Medical supply market will reach over $ 192.95 billion by 2028 – Increasing incidence of chronic diseases globally to increase sales

WASHINGTON, January 26, 2022 (GLOBE NEWSWIRE) – The global medical supplies market is expected to reach $ 192.95 billion by 2028, showing a compound annual growth rate (CAGR) of 4.8% over the forecast period. The growing incidence of chronic diseases globally combined with government and corporate investment in health projects as well as infrastructure development is promoting market growth, Vantage Market Research states in a report entitled “Medical supply market by type (diagnostic supplies, infusion and injectable supplies, intubation and ventilation supplies, disinfectants), by application (urology, infection control, cardiology, other applications), by end user (hospitals, clinics / doctors’ offices, other end) Users) , by region (North America, Europe, Asia Pacific, Middle East and Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028) ” The market size was USD 138.96 billion in 2021.

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  • Updated report includes major market players with their sales volume, business strategy and revenue analysis using Vantage Market Research Methodology.

(Please note that the sample of this report has been updated to include the COVID-19 Impact Assessment prior to delivery.)

COVID-19 impact assessment:

The COVID-19 outbreak has affected various industries worldwide. That Medical equipment market is no exception. Governments around the world took serious measures such as the border seal, lockdown and implementation of strict measures for social distancing to stop the rapid spread of COVID-19. These actions led to a serious impact on the global economy, weakening various industries. The impact of COVID-19 on market demand is taken into account while estimating the current and expected market size and market growth trends for all regions and countries based on the following data points:

  1. Impact assessment of the COVID-19 pandemic

    1. North America

    2. Europe

    3. Asia and the Pacific

    4. Latin America

    5. Middle East and Africa

  2. Quarterly market revenue forecast of Asia Pacific 2020 and 2021

  3. Key Strategies Initiated by Companies to Tackle COVID-19

  4. Long-term dynamics

  5. Short-term dynamics

The report on the market for medical supplies highlights:

  • Assessment of the market

  • Premium insight

  • Competitive landscape

  • COVID impact analysis

  • Historical data, estimates and forecast

  • Company profiles

  • Global and regional dynamics

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Market overview:

Increasing frequency of accidents and injuries and chronic diseases is driving the market

Higher frequency of major and minor problems caused by environmental changes, chronic diseases combined with increasing incidence of accidents and injuries have led to the expansion of the medical supply industry. Rising prevalence of maternity care and surgical infections and hospital-acquired diseases is promoting the demand for various medical products to ensure health and cleanliness. In addition, the medical supply is expected to expand significantly as a result of COVID-19. With the frequency of surgeries, the requirement for surgical gowns, curtains, gloves, procedure kits and trays will be higher.

Growing older population to fuel market growth

Increasing cases of kidney disease, increasing diabetes in young and old people globally, incidence of hypertension and increasing elderly population are promoting market growth. In addition, dialysis surgeries for kidney transplants and other such surgeries are creating demand for medical product supplies globally. Plus, an increase in the incidence of disease and an increase in the number of hospital-acquired infections increase the need for medical supplies across the globe.

Regional Analysis:

Rise in geriatric population in North America

Asia-Pacific is expected to dominate and witness a higher growth rate during the forecast period driven by increasing geriatric population pairs with the impact of COVID-19 are factors promoting the growth of the medical articles market in the region. The growing presence of diseases in countries such as the United States and Canada contributes greatly to the consumption of medical supplies. The increase in health care costs and developed health infrastructure in the region, combined with high demand for the different types of surgeries among the population, are prominent factors responsible for high demand for medical supplies in the region. Several government initiatives for the development of the medical sector and the adoption of medical insurance policies by population are encouraging surgical treatment that promotes the growth of the medical supplies market.

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List of prominent players in the medical device market:

  • Cardinal Health, Inc. (USA)

  • Medtronic (Ireland)

  • B. Braun Melsungen AG (Germany)

  • Johnson & Johnson (USA)

  • Thermo Fisher Scientific, Inc. (USA)

  • Boston Scientific Corporation (USA)

  • Avanos Medical, Inc. (USA)

  • International, Inc. (USA)

  • 3M (USA)

  • ConvaTec Group Plc. (UK)

  • Smith & Nephew (Ireland)

  • Cook Medical (USA)

  • Abbott (USA)

  • Merit Medical Systems (USA)

  • Terumo Corporation (Japan)

  • Stryker (USA)

  • Fresenius Medical Care AG & Co. KGaA (Germany)

  • Teleflex Incorporated (USA)

  • Coloplast Group (Denmark)

Recent developments in the industry:

December 1, 2021Fresenius Medical Care, the world’s leading provider of products and services for people with kidney disease, announced changes to the board. They follow a unanimous decision by the Board of Directors of Fresenius Medical Care Management AG to adapt the composition of the Executive Board to the company’s new operating model, which will be launched in 2023.

December 2, 2021: Clarity Pharmaceuticals is a clinical-phase radiopharmaceutical company developing next-generation products to meet the growing needs of oncology, and Cardinal Health is pleased to announce that the companies have entered into an agreement covering Clarity’s Targeted Copper Theranostics (TCT ) platform.

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This market entitled “Medical equipment market“Will cover exclusive information regarding regional analysis, forecasting and quantitative data – units, key market trends and various others as mentioned below: –

Report attributes

details

Market size in 2021

USD 138.96 billion

Expected market size in 2028

USD 192.95 billion

CAGR growth rate

CAGR of 4.8% from 2022-2028

Base year

2021

Historical years

2016 – 2020

Forecast year

2022 – 2028

Covered segments

Type: – Diagnostic supplies, Infusion and injectable supplies, Intubation and Ventilation supplies, Disinfectants, Personal protective equipment, Sterilization supplies, Wound care supplies, Dialysis supplies, Radiological supplies, Catheters, Cardiovascular catheters, Intravenous catheters, Intravenous catheters for sleep apnea, other medical supplies

Application: – Urology, infection control, cardiology, other applications

End user: – Hospitals, clinics / doctors’ offices, other end users

Quantitative data units

Revenue in USD Million / Billion and CAGR from 2022 to 2028

Covered regions

North America, Europe, Asia Pacific, Latin America and the Middle East and Africa

Covered countries

USA, Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC countries and South Africa, among others

Report coverage

Market growth drivers, constraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attraction analysis by segments and region, analysis of the company’s market shares and COVID-19 impact analysis.

Key questions answered in the report:

  • Which regional market will show the highest and fastest growth?

  • What are the top five players in the medical device market?

  • How will the medical device market change in the next six years?

  • Which application and which product will take a lion’s share of the medical device market?

  • What are market drivers and restrictions on medical supplies?

  • What will be the CAGR and the size of the market for medical supplies throughout the forecast period?

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