Medical Supplies Market - Forecasts from 2022 to 2027

The Medical Supplies Market was estimated to augment at a CAGR of 7.4% from a market size of US$104.662 billion in 2020 to a market size of US$172.492 billion by the end of 2027.

“Medical supplies” is a collective term used for various medical equipment. These are also renowned as non-durable disposable items used for healthcare. It is primarily used for medical purposes. Examples include catheters, oxygen and diabetic supplies, gloves, surgical masks, injection supplies, and many more. These are not recommended for use by an individual, patient, healthcare professional, or healthcare worker without disease, injury, or other medical purposes.

The market is projected to fuel growth in the forecast period owing to the increasing number of chronic diseases at the global level. The growing geriatric population further puts pressure on increasing advanced healthcare facilities dedicated to older people. This will further enhance favourable growth prospects for the market to increase in the forecast period. Over the next five years, rising global health expenditure will fuel market demand even more. Growing investments by the government in several healthcare projects and the developing of novel and improved healthcare facilities are further augmenting the market demand during the forecast period.

COVID-19 IMPACT

The key driver of the medical supply market during COVID-19 was the panic buying and hoarding of medical supplies by both people and hospitals due to the fear of the shortage or out-of-stock; the supply has driven the medical supply market over the forecasted period. The rising demand for personal protective equipment (PPE) due to the increasing demand for medical supplies amid the novel COVID-19 infection scenario has further boosted the market demand in 2020. However, significant efforts are being made to limit the distribution of essential medical supplies to healthcare workers only to respond to concerns regarding medical supply shortages during the COVID-19 pandemic.

As per the FDA's February 2020 immediate release, the USFDA is involved in close monitoring of the supply chain. The federal agency predicted that the current novel COVID-19 outbreak would likely impact the medical product supply chain, causing potential supply disruptions or leading to a shortage of important medical products in the United States. Furthermore, hospitals in the United States recently reported shortages of important medical equipment required for the treatment and care of critically ill patients. The shortages of PPE Kit and Ventilators are some major shortages faced by the healthcare worker.

Moreover, with a growing demand for infection control measures amid COVID-19 and the surging demand for essential infection control medical supplies for the next five years, the market is estimated to hold high growth potential by 2025 as well. Additionally, the increasing number of surgeries at the global level is driving the market growth during the forecast period.

However, COVID-19 has put enormous strain on the supply of medical products, increasing the risk of shortages. China being the epicentre of the disease outbreak and a key producer of the main medical product supplier has constrained the market as the government took stringent initiatives to control the disease and travel and trade bans, which have impacted the market as well over the forecasted period.

Regional Analysis

North America, followed by the European region, is expected to account for a sizable portion of the global medical supplies market. On the other hand, the Asia Pacific region is further predicted to be the fastest-growing, with a large patient pool requiring efficient medical facilities.

The rising prevalence of chronic diseases at the global level is poised to surge spur the market's growth in the forecast period.

It has been noticed that with the adoption of unhealthy living conditions in the past, there has been an increase in chronic disease prevalence. These include the prevalence of cardiovascular diseases, diabetes, hypertension, and many other non-communicable diseases. According to the National Institutes of Health 2018, around one in three adults suffers from multiple chronic conditions.

Certain diseases group together more frequently than predicted, resulting in the association of around three-fold. For example, depression is associated with stroke and Alzheimer's disease. Infectious diseases like tuberculosis and HIV are combined with diabetes and cardiovascular diseases. With healthcare expenditure increasing rapidly and additional chronic conditions demanding greater specialist access, emergency department and hospital admissions are creating a strong market demand during the forecast period. Hence, the increasing burden of patients suffering from multiple chronic diseases is likely to impact increasing market growth in the forecast period strongly.

According to CDC statistics, over 1.6 million people in the United States are diagnosed with cancer each year. It is further estimated that around 600,000 die from cancer, making it the second leading cause of death in the country. It was predicted that by the end of 2020, the cancer care cost would rise to US$174 billion.

Progressive and irreversible brain disease known as Alzheimer's is a type of dementia. The disease is the sixth leading cause of death for adults in the United States, around 5.7 million people are affected by Alzheimer's. In addition, the disease is the fifth leading cause of death for individuals aged 65 or older. According to a Centers for Disease Control and Prevention analysis, the cost of treating Alzheimer's disease in 2010 ranged from US$159 billion to US$215 billion.

Over the period, it is estimated that treatment costs will rise from US$379 billion to US$500 billion annually by 2040. According to the Centers for Disease Control and Prevention analysis, in 2010, the costs of treating Alzheimer's disease were found to be between US$159 billion to US$215 billion. By 2040, it is estimated that the treatment costs will rise to achieve the range of US$379 billion to US$500 billion on an annual basis.

Growing Geriatric Population is boosting the demand for the Medical Supply Market.

Furthermore, with the growing global geriatric population, the market will continue to surge in the forecast period owing to the increasing number of hospitalizations for treating age-associated chronic diseases. As per the United Nations predictions, by the end of 2050, around one in six people in the world will be over 65 years of age, which is estimated to rise from one in 11 in 2019. An increase from 9% to 16% from 2019 to 2050. Also, it is predicted that by the end of 2050, around one in four people in Europe and North American regions will be 65 years of age or more.

Furthermore, for the first time, individuals 65 years of age or older outnumbered children under the age of five at the international level in 2018. Furthermore, from 2019 to 2025, the number of people aged 80 and up is expected to triple, from 143 million to 426 million. Population ageing is being driven primarily by declining fertility and increasing longevity.

Key Development

• In September 2021, the Department of Physician Published a Journal in which 5they proposed patients as the Innovator in the future medical supply development. As they told the one going through the problem, they can drive solutions for themselves because they understand the condition from a broader perspective.
• In February 2020, Baxter International Inc., leading in surgical technology, announced 510(k) clearance from the US Food and Drug Administration for PSDV with Secure Grip, a new generation of its Peri-Strips Dry with Veritas Collagen Matrix product.

Segmentation:

By Type

• Diagnostic Medical Supplies
• Wound Care
• Disinfectants
• Personal Protective Equipment

By End-User

• Hospitals
• Clinics
• Ambulatory Surgery Centers
• Diagnostic Centers
• Biomedical Research Organization

By Distribution Channel

• Online
• Offline

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• UK
• Germany
• France
• Spain
• Italy
• Middle East and Africa
• UAE
• Israel
• Saudi Arabia
• Asia Pacific
• Japan
• China
• India
• Australia
• South Korea
• Indonesia
• Thailand