Medical Supplies Market Size, Share and Growth | Industry Outlook, 2031

Medical supplies market is experiencing impact on offerings of services to healthcare cost. Growth of the market is mainly influenced by availability of products such as equipment’s. Equipment such as surgical knives and gloves, forceps, bandages and dressings, stethoscopes, syringes, medical laboratory equipment, dental drills, x-ray films, and others.

The medical supplies & distribution industry does not consider retail sales of drugs and medical supplies, and high-tech medical equipment manufacture. These devices offers assistance to healthcare providers for better services and facilities in the hospitals. Rising number of incidences of chronic diseases is boosted demand for these devices substantially.

The intense competition in the market lead to high investment, however, rather than developing and manufacturing advanced products in every industry. For widening companies’ business region and product portfolio, the key players started to acquisitions. The industry has key trend of merger, acquisitions, and strategic collaboration for widening its business across regions. This trend offer advantages to offer wide range of products. For instance, in 2016, Baxter International Inc. acquired Claris Injectables for US$625 Mn for widening product portfolio. It was a subsidiary of Claris Lifesciences a sterile injectable pharmaceutical company. This acquisition allowed to Baxter international Inc. to offer advanced products from Claris.

Likewise, in March 2017, Boston Scientific Corporation announced to acquire Symetis SA. It is medical technology company that offers and manufactures transcatheter aortic valve implantation (TAVI) devices. This acquisition offers to Boston Scientific to offer this TAVI devices.

Additionally, due to continue evolving technologies, the hospitals and many healthcare service operators are changing existing systems. This trend of merger, acquisitions, and strategic collaboration coupled with changing systems with advanced one are driving growth of the market and expected to continue over forecast period.

Global Medical Supplies Market: Overview

Medical supplies is an umbrella term used for all devices and equipment used to diagnose, monitor, and treat a patient within the healthcare industry. Of the several types of diagnostic medical supplies, the more common ones include ultrasound and MRI machines, scanners such as PET and CT, and most commonly, x-ray machines. Monitoring equipment includes the devices that continuously measure a patient’s blood pressure, EEG, and ECG. The global medical supplies market also includes the devices being used to monitor and treat patients that are a part of an organization’s home care services. Therapy can include devices such as CPM machines.

GET BROCHURE OF THE REPORT

Global Medical Supplies Market: Key Trends

The top driver augmenting the demand volume experienced by the global medical supplies market at the moment, is the increasing average of patients approaching medical facilities. In most regions, this is due to the increasing count of the geriatric citizens. This holds true especially for developed economies, where the elderly demographic is increasing at a very fast pace, due to reduced mortality rates. In emerging economies, the increase of healthcare outreach is creating a greater scope of access for patients from various age groups, classes, and locations. The global medical supplies market is also being driven by the growing number of cases of hospital-acquired infections, or nosocomial infections. These are creating the need for specialized materials and unique treatment options.

Global Medical Supplies Market: Market Potential

The booming demand for healthcare services and devices is essentially driving the global medical supplies market, and it will likely be the primary driver for the same. Of the many strategies being employed by players in the market to turn towards greater profitability, partaking in mergers and acquisitions is one of the more common steps. A recent example includes the plans revealed by Cardinal Health in buying out the medical supplies business owned by Medtronic. Medtronic specializes in cutting edge medical technologies including ones in implantable heart defibrillators and heart stents, was already growing stronger after its acquisition of Covidien in 2014.

Meanwhile, players in the global medical supplies market are being constantly monitored by government agencies when it comes to adhering the safety and quality standards set out for medical supplies. The regulatory framework surrounding the global medical supplies market is getting more stringent by the year and players may even find it difficult to keep up with the inflating raw material and manufacturing prices while having to stick to these regulations.

GET TABLE OF CONTENT OF THE REPORT

Global Medical Supplies Market: Regional Outlook

The global medical supplies market has experienced a very high level of research and development in the regions of North America and Europe. Both regions have consistently been at the forefront of technological advancement in the healthcare industry and are likely to continue bearing leaders in the global medical supplies market over the coming years. Meanwhile, the demand for medical supplies is escalating at a very high rate in the regions of Latin America and Asia Pacific, as both regions show signs of catching up to the advancements held by the developed economies. Asia Pacific specifically is showing a very high incremental demand rate for medical supplies, thanks to the growing medical outreach combined with the increasing popularity of medical tourism.

Global Medical Supplies Market: Competitive Analysis

The leading players in the global medical supplies market currently include Medtronic Plc., Becton, Dickinson and Company, B. Braun Melsungen AG, Halyard Health, Inc., Cardinal Health, Inc., Thermo Fisher Scientific Inc., Johnson & Johnson, Baxter International Inc., Boston Scientific Corporation, and 3M Company.

GET DISCOUNT ON THE LATEST REPORT

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?

About TMR Research

TMR Research is a premier provider of customized market research and consulting services to business entities keen on succeeding in today’s supercharged economic climate. Armed with an experienced, dedicated, and dynamic team of analysts, we are redefining the way our clients’ conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends.

Contact:

Rohit Bhisey
TMR Research,
3739 Balboa St # 1097,
San Francisco, CA 94121
United States
Tel: +1-415-520-1050
Visit Site: https://www.tmrresearch.com/
Also, Check Trending, TMR Research Reports –
U.S. Clinical Oncology Next Generation Sequencing (NGS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Next-generation Sequencing Data Analysis Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Herpes Simplex Virus (HSV) Vaccines Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Mindfulness Meditation Apps Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Tinnitus Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast (2021 – 2031)

Back to news