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(Health-NewsWire.Net, April 24, 2021 ) The report "Medical Supplies Market by Type (Diagnostic, Dialysis, Wound Care, Disinfectants, PPE, Radiology, Sterilization, Catheters), Application (Urology, Cardiology, Infection Control), End User (Hospitals, Clinics & Physician Offices) - Global Forecast to 2025", is projected to reach USD 133.5 billion by 2025 from USD 132.6 billion in 2020
What Drives the Market Growth?
The increasing prevalence of chronic diseases across the globe, increasing government and corporate investments in healthcare projects and infrastructure development, rising demand for infection control measures to curb the occurrence of HAIs, and the rising demand for medical devices are driving the growth of the global medical supplies market. Moreover, the rising medical tourism and emerging markets are expected to offer significant growth opportunities to players operating in the market in the coming years.
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Market Segmentation in Detailed:
Based on type, segmented into diagnostic supplies, infusion & injectable supplies, intubation & ventilation supplies, disinfectants, personal protective equipment, sterilization consumables, wound care consumables, dialysis consumables, radiology consumables, catheters, sleep apnea consumables, and other medical supplies. The intubation & ventilation consumables segment is expected to grow at the highest CAGR during the forecast period. This is attributed to the rising incidence of respiratory diseases, such as asthma and COPD, along with the increasing prevalence of COVID-19 across the globe.
Based on application, the medical supplies market is segmented into urology, wound care, radiology, respiratory, infection control, cardiology, IVD, and other applications. The other applications segment held the largest share of the market in 2019, primarily due to the increasing number of surgical procedures, rising prevalence of dental diseases, and the increasing focus on adhering to proper waste disposal methods.
Geographical View in-detailed:
The medical supplies market in North America, Europe, the Asia Pacific, and the Rest of the World has been covered in this report. In 2019, North America held the largest share of the market, followed by Europe. The rising incidence of chronic diseases, increasing geriatric population, and the increasing prevalence of COVID-19 are the major factors driving the growth of the market in North America.
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Global Key Leaders:
The prominent players operating in the medical supplies market include Medtronic (Ireland), Cardinal Health, Inc. (US), BD (US), Johnson & Johnson (US), B. Braun Melsungen AG (Germany), Boston Scientific Corporation (US), Thermo Fisher Scientific, Inc. (US), Baxter International, Inc. (US), Avanos Medical, Inc. (US), 3M (US), Smith & Nephew (Ireland), ConvaTec Group Plc. (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), and Coloplast Group (Denmark).
Medtronic (US) is among the leaders in the global medical supplies market. The company has a strong medical disposables and consumables portfolio that includes wound care consumables (bandages, dressings, sponges, medical tapes, and adhesives), medication delivery disposables (needles, syringes, and cannulas), urology disposables (drainage bags and catheters), and blood and specimen collection consumables (collection syringes & needles and containers), among other products. The company focuses on organic growth strategies such as product launches and approvals to enhance its product portfolio. For instance, in February 2018, Medtronic plc launched the MiniMed Mio Advance infusion set.
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