The global medical supplies market is expected to grow at a favorable rate from 2021 to 2031 (forecast period). The rising prevalence of chronic diseases, resulting in increased hospitalizations and procedures, is a primary factor expected to drive the medical supplies market. Moreover, increasing hospital-acquired infections (HAIs), a move toward home-based care, and greater investments in essential medical supplies are anticipated to boost the global medical supplies market in the coming years.
Furthermore, the expanding older population, better healthcare infrastructure in developing countries, and the continued need for disposable medical supplies are projected to provide lucrative opportunities in the medical supplies market during the projection period.
Key players active in the global medical supplies market include Johnson & Johnson (US), Medtronic (Ireland), Cardinal Health, Inc. (US), BD (US), Cook Medical (US), Thermo Fisher Scientific, Inc. (US), B. Braun Melsungen AG (Germany), Avanos Medical, Inc. (US), Boston Scientific Corporation (US), ConvaTec Group Plc. (UK), Baxter International, Inc. (US), 3M (US), Smith & Nephew (Ireland), Abbott (US), Teleflex Incorporated (US), Merit Medical Systems (US), Fresenius Medical Care AG & Co. KGaA (Germany), Terumo Corporation (Japan), Stryker (US), and Coloplast Group (Denmark).
Key players are engaged in strategic activities such as new product development, mergers and acquisitions, collaborations, and global expansion. For instance, Baxter introduced peri-strips dry with secure grip technology in 2020 for effective staple line reinforcement in surgical procedures.
Unhealthy lifestyles have increased the frequency of chronic diseases such as diabetes and cancer. Healthcare organizations are concentrating on boosting diagnosis and treatment levels via awareness programs and more surgical procedures. This, in turn, is projected to propel the medical supplies market forward.
Moreover, rising incidences of healthcare-acquired infections (HAIs) and awareness regarding health and cleanliness are expected to drive the demand for disposable medical supplies such as face masks, gloves, and gowns for protection. Furthermore, with a large cost burden associated with rising patient diagnosis and treatment rates in hospitals, key market participants are concentrating on the development of new and easy-to-use medical supplies equipment.
The advent of severe infections such as the ongoing coronavirus pandemic is projected to raise the global demand for medical supplies. Since the arrival of COVID-19, the demand for in-vitro diagnostic instruments, medical supplies, and respiratory care devices has surged. This trend is projected to boost the expansion of the medical supplies market.
Furthermore, the increasing penetration of hospitals in emerging and developed countries is expected to support the growth of the medical supplies market. The growing number of hospital admissions and increasing demand for surgeries are driving up demand for medical supplies across the world. Additionally, improved healthcare infrastructure in developed nations such as Europe and North America is projected to boost the medical supplies market.
The North America medical supplies market is anticipated to expand due to the rising prevalence of numerous chronic diseases in Canada and the United States. Main factors anticipated to increase demand for medical supplies in North America include the rising elderly population, increased healthcare expenditure, enhanced healthcare infrastructure, and rising demand for surgeries among the populace. Moreover, the increased penetration and adoption of health and medical insurance policies among the population pushes people to seek surgical treatment, which is projected to boost the medical supplies market in North America.
The medical supplies market in Asia Pacific is expected to witness significant growth during the projection period. This can be ascribed to greater government investments in the development of advanced healthcare facilities in the region. Furthermore, the expanding popularity of non-invasive surgeries and the increasing adoption of health and medical insurance among the public are projected to impact the medical supplies market positively.