Medical Supplies Market expected to reach 163.5 billion dollars

Chicago, May 17 2023 (GLOBE NEWSWIRE) — In the near future, the medical supplies industry will see significant growth and innovation. Medical supplies are expected to be in greater demand due to the advancements of technology, changing healthcare demands, and a growing population. Innovative products and materials will be developed to improve patient care and infection control, as well as streamline workflows in healthcare. Medical supplies, from surgical instruments to wound care products and disposable gloves to protective gear and disposable gloves, will be continuously improved to meet the changing needs of healthcare professionals. Digitalization and automation will also improve the efficiency of the manufacturing and distribution process, as well as supply chain management and product traceability. In addition, the industry will place a greater emphasis on eco-friendly and sustainable practices. This includes reducing waste as well as implementing environmentally friendly packaging. The medical supplies industry will continue to play an important role in the future in ensuring quality healthcare, patient safety and driving medical technology advancements.

Medical Supplies market in terms of revenue was estimated to be worth $138.4 billion in 2022 and is poised to reach $163.5 billion by 2027, growing at a CAGR of 3.4% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. Major factors that are driving this market’s growth include the rising demand for infection prevention and HAIs. Other factors include the rising number of surgical procedures and the demand for medical equipment, as well as the rising prevalence of chronic diseases and infections. However, the market growth is restrained by the medical supplies’ product recalls and the strict regulatory requirements for their approvals in the market.

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Medical Supplies Market Scope:

The global medical supply market is fragmented. Various companies contribute significantly to the market. The medical supply market is highly fragmented, with many players providing a wide range of products. Medtronic PLC is the major player in this market. (Ireland), Cardinal Health (US), BD (US), Johnson & Johnson Private Limited (US) and B. Braun Melsungen AG (Germany).

The market is segmented based on application, type, end user, and region.

Based on type, the medical supplies market is segmented into diagnostic supplies, dialysis consumables, wound care consumables, radiology consumables, disinfectants, infusion & injectable supplies, intubation & ventilation supplies, personal protective equipment, sterilization consumables, catheters, sleep apnea consumables, and other medical supplies. The intubation & ventilation supplies segment dominated the market with its tremendous demand amid the COVID-19 pandemic, massive influx of the coronavirus patients and the massive need of the intubation & ventilation consumables.

According to application, the market for medical supplies is divided into urology and wound care, as well as radiology, infection control, cardiology IVD, respiratory, respiratory, and other applications. The cardiology segment will likely register the highest CAGR in the forecast period. The growing prevalence of cardiovascular diseases around the world is a major factor driving growth in this segment.

The medical supplies market can be segmented by end-users into three categories: hospitals, clinics/physician’s offices, and others. The hospitals segment is expected to dominate the market by 2021. The high rate of hospital-acquired infections (HAIs), improved healthcare infrastructure, and investments can all be attributed to this.

The medical supply market is divided into five regions: Europe, North America and Asia Pacific. North America will account for the largest portion of the medical supply market in 2021. Europe will be second. The market share of this region has been boosted by the massive influx COVID-19 cases and the improved healthcare infrastructure. The Asia Pacific market is expected to have the highest CAGR over the forecast period. This is primarily due to factors like economic growth, a large population, increasing prevalence of chronic diseases and infectious disease, medical tourism, improved quality medical care and rising healthcare costs.

Key Market Players

The global medical supply market is fragmented. Various companies contribute significantly to the market. The medical supply market is highly fragmented, with many players providing a wide range of products. Medtronic PLC is the major player in this market. (Ireland), Cardinal Health (US), BD (US), Johnson & Johnson, Inc (US) and B. Braun Melsungen AG (Germany).

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In the near future, medical supply market will face some challenges.

• Supply Chain Disruptions. The global market for medical supplies relies heavily on supply chains that are complex and span multiple regions. Natural disasters, geopolitical tensions or pandemics can all impact the distribution and availability of medical supplies. To overcome these challenges, it will be important to implement contingency plans and ensure a resilient supply network.

• Medical Supplies Industry – The industry of medical supplies is subjected to strict regulatory standards to ensure safety and effectiveness. Manufacturers and distributors can face challenges in keeping up with the ever-changing regulations and ensuring compliance. Market players must adapt to the new regulations. They will also need to conduct necessary testing, document, and adhere to standards of quality control.

• Cost Pressures – Healthcare systems are under pressure to reduce costs, and this is not a problem unique to the medical supply market. In an effort to reduce healthcare costs, healthcare organizations may put downward pressure on medical supply prices. This could impact the profitability for manufacturers and distributors of medical supplies. It will be important to find a balance that allows healthcare providers to remain affordable while also ensuring the sustainability of the industry.

• Medical Supplies Market: Technological advancements can present both opportunities and challenges. New technologies can require significant research and development, regulatory approvals and market acceptance. To keep up with new technologies such as nanotechnology or smart devices, you may need to innovate and adapt continuously.

• Quality Assurance and Counterfeit Products. A significant challenge is maintaining quality standards and preventing circulation of counterfeit products. In order to ensure that products are authentic and safe throughout the supply chains, it will be necessary to implement robust quality control measures, conduct stringent inspections, track and trace systems, and use effective tracking and tracing methods.

• Environmental Sustainability. With an increasing awareness of the environmental impact on our planet, there is growing attention to sustainability in the medical supply industry. Reduced waste, eco-friendly material implementation, and improved recycling processes are challenging in terms of infrastructure, cost, and consumer acceptance. The market players must adopt sustainable practices, and invest in the research and development of eco-friendly alternatives.

Collaboration among all stakeholders will be required to address these hypothetical challenges, including manufacturers and healthcare providers. By proactively responding to these challenges, medical supplies can continue their growth and meet evolving healthcare needs in the future.

Top 3 uses of medical products market:

• Surgical Consumables and Instruments: The medical supply market is dominated by surgical consumables and instruments. These include disposable items like gloves, masks, retractors and forceps as well surgical instruments. These supplies are essential for surgical procedures. They ensure sterility and prevent the spread of infection. The use of high-quality surgical instruments and consumables enhances patient safety, improves surgical outcomes, and minimizes the risk of healthcare-associated infections.

• Wound Care Products Wound care products are a key component of the medical supply market. Dressings, bandages and adhesive tapes are all included. They can be used to protect wounds of all types, from minor abrasions and cuts to more complex surgical incisions or chronic ulcers. Wound care helps maintain a moist, clean wound environment. They also prevent infection and manage exudate. When wound care products are used properly, they can help accelerate healing and reduce complications. They also improve patient care.

• Diagnostic and Monitoring Equipment: Diagnostic and monitoring equipment is essential for the diagnosis and monitoring of various health conditions. They include blood pressure monitors and glucose meters as well as thermometers. Diagnostic devices are used to detect, diagnose, and manage diseases and medical conditions. These devices provide healthcare professionals with valuable information to help them make informed decisions regarding patient care. Monitoring devices allow for continuous monitoring of vital signs, physiological parameters and other factors, which allows early detection and prompt intervention. Use of accurate and reliable monitoring and diagnostic devices can improve patient outcomes, ease disease management and empower individuals to play an active role in healthcare.

These use cases demonstrate the vital role medical supplies have in supporting healthcare, ensuring patient security, and facilitating accurate diagnosis and treatment. The medical supply market continues to innovate, and to adapt to the ever-changing healthcare industry’s needs.

Recent Developments

• Medtronic plc is launching its NuVent Eustachian dilation balloon in February 2022. This device is meant to treat chronic and obstruction eustachian tub dysfunction.

• Boston Scientific Corporation was granted FDA clearance in April 2022 to use the EMBOLD Fibered Detachable Coiled, which has been indicated for obstructing or reducing the rate of peripheral blood flow.

• In June 2021, Ethicon, part of Johnson & Johnson Medical Devices Companies, launched its ENSEAL X1 Curved Jaw Tissue Sealer. The device has been designed for colorectal surgery, gynecological procedures, bariatric surgeries, and thoracic operations.

• Cardinal Health signed an agreement in May 2022 with URAC, which is the largest independent accreditation organization for health care in the US. Cardinal Health has signed an agreement to pursue accreditation of its specialty pharmacies, practices and other facilities.

• Parata Systems is an innovative provider for pharmacy automation solutions. BD acquired Parata Systems in June 2022. Parata’s innovative portfolio will enhance BD’s existing portfolio.

• In January 2022, Johnson & Johnson Medical Devices Companies signed a strategic partnership with Microsoft to further enable its digital surgery solutions.

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