Global Medical Supplies Market is Likely to Witness Moderate Growth at the CAGR of 3.8%: Expected to touch USD 154.0 Billion by the Year 2027
Published | June 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global medical supplies market was worth USD 118.3 billion in the year 2020. The data gathered in the study suggest that the market is estimated to grow at a CAGR of 3.8%, earning revenue of around USD 154.0 billion by the end of 2027. The rising number of healthcare setups like hospitals, clinics, coupled with the growing prevalence of chronic diseases, and spiraling cases of hospital-acquired infections (HAIs) are propelling the demand for medical supplies, thereby driving the market growth.
Rising Incidences of Hospital-Acquired Infections (HAIs) Driving Medical Supplies Market Growth
Healthcare workers, hospital staff, patients, and all visitors, who come to hospitals for various reasons are all at risk of contracting HAIs. Patients under surgery as well as surgeons are even at higher risk for contracting surgical infections. Furthermore, under the current pandemic crisis, it is even more critical to ensure people's safety in order to avoid virus transmission. As a result, demand for medical supplies such as sterilizing equipment, sanitizers, and disposable masks has increased dramatically in order to prevent the spread of infection and ensure the cleanliness and sanitation of hospital premises.
Growing Prevalence of Diseases and Disorders Propelling the Market Forward
The prevalence of both physical and mental disease and disorders in people are rising at an alarming rate. The increased prevalence of chronic diseases, particularly among the younger population, is fueling the medical supply market's growth. As more individuals seek medical treatment, hospitals and clinics require a variety of medical equipment to function properly. In addition, the tendency of self-diagnosis is quickly catching up. As a result, there is a growing need for medical supplies for home care, which is propelling the market forward.
Hospital Segment will Lead the Market During the Forecast Period
The number of hospitals is increasing dramatically in every country around the world as a result of increased government spending on healthcare development. Because of the promising profits, the private sector is likewise investing heavily in the medical sector. As a result of the increasing number of hospital facilities, demand for medical supplies is predicted to rise during the forecast period. Furthermore, the growing number of people seeking treatment in hospitals for chronic or acute diseases, cardiovascular diseases, surgical operations, or mental disorders is fueling the expansion of this segment in the medical supplies market.
Global Medical Supplies Market - Regional Insights
Geographically, the global medical supplies market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA). Among all the regions, North America covers the largest market share owing to its developed healthcare infrastructure as well as increased adoption of advanced medical technology. However, the Asia Pacific region is expected to witness significant growth potential in the medical supplies industry during the forecast period. The increased prevalence of chronic and cardiovascular illnesses, as well as the growing geriatric population, are expected to drive market growth throughout the forecast period.
Impact of Covid-19 on the Global Medical Supplies Market
The Covid-19 outbreak has had a mixed effect on the global medical supplies market. While on one hand, disposable masks, eye protection, sterilization supplies, hand sanitizers, and respiratory equipment were in high demand as these medical supplies are critical in both preventing the spread of the virus and treating Covid-19 victims, on the other hand, the demand for medical supplies associated with surgeries or therapeutic treatment dropped significantly as all non-emergency surgeries were postponed during the lockdown phase to curb the spread of the virus. It is estimated that the overall market growth is expected to jump considerably during the post-Covid-19 period.
The leading market players in the global medical supplies market are Coloplast Group, 3M Company, Smith & Nephew, Convatec Group PLC, Merit Medical Systems, Terumo Corporation, Teleflex Incorporated, Stryker, Johnson & Johnson, Thermo Fisher Scientific Inc., Avanos Medical, Inc., Cook Medical, Cardinal Health, Inc., DePuy Synthes, and other prominent players. The key players are constantly adopting competitive strategies like mergers & acquisitions, partnerships, product launches, agreements to expand their product portfolio and stay ahead in the competition.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global medical supplies market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global medical supplies market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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