COVID-19 Impact on Medical Supplies Market Growth, Trends, Size Analysis by Type (Infusion Products, Blood Collection Tubes, Wound Care Products, Dialysis Consumables, Surgical Drapes, Adult Incontinence Products, Blood Glucose Test Strips), Application (Urology, Wound Care, Anesthesia, Sterilization) and End User Till 2022
Medical Supplies Market Scope
The global medical supplies market size is expected to reach a valuation of USD 132 billion by 2022. Major drivers of the medical supplies market comprise the large geriatric pool, rise of chronic disease cases, and launch of advanced devices and equipment. Adoption of safety-enhanced devices for parenteral delivery of drugs to patients, inhalation therapies, and IV and dialysis solutions are likely to bode well for the market.
Medical supplies, commonly known as medical equipment, are used in healthcare settings for diagnosis and treatment of patients. Large volume of patients and paucity of hospitals are likely to create demand for medical supplies. The global medical supplies market report by Market Research Future (MRFR) estimates the market size, volume, and other projections for its segments during the period of 2016 to 2022 (forecast period).
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The outbreak of deadly diseases such as COVID-19, Zika, Ebola, and others have triggered the need for medical supplies. Manufacturers have doubled down their efforts for the manufacture of ventilators, surgical gowns, gloves, and others during the crisis. In addition, development of vaccines which are oral or edible can augur favorably for the global medical supplies market. Efforts for preventing hospital-acquired infections by stressing on the use of disposable syringes can work well. Rising use of dialysis procedures, increasing number of cases of diabetes, and a large patient pool for renal diseases will create opportunities for the market.
Medical Supplies Market Segmentation
The global medical supplies market is segmented by type, application, and end user.
By type, medical supplies market is segmented into surgical drapes, infusion products, blood glucose test strips, blood collection tubes, wound care products, dialysis consumables, and adult incontinence products.
On the basis of application, medical supplies market is segmented into anesthesia, urology, wound care, and sterilization.
On the basis of end user, medical supplies market is segmented into nursing homes, hospitals, and clinics. Hospitals are expected to command a large market share owing to patients’ preference of hospitals for diagnosis of serious ailments. Establishment of hospital chains in rural and suburban areas for better outreach to patients can induce the need for medical supplies. In addition, the sudden nature of emergencies which lead to the admittance in hospitals can fuel medical supplies market demand.
Medical Supplies Market Regional Outlook
North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are regions taken into consideration with respect to the global medical supplies market.
North America is predicted to be the largest region for the medical supplies market. This can be attributed to the presence of various medical device manufacturers, advanced healthcare infrastructure, and recommended expertise of medical professionals.
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APAC is the fastest growing region of the medical supplies market with developing economies investing in upgrading their healthcare infrastructure for the public. The influx of large number of patients due to medical tourism, sharp rise of chronic diseases, and the large geriatric pool are factors driving regional medical supplies market growth.
Medical Supplies Market Competition Outlook
Boston Scientific Corporation, B. Braun Melsungen AG, Thermo Fisher Scientific Inc., Halyard Health, Inc., 3M Company, Johnson & Johnson, Baxter International Inc., and Medtronic plc are key players of the global medical supplies market. Mergers and acquisitions are to be witnessed in the market as the industry heads towards consolidation.
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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