CAGR of 4.5%, medical supplies market expected to reach USD 185.21 billion in 2028, according to Brandessence Market Research

LONDON, June 6, 2022 /PRNewswire/ — The Market value of medical supplies should record a valuation of $185.21 billion by 2028, register to accelerate at a CAGR of 4.5%, according to the most recent study by Brandessence Market Research & Consulting Pvt ltd.

The global medical supplies market size was valued at $136.10 billion in 2021. Medical Supplies Market Size, Share & Trends Analysis Report by Type (Infusion Products, Blood Collection Tubes, Wound Care Products, Dialysis Consumables, Surgical Drapes, Test Strips blood glucose monitors, adult incontinence products), by application (urology, wound care, sterilization, anesthesia), based on the region and segment forecast 2022 – 2028

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Key players operating in the global medical supplies market are:

Medtronic plc, Cardinal Health, Inc., BD, Johnson & Johnson, B. Braun Melsungen AG, Boston Scientific Corporation, Thermo Fisher Scientific, Inc., Baxter International, Inc., Halyard Health, Inc., Avanos Medical, Inc., 3M Company, Smith & Nephew, ConvaTec Group Plc., Abbott, Cook Medical, Merit Medical Systems, Stryker, Terumo Corporation, Teleflex Incorporated, Fresenius Medical Care AG & Co. KGaA and Coloplast Group.

Medical Supplies Market: Key Drivers

The outbreak of COVID-19 across the world has caused the demand for medical devices to increase at an exponential rate. Healthcare products and consumables such as masks, ventilators and PPE have seen significant demand in recent months. The World Health Organization has warned of a serious and growing disruption to the global supply of PPE due to rising demand, panic buying, hoarding and misuse. Shortages of these essentials have left doctors, nurses and other frontline workers dangerously ill-equipped to care for patients with COVID-19. To combat this situation, the WHO has advised governments and major industry players to increase their manufacturing and supply capacity by almost 40%.

According to a WHO press release on March 5, 2020, based on WHO modeling, approximately 89 million medical masks are estimated to be needed each month for the COVID-19 response. Similarly, the demand for gloves and examination glasses is estimated at 76 million and 1.6 million per month. According to the United States Conference of Mayors, American cities need 28.5 million face masks, 24.4 million other PPE, 7.9 million COVID-19 test kits and 139,000 fans. These factors are expected to increase the demand for various medical supplies in several countries around the world over the coming months.

Eighty countries and customs territories have so far introduced export bans or restrictions due to the COVID-19 pandemic, according to a new report from the World Trade Organization (WTO) Secretariat. These export bans and restrictions mainly concern medical supplies such as face masks, pharmaceuticals, ventilators and other medical equipment. countries such as China and India have also imposed restrictions on the export of certain medical products to limit the risk of shortages of essential products. Restrictive measures taken by exporting countries reduce the world supply of these products, leading to even higher prices. In the short term, current export restrictions could increase medical mask prices by around 20.5% and Venturi mask prices by 9.1%.

Likewise, the prices of protective equipment such as aprons and gloves are expected to increase between 1% and 2% due to current restrictions. Other products may see relatively smaller price increases. Recent export restrictions imposed by major producing countries could lead to significant disruptions in supplies to developing countries and could further contribute to higher prices for medical supplies. It is estimated that prices for medical supplies will increase by up to 23% on average, which will lead to a slight drop in demand for medical supplies.

The medical tourism industry in Asian countries has undergone significant changes over the years, with an increasing number of patients coming from developed regions such as Europe and North America focusing on medical treatment in these countries. Asian countries like Singapore, Malaysia, Thailandand India provide quality health services at affordable costs.

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Medical supplies market: main trends

The COVID-19 outbreak has led to growing hygiene concerns, leading to increased demand for disinfectants. The lack of capacity has prompted health facilities to strengthen and expand their infrastructure to meet the demands of a growing influx of patients. Simultaneously, the demand for PPE kits and masks has increased from all sides.

The use of disinfectants has increased dramatically since there is a growing need to fight disease. Manufacturers of disinfectants are therefore increasing their production to meet increased demand. For example, Dutch manufacturer DSM said the government had accelerated the licensing process to start producing disinfectants. Capacity was expanded to increase production volumes to 130,000 liters of disinfectants, in line with WHO specifications.

A shortage of and limited access to supplies such as gloves, medical masks, respirators, goggles, face shields, gowns and aprons leaves doctors, nurses and other frontline workers dangerously ill-equipped to caring for patients with COVID-19. Companies have scrambled to provide the required volume of masks and other essential items to healthcare workers. For example, Apple donated 2 million masks to the United States in March 2020. Similarly, Microsoft has shipped 15,000 pairs of goggles, as well as infrared thermometers, medical caps and protective suits to various countries.

Demand for hand sanitizers is rising globally due to the spread of COVID-19, prompting retailers to ration supplies and online sellers to hike prices. It has also caused distillers to use their alcohol supply to produce hand sanitizers. For example, in March 2020Portland-based Shine Distillery & Grill has started manufacturing and distributing its hand cleaners for free.

Medical Supplies Market Segmentation Analysis

Based on type, the global medical supplies market is segmented into diagnostic supplies, infusion and injectable supplies, intubation and ventilation supplies, disinfectants, personal protective equipment, sterilization consumables, wound care consumables, consumables dialysis supplies, radiology consumables, catheters, sleep apnea consumables, and other medical supplies. A large share of the segment can be attributed to the increase in the target patient population and the growing focus on minimally invasive surgical procedures.

Based on application, the medical supplies market is segmented into urology, wound care, radiology, respiratory, infection control, cardiology, IVD and other applications. Other applications include orthopedics, dentistry, neurology, gastroenterology and waste management applications. The other applications segment held the largest market share in 2019, mainly due to the increasing number of surgical procedures.

On the basis of end user, the medical supplies market is segmented into hospitals, clinics/doctor’s offices, and other end users. The hospital segment held the largest market share in 2019, primarily due to increasing investments in healthcare systems and rising prevalence of chronic diseases requiring hospitalizations.

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Medical Supplies Market: Regional Analysis

Based on region, the global medical supplies market in North America, Europethe Asia Pacific, and the rest of the world has been covered in this report. In 2019, North America held the largest market share, followed by Europe. Rising incidence of chronic diseases, increase in geriatric population and increasing prevalence of COVID-19 are the major factors driving the growth of the medical supplies market in North America.

The Special Needs Medical Supplies Market report is also available for the region below:

North America

Europe

  • GermanyFrance, United Kingdom, Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe

Asia Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, PeruRest of Latin America

Middle East and Africa

  • Saudi ArabiaUnited Arab Emirates, Egypt, South Africa, Rest of MEA

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