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.
The new research study provides the company evaluation quadrant for 30 companies operating in the medical supplies market. The new research study provides the company evaluation quadrant for 18 companies and the startup/SME company evaluation quadrant for 12 companies operating in the medical supplies market. The research study also consists of the market sizes for major countries in all regions, including North America, Europe, the Asia Pacific, and the Rest of the World. The growth in this market is driven by the increasing demand for infection control measures to control hospital acquired infections, the increasing demand for medical devices, the increasing number of ICU beds in hospitals and surgical centers, and the rising number of accidents and trauma cases.
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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).
Medtronic plc (Ireland) accounted for the largest share of the market in 2021. The company has a strong medical disposables and consumables portfolio that includes wound care consumables, medication delivery, as well as blood and specimen collection. The company focuses on product launches, acquisitions, and agreements to enhance its product portfolio.
Cardinal Health (US) held the second-largest share of the medical supplies market in 2021. The company has a wide product portfolio, including infection control products, patient care consumables, and wound management products.
BD (US) accounted for the third-largest share of the medical supplies market in 2021. The company’s medical supplies portfolio includes diabetes care consumables, infusion therapy products, and pharmacy products. The company focuses on expanding its presence in the market through product launches, approvals, agreements, expansions, and acquisitions.
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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.
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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Recent Developments:
- In February 2022, Medtronic plc launched its NuVent Eustachian tube dilation balloon, which is intended for the treatment of chronic and obstructive eustachian tube dysfunction.
- In April 2022, Boston Scientific Corporation received the FDA 510(k) clearance for the EMBOLD Fibered Detachable Coil, which is indicated to obstruct or reduce the rate of blood flow in the peripheral vasculature.
- In June 2021, Ethicon, part of Johnson & Johnson Medical Devices Companies, launched its ENSEAL X1 Curved Jaw Tissue Sealer. The device is indicated for colorectal, gynecological, bariatric surgery, and thoracic procedures.
- In May 2022, Cardinal Health has signed an agreement with URAC, the largest independent health care accreditation organization in the US. Under the agreement, Cardinal Health will pursue accreditation for its specialty pharmacies and practices.
- In June 2022, BD has acquired Parata Systems, an innovative provider of pharmacy automation solutions. The acquisition will strengthen the portfolio of BD with portfolio of Parata for innovative pharmacy automation solutions.
- In January 2022, Johnson & Johnson Medical Devices Companies signed a strategic partnership with Microsoft to further enable its digital surgery solutions.
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