US Demand for Medical Equipment & Supplies to Grow 3.9% Yearly in Nominal Terms to 2023
Rising Spending on Medical Services Will Boost Sales of Related Equipment
Dec 12, 2019, 09:37 ET
CLEVELAND, Dec. 12, 2019 /PRNewswire/ -- US demand for medical equipment and supplies is forecast to advance 3.9% yearly in nominal terms through 2023, according to Medical Equipment & Supplies: United States, a report recently released by Freedonia Focus Reports. Continued increases in medical services expenditures – driven in large part by the aging of the population and supported by gains in disposable personal income – will boost sales of associated equipment and supplies. New product introductions will help drive value growth, as providers and patients typically seek the latest treatment options. Faster gains will be limited by the use of pharmaceutical treatments and physical therapy to treat some ailments.
In real (inflation-adjusted) terms, demand for medical equipment and supplies is forecast to increase 3.4% per year through 2023, implying an inflation rate of less than 1.0%, continuing the trend of slow price growth. Producers will continue to face increased price pressures from medical service providers (e.g., hospitals) and payers (e.g., healthcare insurance companies) due to attempts to curb healthcare costs. Providers, who are facing more stringent reimbursement rates and various cost control efforts from payers (e.g., Medicare, Medicaid, private insurance), are in turn pressing manufacturers on prices. In addition, growing imports from countries with lower labor costs, such as Mexico and China, also help limit price gains.
These and other key insights are featured in Medical Equipment & Supplies: United States. This report forecasts to 2023 US demand and shipments for new medical equipment and supplies in nominal US dollars at the manufacturer level. In addition, total demand in real (inflation-adjusted) terms is forecast to 2023. Total demand and shipments are segmented by product in terms of:
- surgical and medical instruments
- surgical appliances and supplies
- electromedical equipment
- dental equipment and supplies
- ophthalmic goods
- irradiation equipment
To illustrate historical trends, total demand, total shipments, the various segments, and trade are provided in annual series from 2008 to 2018. In addition, the number of US firms, establishments, and employment are provided in annual series from 2008 to 2018.
Imports and exports from and to Puerto Rico are included in demand and trade data, as Puerto Rico often serves as a manufacturing base for medical equipment and supplies for the US market.
Re-exports of medical equipment and supplies are excluded from demand and trade figures. Pharmaceuticals, contrast agents, and other consumables for in vivo diagnostic tests as well as in vitro diagnostic substances are excluded from the scope of this report. Pharmaceuticals are covered in Pharmaceuticals: United States. Also excluded is analytical laboratory equipment such as hematology instruments and blood bank process equipment; they are covered in Analytical Instruments: United States.
More information about the report is available at:
https://www.freedoniafocusreports.com/Medical-Equipment-Supplies-United-States-FF40018/?progid=91541
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Healthcare & Biotechnology reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
Press Contact:
Corinne Gangloff
+1 440.684.9600
[email protected]
SOURCE The Freedonia Group
