Medical Supplies - Market Insights, Competitive Landscape, and Market Forecast - 2030

Medical Supplies - Market Insights, Competitive Landscape, and Market Forecast - 2030

Medical Supplies Market By Type (Durable Medical Equipment, Electronic Medical Equipment, Diagnostic Medical Equipment, Surgical Medical Equipment, And Others), End-User (Hospitals & Clinics, Ambulatory Surgical Centers, And Others), And Geography (North America, Europe, Asia-Pacific, And Rest Of The World) is expected to grow at a steady cagr forecast till 2030 owing to rise in the prevalence of acute and chronic diseases, with increasing product launches across the globe, among others

The medical supplies market is estimated to grow at a CAGR of 3.71% during the forecast period from 2024 to 2030.

The global medical supplies market is primarily driven by an aging population, which increases the demand for healthcare services and medical interventions. Advancements in medical technology and the rise of chronic diseases such as diabetes, cardiovascular diseases, and respiratory conditions further amplify the need for a wide array of medical supplies. Additionally, the expansion of healthcare infrastructure in emerging economies, increased healthcare spending, and heightened awareness of infection control and hygiene, particularly in the wake of the COVID-19 pandemic, significantly contribute to market growth. Innovations in medical supplies, such as minimally invasive surgical instruments, disposable medical products, and increase in surgical and diagnostic procedures also propel the market during the forecast period from 2024 to 2030.

Medical Supplies Market Dynamics:

According to data from the World Health Organization (WHO) (2023), it was revealed that annually, 20 to 50 million individuals globally endure non-fatal injuries, many of which result in disabilities, particularly due to road traffic accidents. These incidents lead to an increase in the usage of critical medical supplies. During emergencies, rapid access to essential items such as bandages, splints, and resuscitation equipment becomes crucial for saving lives. Furthermore, in severe cases requiring surgical intervention, there is a heightened necessity for various surgical tools, including sutures and scalpels, to address injuries effectively. Moreover, the indispensable role of diagnostic imaging technologies like X-rays and CT scans in accurately evaluating injuries further amplifies demand within this sector. With the persistent rise in traffic accidents, the medical supplies market continues to witness sustained expansion, driven by the urgent need to address the escalating demand for medical resources in such critical scenarios.

This significant uptick in surgical interventions has a profound impact on the market for medical supplies, driving demand for various medical equipment, disposable supplies, and post-surgical care products. Furthermore, advancements in technology and adherence to regulatory standards play pivotal roles in fostering growth within this sector.

The increase in surgical procedures also drives the market growth of medical supplies by boosting the demand for a wide range of essential products. Surgical procedures require a vast array of medical supplies, including surgical instruments, sutures, drapes, gloves, sterilization products, and wound care items. As the number of surgeries rises, so does the consumption of these supplies. Additionally, advancements in surgical techniques, such as minimally invasive surgeries, necessitate specialized and often high-cost medical supplies, further expanding the market.

The growing global population, aging demographics, and prevalence of chronic diseases contribute to more frequent and diverse surgical interventions, thereby sustaining the heightened demand for medical supplies. This continuous need for surgical supplies ensures steady market growth and attracts ongoing investment and innovation within the sector.

Mergers and acquisitions among companies significantly drive growth in the medical supplies market. For instance, in January 2023, Amcor, a global leader in sustainable packaging solutions, announced its agreement to acquire MDK, a prominent medical device packaging provider based in Shanghai, China. This strategic acquisition not only expands Amcor's product portfolio and market reach but also enhances its capabilities in delivering specialized medical packaging solutions. Such consolidations enable companies to leverage each other's strengths, streamline operations, and innovate more effectively, thereby accelerating market expansion and improving service delivery in the medical supplies sector.

However, limited access to healthcare facilities in rural and developing countries, and lack of training and education among healthcare professionals may restrict the growth of the overall medical supplies market.

Medical Supplies Market Segment Analysis:

Medical Supplies Market by Type (Durable Medical Equipment, Electronic Medical Equipment, Diagnostic Medical Equipment, Surgical Medical Equipment, and Others), End-User (Hospitals & Clinics, Ambulatory Surgical Centers, and Others), and Geography (North- America, Europe, Asia-Pacific, and Rest of the World)

In the type segment of the overall medical supplies market, the diagnostic medical equipment category is expected to hold the largest share in the year 2023. Diagnostic medical equipment is essential to healthcare because it makes it possible to identify health issues early and accurately, and monitor them over time. Early disease and health issue identification by healthcare personnel is made possible by diagnostic equipment and tests such as MRI, blood tests, and X-ray. This improves treatment outcomes and increases survival rates. Doctors may more accurately assess patients and customize treatment regimens to meet the needs of each one with the help of these diagnostic technologies, improving patient safety and lowering the need for invasive exploratory operations. Continuous monitoring tools, such as blood pressure cuffs and glucose monitors, facilitate successful chronic illness management by enabling care modifications in real-time. In addition to improving long-term health outcomes, these diagnostic techniques help preventive healthcare by spotting possible hazards before they become major issues. In general, high-quality, effective, and patient-centered care depends on diagnostic medical equipment. This is clarified by the medical supplies market's numerous applications and advantages during the given forecast period.

Further, various strategic activities such as increase in product launches. For example, in August 2021, BD announced the launch of a new fully automated diagnostic system designed for high-throughput molecular testing of infectious diseases. This system uses robotics and specialized software algorithms to manage samples, offering a new level of automation for core laboratories and other centralized labs in the United States.

Therefore, due to the aforementioned advantages of diagnostic medical equipment, there is an expected increase in demand for medical supplies, leading to the growth of the overall medical supplies market during the forecast period from 2024–2030.

North America Is Expected To Dominate The Overall Medical Supplies Market:

Among all the regions, North America is expected to hold the largest share of the global medical supplies market in 2023. The increasing prevalence of acute and chronic illnesses, such as cancer and acute myeloid leukemia among others, within North America is driving the essential need for medical supplies. Additionally, the burgeoning efforts in new development endeavors, such as the introduction of cutting-edge products and regulatory endorsements, are providing an added impetus to the expansion of the medical supplies market in the region. Consequently, this consolidation of factors is fostering a rapid and robust growth trajectory within the North American medical supplies industry.

According to the American Cancer Society's Cancer Facts and Figures 2024 report, approximately 2 million new cancer cases are expected to be diagnosed in 2024 in the United States alone. Additionally, in 2021, a substantial 75,266 individuals received a diagnosis of acute myeloid leukemia (AML) in the United States alone. AML, characterized by its impact on the blood and bone marrow, necessitates intensive treatment, thereby driving significant demand for medical supplies. The comprehensive treatment approach and management of leukemia encompass various medical equipment and supplies, including critical diagnostic tools such as blood analysis and bone marrow biopsies. This increased need for diagnostic equipment, coupled with essential supplies like needles and syringes, serves as a crucial driver in fostering the overall expansion of the medical supplies market in the region.

The likelihood of cancer diagnosis increases notably with age, with 88% of cases occurring in individuals aged 50 and older, and 57% in those 65 or older. Lifestyle factors like smoking, obesity, alcohol consumption, and poor diet can elevate cancer risk. In the U.S., statistics indicate that 41 out of every 100 men and 39 out of every 100 women will face a cancer diagnosis at some point in their lives. The rising incidence of cancer fuels demand for surgical oncology procedures such as tumor resections, biopsies, and reconstructive surgeries. Consequently, there is an increased need for precise and high-quality visualization during these operations, leading to a greater reliance on surgical equipment. The treatment journey, from diagnosis to therapy, requires an array of tests and imaging procedures like biopsies, blood tests, CT scans, and MRIs, sustaining a steady demand for diagnostic equipment, and other laboratory supplies. This sustained demand is expected to fuel overall growth in the medical supplies market.

Moreover, the increasing product launch activities and collaborations of medical devices companies in the United States are also playing a major role in boosting the overall future market of medical supplies. For example, in May 2022, BD announced the launch of its BD COR™ MX instrument the latest fully automated, high-throughput molecular diagnostics platform for infectious diseases. The BD COR™ MX instrument, which received 510(k) clearance from the U.S. Food and Drug Administration (FDA), serves as an additional analytical.

Therefore, the combined effect of these factors, along with other important elements, is expected to drive growth in the North American medical supplies market during the forecast period from 2024 to 2030.

Medical Supplies Market Key Players:

Some of the key market players operating in the medical supplies market include SeaskyMedical, Medtronic, Johnson & Johnson Services Inc., Koninklijke Philips N.V, Abbott, Fresenius Medical Care AG, 3M, Siemens Healthcare Private Limited, GE HealthCare, Narang Medical Limited, Cardinal Health, Baxter, BD, Stryker, Boston Scientific Corporation, Zimmer Biomet, Terumo Medical Corporation, F. Hoffmann-La Roche Ltd, Coloplast, KCWW, and others.

Recent Developmental Activities In The Medical Supplies Market:

In March 2024, Wipro GE Healthcare announced the manufacturing of PET CT, CT & MR Coils ‘In India, over the next 5 years.

In November 2023, BD (Becton, Dickinson and Company) introduced a new high-tech ultrasound system aimed at boosting clinician efficiency when inserting peripherally inserted central catheters (PICCs), central venous catheters, IV lines, and other types of vascular access devices.

In January 2023, Becton, Dickinson and Company (BD) released the latest version of its BD Kiestra Total Lab Automation System, designed for microbiology laboratories. This third-generation system is aimed at automating various laboratory tasks, enhancing efficiency and productivity in microbiology testing and analysis.

In December 2021, Baxter completed its acquisition of Hillrom, the merger brings together two leading medical technology companies with a common goal of revolutionizing healthcare and improving patient care globally.

Key Takeaways From The Medical Supplies Market Report Study

Market size analysis for current medical supplies market size (2023), and market forecast for 6 years (2024 to 2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global Medical Supplies market.

Various opportunities available for the other competitor in the Medical Supplies market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current Medical Supplies market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for Medical Supplies market growth in the coming future?

Target Audience Who Can Be Benefited From This Medical Supplies Market Report Study

Medical Supplies market products providers

Research organizations and consulting companies

Medical Supplies organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and traders dealing in medical supplies

Various end-users who want to know more about the Medical Supplies market and the latest technological developments in the Medical Supplies market.

Frequently Asked Questions For The Medical Supplies Market:

1. What are medical supplies?

Hospital suppliers are companies, manufacturers, or distributors that provide a wide range of medical products and equipment to hospitals and healthcare facilities.

2. What is the market for global medical supplies markets?

The medical supplies market is estimated to grow at a CAGR of 3.71% during the forecast period from 2024 to 2030.

3. What are the drivers for the global medical supplies market?

The global medical supplies market is primarily driven by an aging population, which increases the demand for healthcare services and medical interventions. Advancements in medical technology and the rise of chronic diseases such as diabetes, cardiovascular diseases, and respiratory conditions further amplify the need for a wide array of medical supplies. Additionally, the expansion of healthcare infrastructure in emerging economies, increased healthcare spending, and heightened awareness of infection control and hygiene, particularly in the wake of the COVID-19 pandemic, significantly contribute to market growth. Innovations in medical supplies, such as minimally invasive surgical instruments, disposable medical products, and increase in surgical and diagnostic procedures also propel the market during the forecast period from 2024 to 2030.

4. Who are the key players operating in the global medical supplies market?

Some of the key market players operating in the medical supplies market include SeaskyMedical, Medtronic, Johnson & Johnson Services Inc., Koninklijke Philips N.V, Abbott, Fresenius Medical Care AG, 3M, Siemens Healthcare Private Limited, GE HealthCare, Narang Medical Limited, Cardinal Health, Baxter, BD, Stryker, Boston Scientific Corporation, Zimmer Biomet, Terumo Medical Corporation, F. Hoffmann-La Roche Ltd, Coloplast, KCWW, and others.

5. Which region has the highest share in the medical supplies market?

North America is expected to dominate the overall medical supplies market during the forecast period from 2024 to 2030. The growing prevalence of acute and chronic diseases like cancer and acute myeloid leukemia in North America is driving the need for medical supplies. Additionally, the surge in new development activities, such as product launches and approvals, is further fueling the growth of the medical supplies market in the region, these factors are driving rapid expansion within the North American medical supplies industry.