(PharmaNewsWire.Com, November 03, 2020 ) This study involved four major activities in estimating the current size of the COVID-19 impact on the medical supplies market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
According MarketsandMarkets Research - The COVID-19 impact on Medical Supplies Market is expected to reach USD ~100 billion by 2021 from an estimated value of USD ~78 billion in 2019, growing at a CAGR of ~13.4% during the forecast period.
The Key Factors Who will Drives the Market Growth?
- Growing awareness for environmental & personal hygiene leading to rising demand of disinfectants
- Increasing number of emergency centers, hospital settings and ICUs during the Pandemic
- Increasing need of healthcare workers in hospitals and government camps & surveys
- Increased demand of PPE kits and n95 masks globally
- Increasing demand of ventilation supplies for effective management of critical COVID-19 patients
- Increasing demand of diagnostic supplies for rapid diagnosis of COVID- 19
Market Growth Opportunities:
- Development of specific testing kits for COVID-19
- Repurposing of liquor production line into sanitizer manufacturing to meet the demands
The disinfectant type segment is expected to grow at the highest CAGR during the forecast period
Based on type, segmented into intubation and ventilation supplies, disinfectant, personal protective equipment, diagnostic supplies, sterilization supplies, infusion and injectable supplies, dialysis supplies, wound care supplies, radiology supplies, and other medical supplies. The disinfectant segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to factors such as the increasing demand for hand sanitizers, rising awareness about personal hygiene, increased consumption of disinfectant in healthcare facilities are driving the growth of the disinfectant market globally.
The hospitals end user segment is expected to grow at the highest CAGR during the forecast period
Based on end users, segmented into hospitals, clinics, and other end-users. The hospital segment is expected to grow at the highest CAGR owing to increasing demand for hospital beds and intensive care units in countries with the increasing incidence of COVID-19, increasing demand for specialized staff such as infectious disease experts providers, respiratory therapists, and physicians and nurses who can provide intensive and critical care, increased consumption of personnel protective equipment within the hospital premises; and the increasing support from government and non-government organization to combat with COVID-19 are the major factors driving the demand and uptake of medical supplies in hospitals growth.
North America accounted for the largest share of the medical supplies market in 2020, followed by Europe. The large share of this region is attributed mainly to a high number of positive COVID-19 cases and deaths in the US, a strong healthcare system, and the presence of many large hospitals. Moreover, a large number of major global players are based in the US, owing to which the US can easily manufacture these devices.
The prominent players in the COVID-19 impact on Medical Supplies Market are Medtronic plc (Ireland), Cardinal Health, Inc. (US), Becton, Dickson and Company (US), Johnson & Johnson (US), and B. Braun Melsungen AG (Germany), Fresenius Medical Care AG & Co. KGaA (Germany), Baxter International, Inc. (US), STERIS Corporation (US), Getinge Group (Sweden), Advanced Sterilization Products (US), 3M Company (US), Smith & Nephew (U.K.), Mölnlycke Health Care AB (Sweden), among others.
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