(PharmaNewsWire.Com, June 10, 2021 ) The research study involved four major activities in estimating the current size of the COVID-19 impact on 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. Both top-down and bottom-up approaches were employed to estimate the complete market size.
Expected Revenue Surge: 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.
Recent Developments in Medical Supplies Market;
- In April 2020, Baxter received USFDA Emergency Use Authorization for Oxiris Blood Purification Filter for COVID-19 Treatment
- In Arizona, the US, SanTan Brewing, has repurposed its beer production line to manufacture hand sanitizer. In April 2020, SanTan began producing 400 gallons of medical-grade hand sanitizer for first responders and healthcare professionals.
- In New York (US), in March 2020, Pernod Ricard’s facility in Fort Smith, Ark. produced 1,000 gallons of hand sanitizer; it originally produced Malibu coconut rum and Seagram’s gin.
- In India (Bengaluru), Diageo India, which sells McDowell’s whiskey and Smirnoff vodka, announced that it would produce 300,000 liters of hand sanitizers to help overcome the shortage.
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.
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.
Geographically; 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.
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