BANGALORE, India, April 6, 2020 /PRNewswire/ -- The global medical supplies market size is expected to increase from USD 105.8 Billion in 2019 to USD 160.6 Billion by 2025, at a CAGR of 7.2 percent from 2019 to 2025.
Medical supplies is a generic term that comprises everything from the basic first-aid kit to specific tools in the medical profession. Some medical supplies are used in drug delivery procedures, such as hypodermic devices and inhalation supplies, while supplies of sterilization and infection prevention are used to prevent infection in healthcare settings.
The key factors leading to the growth of medical supplies market size include a growing patient pool for renal diseases, rising diabetes and hypertension incidence, growing geriatric population, and rising dialysis procedures for kidney transplants. Additionally, factors such as increased number of surgeries, increased prevalence of diseases, increased geriatric population, and an increased number of hospital-acquired infections (HAIs) are driving the growth of the global demand for medical supplies.
TRENDS INFLUENCING THE GROWTH OF MEDICAL SUPPLIES MARKET SIZE
The growing prevalence of large-scale and small-scale disorders, fueled by ecological shifts, chronic diseases, and rising accident & injury cases, is increasing the growth of medical supplies market size.
Increasing cases of surgical and maternity-care infections, as well as hospital-acquired infections, have contributed to increased demand for medical supplies to ensure health and hygiene. Furthermore, the medical supply market is expected to witness a huge growth due to the widespread impact of COVID-19.
Raising numbers of surgeries will intensify the demand for surgical gowns, gloves, drapes, feeding tubes, and procedural kits and trays, which, in effect, will drive the global market for medical supplies.
MEDICAL SUPPLY MARKET SHARE BY REGION WISE ANALYSIS
North America, led by wide accessibility to healthcare goods & services, is expected to dominate the global medical supplies market. Factors such as wide adoption of new technologies and an increasing focus on providing cost-competitive supplies promote regional business growth.
The Asia Pacific is expected to be the fastest-growing region during the forecast period due to factors like growing geriatric population, increasing incidence of diseases, rising medical tourism industry, and improving healthcare infrastructure.
Factors including increasing healthcare spending, adoption of new technology, and involvement of global players promote the growth of the European medical supplies market.
The global medical devices market size is expected to grow with a CAGR of 3.54% between 2019 and 2025.
Devices that are specifically designed for medical use are classified as medical devices. Medical devices vary based on complexity and applications and are used in surgery, treatments and diagnosis.
The rising penetration of medical devices in developing countries has a positive effect on the demand for medical devices, as such products have relatively high operating margins across the industry's numerous subsectors. Based on market research it can be found that medical devices are more attractive to investors in developing countries as opposed to developed countries.
The global disposable medical supplies market size was estimated at USD 48,630 million in 2016 and is projected to hit USD 80,252 million by 2023, at a CAGR of 7.3 percent over the forecast period.
Disposable medical supplies are non-sustainable medical consumables. Developing disposable products were intended to reduce infections in hospital settings such as hospital-acquired pneumonia, bloodstream infections, infections of the urinary tract, and others.
The report offers an in-depth overview of the global demand for disposable hospital supplies, with existing patterns and potential forecasts to elucidate the imminent pockets of investment.
In 2016, the global homecare medical equipment market size was estimated at USD 21,912 million and was expected to hit USD 35,183 million by 2023, growing at a CAGR of 7.1 percent from 2017 to 2023.
Homecare medical equipment (HME) refers to medical devices that are used to provide patients with a safe, comfortable, cost-effective, and adequate environment. Such tools make it easier for patients to recover by enhancing their quality of life.
Factors expected to increase the homecare medical equipment market size are prevalence of chronic diseases and an increase in the number of geriatrics. In addition, HME's cost and technical developments are expected to drive market growth.
Medical equipment are devices specifically designed for the purpose of diagnosing and treating illness; it may be used either alone or in conjunction with any medical equipment component, consumable or other. Technical advances such as the launch of modern laser therapy to treat diseases with higher accuracy are expected to drive demand for the medical equipment market.
This report studies the global market status and forecast for medical equipment, categorizing the global market size for medical equipment by key players, type, application, and area. This study focuses on North America, Europe, Asia-Pacific, South America, and the Middle East & Africa's top players.
Factors such as increased incidences of infectious diseases and increased public awareness of patient-acquired infections contribute to the overall demand for hospital supplies. The global demand for hospital supplies is also on the rise in developing countries. Countries like Brazil and India are slowly raising their hospital bed density figures on a global scale.
The global hospital supplies market report studies the market size by players, countries, product types and end industries, historical data 2014-2018, and forecast data 2019-2025. Furthermore, the report analyses the global competitive environment, market drivers and patterns, opportunities and challenges, risks and entry barriers, distribution channels, distributors, and Porter's Five Forces Analysis.
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