The medical supplies market is growing mainly due to growing awareness, and rising cases of chronic diseases. According to a recent study report published by the Market Research Future, the medical supplies market is booming and expected to gain prominence over the forecast period. The market is forecast to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2022).
Medical supplies comprises of various products such as diagnostic supplies, dialysis consumables, radiology consumables, infection control supplies, wound care consumables, inhalation products, infusion products, intubation and ventilation supplies, sterilization consumables, personal protective equipment, hypodermic products, and others.
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Notably, increasing prevalence of chronic diseases is the primary driver for medical supplies market. The rate of various disease and disorder like diabetes, cancer and many infectious disease have risen in last few years. According to the survey by WHO, by 2030 diabetes will be the seventh leading cause of death, in 2012 approximately 1.5 million people died due to diabetes. On other hand 14 million patients in 2012 to 22 million on a yearly basis new cancer cases are been registered. The Centres for Disease Control and Prevention reported that in 2012 alone, US reported 9,945 cases of tuberculosis, 53,800 cases of salmonella, 30,831 new cases of Lyme disease and 551 cases of meningococcal disease.
Other push factors such as, growing population, increasing number of surgical procedures, increasing patient awareness, technological advancements, rising adoption rate, and improvement in reimbursement policies are also fuelling the growth of the market. With the rising burden of chronic diseases, need of surgical procedures has also been escalating. As per the 2015 statistics suggested by Eurostat, cataract surgery, and colonoscopy were the two most common surgical procedures performed in European region. It is observed that in the year 2015, cataract surgery was performed one thousand times per 100 000 inhabitants specifically in Germany, Sweden, the Czech Republic, Luxembourg, Finland, Malta, Estonia, Austria, Portugal and France. Other common procedures include bronchoscopies, and transluminal coronary angioplasties.
Despite these drivers, high cost and development of technology, less funding, strict FDA regulations, and infections caused by various medical supplies are expected to hinder the growth of the market during the forecast period.
Global Medical Supplies Market – Competitive Analysis
Boston Scientific Corporation, Johnson & Johnson Services, Inc., Medtronic plc, Cardinal Health, Inc., B. Braun Melsungen AG, Baxter International Inc., Becton, Dickinson and Company, Thermo Fisher Scientific Inc., Halyard Health, Inc., and 3M Company are some of the prominent players at the forefront of competition in the medical supplies market and are profiled in MRFR Analysis.
The medical supplies market is currently dominated by various players. Due to rising prevalence of chronic diseases various existing and new marketers are continuously coming up with cost-effective products to control various health conditions. The global medical supplies market is currently dominated by numerous players.
Medtronic plc is one of them by holding a strong share in the market. The company is the global leader in medical technology services. Medtronic Public Limited Company develops, manufactures and markets its medical devices to clinics & hospitals in approx. 160 countries. The company operates in 4 major segments i.e. cardiac and vascular, minimally invasive therapies, restorative therapies, and diabetes. On January 26, 2015, Medtronic acquired Covidien plc. It was USD 42.9 billion merger.
B. Braun Melsungen AG is another renowned market player in medical supplies market. B. Braun Melsungen AG is a German medical and pharmaceutical device company, which has offices and facilities in more than 50 countries. The company operates in various segments i.e. Hospital Care, Aesculap, OPM, Avitum, and Others.
On December 5, 2017, B. Braun Melsungen AG won “Digital Transformer of the Year” award in the category “Life Sciences.”, and in the same year B. Braun Melsungen AG has also won GS1 Healthcare Award for the category of “Individual Company;”.
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Global Medical Supplies Market – Regional Analysis
Considering the global scenario of the market, Americas region is believed to be the largest market for medical supplies as this region is concentrated with major leading players. Moreover the European market is also growing continuously and slowly catching up with the North American market due to better reimbursement policies.
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