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(Medical-NewsWire.com, October 13, 2021 ) MarketsandMarkets Research Report's View on Revenue Impact?
The Global Medical Supplies Market is projected to grow from USD 133.5 billion by 2025 from USD 132.6 billion in 2020, at a CAGR of 4.6%.
Factors Responsible for Growth and In-Depth Analysis?
The growth of Medical Supplies Market is majorly driven by 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.
In 2020, Fresenius Medical Care AG & Co. KGaA inaugurated a EUR 30 million expansion of its transfusion and apheresis disposables plant in the Dominican Republic. The new space includes advanced production equipment, plasma kit assembly lines, and sterilization units that double the cleanroom and storage capacity. The site also includes a large warehouse.
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Leading Key Players and Analysis:
The prominent players operating in the global 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.
Geographical Analysis in Detailed?
The global medical supplies market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest market share, followed by Europe. The increasing incidence of COVID-19 in the US and the implementation of various supportive initiatives by the Canadian Government are the major factors driving the growth of the medical supply market in North America.
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Catheters segment to dominate the medical supplies market in 2019
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.
Other applications segment to dominate the medical supplies market in 2019
Based on application, 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.
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Mr. Aashish Mehra