Medical Supplies Market 2030 by Application (Urology, Cardiology, Radiology, IVD), End User (Hospitals, Clinics & Physician Offices), Type (Diagnostic supplies, Dialysis Consumables, Disinfectants, Catheters, Radiology Consumables) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Healthcare | Pages : 185 Pages | Published On : Aug 2023
In 2022, the Global Medical Supplies Market was valued at approximately $138.4 billion in terms of revenue. Predictions indicate that it will experience substantial growth, reaching around $163.5 billion by 2030. This growth is anticipated to transpire at a Compound Annual Growth Rate (CAGR) of 3.4% from the year 2023 to 2030.
Within this context, a novel research study has introduced an assessment quadrant for 30 companies that are active within the medical supplies market. This evaluation quadrant encompasses both established companies, numbering 18, as well as startup and small to medium-sized enterprises (SMEs), totaling 12, all of which operate within the medical supplies sector.
The research also delves into the market sizes pertaining to significant countries across various regions, including North America, Europe, the Asia Pacific, and the Rest of the World. The momentum behind the market's growth is attributed to several factors, such as the escalating need for infection control measures aimed at curbing hospital-acquired infections, the rising demand for medical devices, the increasing availability of Intensive Care Unit (ICU) beds within hospitals and surgical centers, and the surging occurrences of accidents and trauma cases.
Medical Supplies Market Dynamics
Driver: High prevalence of infectious and chronic diseases
Escalating government-funded investments and endeavors in healthcare initiatives; Escalation in the need for infection control measures to mitigate Hospital-Acquired Infections (HAIs); Surge in the count of surgical procedures being conducted; Growing requisition for medical devices; Increase in collaborative agreements among companies to fabricate economical medical devices; Expansion in the availability of ICU beds within hospitals and surgical centers, coupled with a rise in accident and trauma incidents.
The heightened prevalence of chronic and infectious diseases, coupled with a substantial influx of injuries, exerts significant pressure on the demand for medical supply commodities. Moreover, the global elderly population is undergoing expansion. This extensive demographic of older adults, alongside the considerable occurrence of associated diseases among them, propels market expansion.
Stakeholders and researchers alike are placing increased emphasis on the enhancement of medical supply products, facilitated by inter-company partnerships to introduce cutting-edge items and the incorporation of the latest technologies, all fueling market growth. Additionally, government investments in disease research and investigations act as an impetus, further elevating the market's growth trajectory.
Opportunity: Rising medical tourism and emerging markets
Growing economies like India, China, and Brazil present attractive opportunities within the market, capitalizing on their substantial populations, increasing occurrences of infectious and chronic ailments, as well as advancements in healthcare infrastructure and spending. The ongoing enhancement of healthcare infrastructure and the comparatively lower costs for treatment and diagnosis compared to North America and Europe are fostering the development of medical tourism within this region.
Challenge: Medication errors and risks associated with medical supplies and Shortage of skilled medical professionals
The market encounters specific obstacles that impede its rate of expansion. These include the loss of proficient experts essential for diverse procedures reliant on medical supplies and consumables. Various medical products like wound care dressings, infusion supplies, and more, are linked to adverse reactions and medical mistakes that could potentially lead to fatal consequences for patients.
Catheters segment to grow with the fastest CAGR in the medical supplies market during the forecast period of 2023 to 2030
Categorized by type, the market displays divisions encompassing catheters, wound care consumables, sleep apnea consumables, infusion and injectable supplies, dialysis consumables, diagnostic supplies, personal protective equipment, radiology consumables, sterilization consumables, intubation and ventilation supplies, disinfectants, and other medical supplies. Among these segments, the catheter category is projected to exhibit the most rapid Compound Annual Growth Rate (CAGR) throughout the forecast duration. This acceleration is ascribed to the escalating prevalence of cardiovascular ailments and the growing number of catheter-associated surgical procedures worldwide.
Other applications segment to dominate the medical supplies market
In terms of application, the market is additionally divided into respiratory, cardiology, infection control, radiology, wound care, in vitro diagnostics (IVD), urology, and other applications. The category of other applications held the major portion of the global market in 2021, primarily driven by the growing incidence of dental-related disorders and a substantial volume of surgical interventions.
North America was the largest region in the medical supplies market.
The examination of the market encompasses North America, Europe, Asia Pacific, and other regions. North America took the lead in market share, with Europe following suit. The substantial elderly population, well-developed healthcare infrastructure, elevated prevalence of chronic illnesses and infections, and the strong presence of key industry leaders collectively contribute to North America's predominant position.
Key players within the medical supplies market include Medtronic plc. (based in Ireland), Cardinal Health (located in the US), BD (headquartered in the US), Johnson & Johnson, Inc. (based in the US), and B. Braun Melsungen AG (situated in Germany).
This study categorizes the global medical supplies market, making revenue projections and scrutinizing trends within the subsequent submarkets:
- Diagnostic Supplies
- Blood Collection Consumables
- Other Sample Collection Consumables
- Infusion & Injectable Supplies
- Intubation & Ventilation Supplies
- Hand Disinfectants
- Skin Disinfectants
- Surface Disinfectants
- Instrument Disinfectants
- Personal Protective Equipment
- Hand & Arm Protection Equipment
- Eye & Face Protection Equipment
- Protective Clothing
- Foot & Leg Protection Equipment
- Surgical Drapes
- Other Protection Equipment
- Sterilization Consumables
- Wound Care Consumables
- Advanced Wound Dressings
- Surgical Wound Care
- Traditional Wound Care
- Dialysis Consumables
- Hemodialysis Consumables
- Peritoneal Dialysis Consumables
- Radiology Consumables
- Cardiovascular Catheters
- Intravenous Catheters
- Urological Catheters
- Specialty Catheters
- Neurovascular Catheters
- Sleep Apnea Consumables
- Other Medical Supplies
- Wound Care
- Infection Control
- Other Applications
By End User
- Clinics/Physician Offices
- Other End Users
- North America
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World (RoW)
- During February 2022, Medtronic plc. introduced the NuVent Eustachian tube dilation balloon, designed to address chronic and obstructive eustachian tube dysfunction.
- In April 2022, Boston Scientific Corporation gained FDA 510(k) clearance for the EMBOLD Fibered Detachable Coil, intended for the obstruction or reduction of blood flow in peripheral vasculature.
- In June 2021, Ethicon, a division of Johnson & Johnson Medical Devices Companies, unveiled the ENSEAL X1 Curved Jaw Tissue Sealer, designed for use in colorectal, gynecological, bariatric surgery, and thoracic procedures.
- May 2022 saw Cardinal Health entering an agreement with URAC, the largest independent healthcare accreditation organization in the US. This collaboration is aimed at securing accreditation for Cardinal Health's specialty pharmacies and practices.
- BD, in June 2022, successfully acquired Parata Systems, an inventive provider of pharmacy automation solutions. This acquisition bolsters BD's portfolio with Parata's innovative pharmacy automation solutions.
- In January 2022, Johnson & Johnson Medical Devices Companies established a strategic partnership with Microsoft to further enhance their digital surgery solutions.
Table and Figures
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Covered Key Topics
Market Growth Drivers
Leading Market Players
Company Market Share
Market Size and Growth Rate
Market Trend and Technological