(PharmaNewsWire.Com, May 05, 2021 ) The report “COVID-19 impact on Medical Supplies Market by Type (Intubation, Personal Protective Equipment, Infusion, Radiology, Wound Care Supplies), End User (Hospitals, Clinics) – Global Forecast“, is projected to reach USD ~100 billion by 2021 from USD ~78 billion in 2019, at a CAGR of ~13.4%.
What Drives the Medical Supplies Market Growth?
The Growing awareness regarding environmental & personal hygiene leading to rising demand for disinfectants, an 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, growing demand for ventilation supplies for effective management of critical COVID-19 patients, and rising demand of diagnostic supplies for rapid diagnosis of COVID-19 are the major factors driving the growth of this market.
Based on type, the medical supplies market is 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.
Based on end users, the market is 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.
Geographical View in-detailed:
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 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.
Medtronic PLC (Ireland) was the key player in the medical supplies market. Medtronic is known for its diversified product offerings in the field of medical supplies. The company’s comprehensive product portfolio includes wound care supplies, medical delivery products, urology catheters, needles and syringes, blood and specimen collection, sharp disposal, diagnostics catheter, dialysis catheter, PPE, incontinence, surgical kits, intubation products.
Over the years, the company has maintained its position in the market through continuous innovation and the launch of advanced products. In addition to this, Medtronics focuses on expanding its product portfolio and geographic presence by mergers and acquisitions. In line with this, in October 2019, Medtronic acquired AV Medical (Israel).
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