Japan), Teleflex Incorporated (US), Fresenius Medical Care AG & Co. KGaA (Germany), Coloplast Group (Denmark), Hamilton Medical (Switzerland), ACell, Inc. (US), Invacare Corporation (US), Medline Industries, LP. (US), DeRoyal Industries, Inc. (US), Shenzhen MedRena Biotech Co., Ltd. (China), Kerecis (US) and Whiteley (Australia).
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Drivers: High prevalence of infectious and chronic diseases
Rising government-funded investments and initiatives in healthcare projects; Increasing demand for infection control measures to curb HAIs; Rising number of surgical procedures; Increasing demand for medical devices; Rising number of agreements between companies to manufacture cost-effective medical devices; An increase in the number of ICU beds in hospitals and surgical centers, as well as an increase in the number of accidents and trauma cases
The increasing prevalence of chronic and infectious diseases, and the high volume of injuries place a great demand on medical supply products. The geriatric population across the globe is also expanding. The vast geriatric population base and the high prevalence and incidence of related diseases among them drive the growth of the market. Market participants and researchers are more focused on advancing medical supply products, with collaborations among companies to launch advanced products and the incoming latest technologies driving market growth. The government's investments in disease research and studies drive the market's growth rate even higher.
Opportunities: Rising medical tourism and Emerging markets
The emerging economies such as India, China, and Brazil offer lucrative potentials in the market with their vast population base, rising incidence of infectious and chronic diseases, improving healthcare infrastructure and expenditure. The improving healthcare infrastructure and the more affordable treatment and diagnosis as compared to North America and Europe are promoting medical tourism in the region.
Challenges: Medication errors and risks associated with medical supplies and Shortage of skilled medical professionals
The market faces certain challenging elements that hinder its growth rate. The death of the skilled professionals who are needed for various interventions that utilise medical supplies and consumables. Several medical supply products, such as wound care dressings, infusion supplies, etc., are associated with side effects and medical errors that may be fatal to patients.
Catheters segment to grow with the fastest CAGR in the medical supplies market during the forecast period of 2022 to 2027
By type, the market is fragmented into catheters, wound care consumables, sleep apnea consumables, infusion & injectable supplies, dialysis consumables, diagnostic supplies, personal protective equipment, radiology consumables, sterilisation consumables, intubation & ventilation supplies, disinfectants, and other medical supplies. The catheter segment is estimated to grow with the fastest CAGR during the forecast period. This is attributed to the rising incidence of cardiovascular disease and the increasing volume of catheter related surgeries, across the globe.
Other applications segment to dominate the medical supplies market
By application, the market is further fragmented into respiratory, cardiology, infection control, radiology, wound care, IVD, urology, and other applications. The other applications segment accounted for the dominant share in the global market in 2021, primarily due to the increasing prevalence of dental related diseases and the high volume of surgical procedures.
North America was the largest regional market for medical supplies market.
The medical supplies market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Rest of the World. North America held the largest share of the medical supplies market in 2021, followed by Europe. The largest market share of North America is driven by the high incidence of strong presence of industry players, high prevalence of chronic and infectious diseases, and advanced healthcare infrastructure in the region.
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