(PharmaNewsWire.Com, January 16, 2021 ) According MarketsandMarkets Research – The Global Medical Supplies Market is projected to grow from USD 133.5 billion by 2025 from USD 132.6 billion in 2020, at a CAGR of 4.6%.
Market Size Estimation:
Both top-down and bottom-up approaches were used to estimate and validate the total size of the medical supplies market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
By type, the medical supplies market is segmented into diagnostic supplies, infusion & injectable supplies, intubation & ventilation supplies, disinfectants, personal protective equipment, sterilization consumables, wound care consumables, dialysis consumables, radiology consumables, catheters, sleep apnea consumables, and other medical supplies. The intubation & ventilation supplies segment is expected to grow at the highest growth rate during the forecast period. The growth of this segment is driven mainly by the rising prevalence of respiratory diseases such as asthma and COPD across the globe.
The applications market is categorized into urology, wound care, radiology, respiratory, infection control, cardiology, IVD, and other applications. The other applications segment held the largest market share in 2019, due to factors such as the increasing number of surgical procedures, rising prevalence of dental diseases, and the increasing focus on adhering to proper waste disposal methods.
Recent Developments in Medical supplies Industry:
- In 2020, Baxter launched peri-strips dry with secure grip technology for reliable staple line reinforcement in surgical procedures.
- In 2020, Fresenius Medical Care AG & Co. KGaA inaugurated a EUR 30 million expansion of its transfusion and apheresis disposables plant in the Dominican Republic. The new space includes advanced production equipment, plasma kit assembly lines, and sterilization units that double the cleanroom and storage capacity. The site also includes a large warehouse.
- In 2019, Boston Scientific Corporation acquired BTG plc with a focus on offering best-in-class technologies, unparalleled clinical evidence, and strengthened commercial infrastructure.
The medical supplies market in North America, Europe, the Asia Pacific, and the Rest of the World has been covered in this report. In 2019, North America held the largest share of the market, followed by Europe. The rising incidence of chronic diseases, increasing geriatric population, and the increasing prevalence of COVID-19 are the major factors driving the growth of the market in North America.
Key Market Players;
The prominent players operating in the medical supplies market include Medtronic (Ireland), Cardinal Health, Inc. (US), BD (US), Johnson & Johnson (US), B. Braun Melsungen AG (Germany), Boston Scientific Corporation (US), Thermo Fisher Scientific, Inc. (US), Baxter International, Inc. (US), Avanos Medical, Inc. (US), 3M (US), Smith & Nephew (Ireland), ConvaTec Group Plc. (UK), Abbott (US), Cook Medical (US), Merit Medical Systems (US), Stryker (US), Terumo Corporation (Japan), Teleflex Incorporated (US), Fresenius Medical Care AG & Co. KGaA (Germany), and Coloplast Group (Denmark).
Medtronic plc (Ireland) is one of the leading players in the medical supplies market. The company offers a broad product portfolio across the globe. Over the years, the company has maintained its leading position in the market.
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