Report Overview

A medical device is a device or an instrument that is used for the diagnosis, treatment, and monitoring of medical conditions. Therefore, the medical device market involves the production and sales of medical equipment or devices as well as all the services related to it.

Global Medical Supplies Market- Industry Trends & Forecast Report 2027

The global medical supplies market was worth USD 118.3 billion in the year 2020 and is further projected to reach USD 154.0 billion by 2027, growing at the CAGR of 3.8% in the forecast period (2021-2027).  Factors driving the market include the rising prevalence of chronic diseases among all demographics worldwide increased government and private investment in healthcare development, and measures to control the spread of healthcare-associated infections (HAIs). The same factors are driving demand for medical supplies. As a result, the market is likely to expand further during the forecast period.

Source: BlueWeave Consulting

Global Medical Supplies Market- Overview

A medical device is a device or an instrument that is used for the diagnosis, treatment, and monitoring of medical conditions. Therefore, the medical device market involves the production and sales of medical equipment or devices as well as all the services related to it. Some common examples of medical devices are MRI machines, x-ray machines, CT scanners, home healthcare supplies, surgical supplies, life-saving equipment, etc. These devices are divided into three categories based on the risks they pose to the human body: Class I (no-risk), Class II (low and moderate risks), and Class III and IV (high and extremely high hazards). If the risk connected with the product or device is higher, it will require permission or supervision by a government authority, by a government entity, such as the US Food and Drug Administration in the case of the United States (FDA).

Global Medical Supplies Market Forecast and Trends

Growth Drivers

Rising Prevalence of Chronic Diseases

The rising prevalence of chronic diseases is the major factor contributing to the growth of the medical supplies market. Previously, chronic diseases were only found in the geriatric population. However, diabetes, heart and lung disease, cancer, and other diseases can now be detected in people of any age. The utilization of medical supplies in the treatment of such medical conditions is fueling the market growth. According to experts, unhealthy lifestyle and eating habits, as well as prolonged working hours, are contributing to the incidence of several chronic diseases, which are expected to rise further in the forecast period.

Technological Advancement in Medical and Healthcare Sector

The adoption and use of advanced technology have witnessed significant growth over the past few years. Due to the increasing application of medical technology that allows professionals to diagnose and treat their patients remotely, the market has expanded significantly. Since the non-emergency patients were advised not to visit hospitals or clinics for the prevention of the spread of the virus, the demand for medical supplies like oxygen masks, blood pressure monitors, disposable masks, etc. for home care has risen significantly during the lockdown period. The same factors are expected to drive the market forward during the forecast period too.

Restraints

Higher Risk on the privacy of the Patient’s Personal Data

The use of remote patient monitoring devices to track patients' vitals has increased in recent years due to their convenience. However, such devices enhance the possibility of a breach of the patient's confidential data and raise security concerns. Every year, hackers attempt to steal medical information from hospitals and health care facilities, and many of those records are later sold on the dark web for thousands of dollars. Therefore, since these devices transmit data to physicians through the internet, they are vulnerable to hacking attacks and data theft as they are connected to the global network.

Impact of Covid-19 on Global Medical Supplies Market

The Covid-19 has had a favorable impact on the market, resulting in increased demand for medical supplies. Soon after the COVID-19 epidemic, healthcare facilities and professionals began prioritizing Covid-19 treatment without any delay, which necessitated the use of medical equipment such as disposable masks, eye-gear, respiratory supplies, hand sanitizers, and disposable gloves. As a result of this predicament, the medical supply sector began to boom during this period.

Medical supplies for wound care, diagnostic and laboratory testing, and other non-emergency medical cases, on the other hand, had to witness an unexpected drop in demand since all non-emergency medical cases were postponed to adhere to the social distancing norms. Given the circumstances, it is reasonable to assume that Covid-19 had a negligible impact on the global medical supply sector.

Global Medical Supplies Market - By Type

Based on types, the global supplies market is segmented into orthopedic devices, IVD, diabetes care, wound management, nephrology, cardiovascular devices, dental, diagnostic imaging, MIS, ophthalmic devices, and others. The demand for medical supplies is very significant in almost all the segments but especially in the cardiovascular, diabetes, and dental cases as the prevalence of such diseases is rising across the globe due to unhealthy lifestyle behavior. Furthermore, companies are developing an increasing number of effective product lines that have regulated pricing, thereby boosting the market need for medical devices.

Global Medical Supplies Market - By End-User

Based on end-users, the global supplies market is categorized into hospitals, clinics, and others. Among these segments, the hospitals’ segment dominated the market with the highest market share in the year 2020. The growth of this segment can be attributed to several factors such as the expanding number of patients seeking surgical procedures and other treatments at hospitals, the increasing frequency of chronic disease, and the rising geriatric population. Furthermore, developing healthcare infrastructure through government initiatives of several countries is contributing to the growth of this segment in the global medical supplies market.

Global Medical Supplies Market - Regional Insights

Geographically, the global medical supplies market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA). In the year 2020, North America had the biggest market share for medical supply production and demand. The number of surgeries conducted in this region is gradually increasing, driving up demand for medical supplies. Furthermore, the rising geriatric population, as well as the increasing incidences of Covid-19 is driving up demand for these supplies and equipment, resulting in market expansion.

Competitive Landscape

The leading market players in the global medical supplies market are Coloplast Group, 3M Company, Smith & Nephew, Convatec Group PLC, Merit Medical Systems, Terumo Corporation, Teleflex Incorporated, Stryker, Johnson & Johnson, Thermo Fisher Scientific Inc., Avanos Medical, Inc., Cook Medical, Cardinal Health, Inc., DePuy Synthes, and other prominent players.

The market is highly consolidated with the presence of giant companies like Phillips Healthcare, Smith & Nephew, etc. The market players are adopting competitive strategies like partnerships, mergers, acquisitions, etc. to expand their product portfolio which is aimed towards covering a larger share in the market.

Recent Developments

l  In March 2021, Coloplast Group, a Denmark-based medical device, and services company joined hands with Vizient, a US-based healthcare company. Coloplast will be able to sell its products and services in the United States as a result of this partnership. It will also aid in the expansion of the Coloplast market in North America, as well as its presence in hospitals and other healthcare facilities.

l  In February 2020, Baxter, a US-based healthcare business, announced that it has gained FDA approval for the production of Peri-Strips Dry with Veritas Collagen Matrix (PSDV). Peel and secure technology are available with these strips. PSDV's effectiveness has been doubled since its previous edition, thanks to this upgrade.

Scope of the Report

By Type

Ø  Orthopedic Devices

Ø  IVD

Ø  Diabetes Care

Ø  Wound Management

Ø  Nephrology

Ø  Cardiovascular Devices

Ø  Dental

Ø  Diagnostic Imaging

Ø  MIS

Ø  Ophthalmic Devices

Ø  Others

By End-User

Ø  Hospitals

Ø  Clinics

Ø  Others

By Region

Ø  North America

Ø  Europe

Ø  Asia-Pacific (APAC)

Ø  Latin America (LATAM)

Ø  Middle-East & Africa (MEA)

FAQs:

1. What is the current size of the global medical supplies market?

Answer: The global medical supplies market reached USD 118.3 billion in 2020.

2. What are the major factors driving the growth of the global medical supplies market?

Answer: The major factor driving the growth of the global medical supplies market are the rising prevalence of chronic diseases and technological advancements in the medical and healthcare sector.

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

Answer: The key players in the global medical supplies market are: Coloplast Group, 3M Company, Smith & Nephew, Convatec Group PLC, Merit Medical Systems, Terumo Corporation, Teleflex Incorporated, Stryker, Johnson & Johnson, Thermo Fisher Scientific Inc., Avanos Medical, Inc., Cook Medical, Cardinal Health, Inc., DePuy Synthes, Siemens Healthineers, GE Healthcare, Ethicon LLC, Phillips Healthcare, Fresenius Medical Care, and other prominent players.

4. Which end-user segment accounted for the largest share in the global medical supplies market?

Answer: The hospital segment accounted for the largest share in the global medical supplies market.

5. Which region is at the highest growth rate in the global medical supplies market?

Answer: North America has the largest share in the global medical supplies market.