NEW YORK, Oct. 19, 2016 /PRNewswire/ -- The global medical disposables market is expected to reach USD 329.9 billion by 2024, according to a new study. Key factors driving the market expansion include the growing awareness regarding benefits of infection control, which majorly include enhanced quality of life and minimized related healthcare expenditure.
In addition, propelling factors of this sector comprise constantly rising hospital visits, surgeries, and the growing need for healthcare assistance owing to the escalating geriatric population prone to developing chronic diseases and injuries. Furthermore, the emergence of this sector is attributed to the increased focus toward the use of single-use disposable products to prevent cross-contamination and infection in healthcare settings.
These products offer a range of advantages to the healthcare institutions such as reducing sterilization and disinfection costs. Thus, most of the healthcare professionals and individual patients are turning toward disposable medical supplies to meet the infection control requirements.
Drug delivery products captured the largest revenue share in 2015. The segment is also expected to foresee the fastest growth rate due to the increasing use of prefilled syringes, needles, and transdermal patches by various hospitals and clinics.
The plastic resin segment accounted for the largest share in 2015 due to their wide availability and application in the healthcare sector. However, nonwoven material is forecasted to grow at the fastest CAGR owing to factors such as their low weight, affordable cost, and easy recycling methods. Nonwoven fabric is the material of choice for a number of applications such as wound care management, incontinence management, and surgeries due to the highly absorbent and liquid repellent nature of this material, among other properties.
Further Key Findings from the Study Suggest:
In 2015, the drug delivery product segment captured the largest revenue share. The increasing application of various drug delivery products for sustained-release drug therapies is mainly contributing to the largest share of the segment globally.
In addition, rising demand for minimally invasive surgeries is spurring the demand for needles and drug delivery devices, which is resulting in the high revenue generation of the segment
With the introduction of advanced technology and growing demand for accurate diagnostic methods, the diagnostic and laboratory disposables segment is expected to show the second fastest growth during the forecast period
North America region dominated the overall market by capturing over 35.0% share in 2015. This region is anticipated to remain dominant throughout the forecast period.
Some of the factors having a significant impact on the regional market growth are government initiatives, high per capita income, large patient pool, and the presence of a large number of major players in the region
Growing economies and government-led initiatives are expected to drive the growth of the medical disposables sector in the Asia Pacific region. The segment is expected to witness a lucrative CAGR of over 7% during the forecast period.
Some of the major players in the consolidated market are 3M, Johnson & Johnson Services, Inc., Abbott, Becton, Dickinson & Company, Medtronic, B. Braun Melsungen AG, Bayer AG, Smith and Nephew, Medline Industries, Inc., and Cardinal Health
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