Global medical supplies market is projected to witness a CAGR of 4.21% during the forecast period 2024–2031, growing from USD 154.83 billion in 2023 to USD 215.34 billion in 2031. The market has experienced significant growth in recent years and is expected to maintain a strong pace of expansion in the coming years.
Medical supplies and devices are a series of products used in various hospitals, clinics, surgery centers, medical institutions, and research centers for a variety of purposes. These supplies are an integral part of any healthcare facility as they are the medium to conduct any medical procedure. They are a part of any inventory in a well-established healthcare facility, and such items as catheters, thermometers, syringes, blood processing devices, wound care instruments, accessories, and monitoring devices come under them. They are all supplied by medical suppliers, and the market is projected to accelerate soon.
The medical supplies market is rising due to an increase in the number of patients and increasing demand for effective diagnostic solutions. Significant investment and increasing expenditure in the healthcare sector are also fueling the market’s growth. Medical Supplies have a wide range of applications in different surgical procedures such as general surgery, gynecology, urology, orthopedic, cardiovascular, cosmetic, neurosurgery, and veterinary surgery. Medical supplies come in handy not just in surgical procedures but also in the smallest possible procedure. Minimally invasive surgery options have gained traction and are becoming very popular and widely accepted globally. Its popularity has also made it possible for healthcare companies and the government to introduce it to tier-2 and tier-3 cities as well. Government initiatives and funds have proven to be of help for the expansion of this market. They are coming along with giants in this market and have done wonders in terms of development and R&D. For example, in an agreement signed between Cardinal Health and URAC, the largest independent healthcare accreditation organization in the U.S., Cardinal Health will pursue accreditation for its specialty pharmacies and practices.
Click Here: https://www.marketsandata.com/industry-reports/medical-supplies-market
Increasing Number of Patients Requiring Medical Intervention
Growth in various chronic and acute diseases increases the number of patients, leading to more surgical procedures. As the burden of patients needing treatment is rising, so is the need for medical supplies and facilities. For example, the British Heart Foundation published a report in January 2022 stating that waiting lists for heart surgeries are getting longer daily. 284,000 patients were on the waiting list and waiting time for critical heart surgeries for patients increased by 22% since the pandemic. This alone shows the need to expand medical facilities worldwide, directly impacting the need for medical supplies and the growing market manifolds. Many such diseases/medical conditions need to be attended to in the hospital, and sometimes, patients must stay there irrespective of the length of stay. Another reason for the increasing number of patients is the rise in the geriatric population, who are more prone to diseases and serious medical conditions. For instance, projections made by World Population Prospectus in 2022 state the rise of the geriatric population from 10% in 2022 to 16% in 2050.
Government Initiatives
As the number of infectious diseases, acute diseases, chronic diseases, and other medical conditions is increasing, the adoption of advanced surgical procedures and initiatives by the government and healthcare companies to improve the quality of the healthcare sector are also improving, aiding the medical supplies market. Various government initiatives are coming into play to address the growing demand in the healthcare sector. Significant investments are being made in collaboration with R&D departments and healthcare/pharmaceutical companies in the market. Strategic initiatives such as collaborations, mergers, acquisitions, and partnerships are being made to improve company relationships. Johnson & Johnson Medical Devices signed a partnership with Microsoft in January 2022 to enable and enhance digital surgery solutions.
Governments endeavor to accelerate the development and use of advanced immunodiagnostic technologies through grant allocations, infrastructural investment, and clinical trials. Together, these initiatives are propelling market growth and aim to enhance public health by promoting early disease detection, aiding precision-based treatments, and thus improving healthcare outcomes. In India, Union Budget 2024–25 aims to propel the healthcare sector through various initiatives such as providing free cervical cancer treatment to women, expanding medical colleges, focusing on maternal and child care during and post-childbirth, and improving digital infrastructure for better connectivity in less privileged areas. Initiatives like ‘Mission Indradhanush,’ ‘Poshan 2.0’, ‘Ayushman Bharat,’ and ‘Saksham Anganwadi’ have been introduced in the country to reform the landscape of the healthcare sector, which will boost the medical supplies market.
Catheters are Dominating the Global Medical Supplies Market
Catheters are anticipated to witness a rise in growth during the forecast period, owing to the increasing burden of different diseases worldwide. Catheters are thin tubes used to move bodily fluids, so they are required and important in every medical procedure. The increasing number of patients and rising geriatric population are some of the important factors that are driving the demand for catheters globally. The increasing popularity of minimally invasive procedures is also responsible for driving the growth of this market. Technology has proven to be a boon in healthcare by delivering cutting-edge technology. An example can be seen through a recently developed AI-integrated catheter at Caltech in 2024. These AI-integrated anti-infection catheters prevent the risk of bacteria swimming up the catheter. With this new design, there is a 100-fold reduction in the number of bacteria that can swim upstream through the tube.
North America Dominates the Medical Supplies Market
North America is anticipated to have a significant market share over the forecast period in the medical supplies market. Due to the rising burden of chronic diseases and population in North America, healthcare-related engagement is also increasing. North America is experiencing a significant increase in different diseases that either need to be treated surgically or at least need the patient to stay in the hospital. About 2.4 million Canadians have heart disease, according to a report by the Canadian Institute for Health Information updated in June 2022. According to a report by Spotlight on Heart Failure published in 2022, more than 100,000 Canadians are likely to be diagnosed with heart failure each year. A surge in heart-related diseases is being witnessed, acting as a driver and increasing the demand for heart surgeries, thereby increasing the demand for medical supplies in the region. North America, also a hub of healthcare giants that provide the best possible cutting-edge technology, is prone to growth in terms of technological advancement. Ethicon US, LLC, a part of Johnson & Johnson Medical Devices, recently launched the ENSEAL X1 Curved Jaw Tissue Sealer, which offers a wide range of use in gynecological, colorectal, and bariatric surgery.
The global medical supplies market is experiencing a transformative phase, driven by technological advancements, increasing healthcare needs, and a growing emphasis on health and well-being worldwide. This blog post delves into the key factors influencing the market, its current size, and what the future holds for this critical industry.
Understanding the Global Medical Supplies Market
Medical supplies encompass a wide range of products essential for the diagnosis, treatment, and management of various health conditions. These include surgical instruments, diagnostic devices, disposables like gloves and syringes, bandages, and advanced medical technologies such as imaging systems and robotic surgery tools.
Market Size and Growth
As of recent estimates, the global medical supplies market is valued at approximately $150 billion, with projections suggesting a compound annual growth rate (CAGR) of around 6–7% over the next five years. Several factors contribute to this robust growth:
- Aging Population: The global population is aging, leading to an increase in age-related health issues. This demographic shift is driving the demand for medical supplies, particularly in developed countries.
- Chronic Diseases: The prevalence of chronic diseases such as diabetes, cardiovascular diseases, and respiratory disorders is on the rise, necessitating continuous medical care and monitoring.
- Technological Advancements: Innovations in medical technology, including minimally invasive surgical techniques and advanced diagnostic tools, are propelling market growth.
- Pandemic Impact: The COVID-19 pandemic underscored the importance of having a resilient supply chain for medical supplies, boosting demand for personal protective equipment (PPE), ventilators, and diagnostic kits.
Future Market Scenario (2024–2031F)
A plethora of chronic diseases are present already, and the anticipation that these diseases will multiply in the near future in correspondence to the rising population is a growth factor for the medical supplies market. Improving accessibility of healthcare facilities in tier 2 and tier 3 cities is also gaining traction towards the flourishing healthcare market. Healthcare giants, along with the government, have been coming together to put forth R&D for developing devices that are not only precision-based but are also versatile in action. This ensures the future medical supplies market’s growth and expansion. Accelerate Diagnostics, Inc. launched an Arc Module and a BC kit in March 2022 for automated rapid and accurate microbial identification for positive blood cultures.
About Us:
Markets and Data provides a comprehensive/ panoramic understanding of markets at global, regional, and country levels. Examine changing consumer preferences, emerging challenges, underlying trends, and growth prospects to accelerate your business strategies.
Contact
Mr. Vivek Gupta
5741 Cleveland street,
Suite 120, VA beach, VA, USA 23462
Tel: +1 (757) 343–3258
Email: info@marketsandata.com
Website: https://www.marketsandata.com