Medical Supplies Market

Increasing prevalence of chronic diseases and growing surgical procedures to drive market growth

There has been an increasing prevalence of chronic diseases such as cancer, diabetes, etc. due to sedentary lifestyles. Moreover, healthcare agencies are focusing on improving diagnosis and treatment rates through awareness drives and more surgical procedures, Further medical supplies reduce the burden of work and allow easy and effective workflow during surgeries. Thus growing chronic diseases, increase in diagnosis, treatment rates, and growing surgical procedures are expected to create lucrative opportunities for the growth of the medical supplies market during the forecast period.

The Global Medical Supplies Market Industry is experiencing a notable increase in demand for home healthcare products. This trend is driven by an aging population and a growing preference for at-home medical care. In 2024, the market is projected to reach 9.4 USD Billion, reflecting the shift towards more personalized healthcare solutions. Home healthcare supplies, such as monitoring devices and mobility aids, are becoming essential for patients managing chronic conditions. This shift not only enhances patient comfort but also reduces the burden on healthcare facilities, indicating a significant transformation in how medical supplies are utilized globally.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American medical supplies market is expected to grow at a significant CAGR during the study period, accounting for USD 4.95 billion in 2021 owing to the high focus on the cost-effective and innovative procedures adopted in the US, rising incidence of inflammatory and hospital-acquired infections, increasing prevalence for lifestyle-based diseases such as cardiovascular diseases, diabetes, hypertension, and obesity in the region, and rising geriatric population at an unprecedented rate. Moreover, significant regional players are expected to drive the market.

For instance, American Hospital Supply Corp., 3M Health Care Ltd, Cardinal Health Inc, McKesson Corp, Stryker, and Medtronic are some hospital supply manufacturers prevailing in the region. Thus, it is expected to stimulate industry growth due to affordable medical supplies availability.

Moreover, the major countries covered in the market report include the United States, Germany, Canada, France, the United Kingdom, Italy, Spain, India, Japan, Australia, China, South Korea, and Brazil.

Medical Supplies MARKET SHARE BY REGION 2021

The European medical products supplies market is the world's second-largest. The growing presence of diseases in countries like the U.K. and France contributes to medical supplies' consumption. The increment in healthcare expenditure and developed healthcare infrastructure in the region, coupled with the high demand for different types of surgeries among the population, are prominent factors that are accountable for the high demand for medical supplies in the region. Several government initiatives for medical sector development and population adoption of medical insurance policies encourage surgical treatment, further fueling the medical supplies market growth.

Further, the UK medical supplies market held the largest market share, and the German medical supplies market was the fastest-growing market in the European region.

The Asia Pacific medical supplies market is expected to grow at the fastest CAGR during the forecast period. The government and the corporate sector increased investments in developing healthcare infrastructure. The huge population, rising awareness regarding non-invasive surgeries, rising healthcare expenditure, and increasing awareness regarding hospital-acquired infections are the various factors that can be held accountable for the growth of the medical supplies market during the forecast period. Moreover, China’s medical supplies market held the largest market share, and the Indian medical supplies market was the fastest-growing market in Asia-Pacific.

Medical supplies market is highly competitive and major players are acquiring smaller players to increase their market share. The global market is fragmented, with players, such as Medtronic, Johnson & Johnson Services Inc, Abbott, and Stryker, accounting for a major share in 2021. The top market players focus on strategies such as acquisitions, collaborations, new product developments, and launches to strengthen their market position globally.

Johnson & Johnson Services, Inc. captured a significant medical devices market share in 2021 and is estimated to continue to hold its position over the forecast period due to its strong presence across the world and a vast distribution network.

Baxter International Inc. is an American multinational healthcare company headquartered in Deerfield, Illinois. The company primarily focuses on products to treat kidney disease and other chronic and acute medical conditions. In September 2021, Baxter acquired Hillrom, the US medical device group. Baxter International, a medical technology company, agreed to acquire Hill-Rom, a rival equipment maker. Hillrom manufactures healthcare equipment from low-tech hospital chairs to sophisticated wearable electrocardiographs and operating tables. Baxter focuses on critical care, nutrition, and surgical products in the medical equipment and healthcare industry. We are doing large-scale transactions.

Johnson & Johnson is an American multinational corporation that develops medical devices, pharmaceuticals, and consumer packaged goods. In July 2021, Johnson & Johnson made 44 acquisitions and 15 investments. The company spent more than USD 86.60 billion on the acquisition. Johnson & Johnson has expanded its market globally by investing in multiple sectors such as orthopedics, infectious diseases, life sciences platforms, and tools.