(PharmaNewsWire.Com, August 25, 2020 ) The study involved four major activities in estimating the current size of the medical supplies market. Exhaustive secondary research was done to collect information on the market and its different sub segments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. After this, both top-down and bottom-up approaches were employed to estimate the complete market size, and market breakdown and data triangulation were used to estimate the size of segments and sub segments.
According MarketsandMarkets Research - The Global Medical Supplies Market is projected to grow from USD 133.5 billion by 2025 from USD 132.6 billion in 2020, at a CAGR of 4.6%.
Recent Developments:
- In 2020, Baxter launched peri-strips dry with secure grip technology for reliable staple line reinforcement in surgical procedures.
- In 2020, Fresenius Medical Care AG & Co. KGaA inaugurated a EUR 30 million expansion of its transfusion and apheresis disposables plant in the Dominican Republic. The new space includes advanced production equipment, plasma kit assembly lines, and sterilization units that double the cleanroom and storage capacity. The site also includes a large warehouse.
- In 2019, Boston Scientific Corporation acquired BTG plc with a focus on offering best-in-class technologies, unparalleled clinical evidence, and strengthened commercial infrastructure.
Catheters accounted for the largest share of the medical supplies market
By type, the medical supplies market is segmented into diagnostic supplies, infusion & injectable supplies, intubation & ventilation supplies, disinfectants, personal protective equipment, sterilization consumables, wound care consumables, dialysis consumables, radiology consumables, catheters, sleep apnea consumables, and other medical supplies. The intubation & ventilation supplies segment is expected to grow at the highest growth rate during the forecast period. The growth of this segment is driven mainly by the rising prevalence of respiratory diseases such as asthma and COPD across the globe.
The applications market is categorized into urology, wound care, radiology, respiratory, infection control, cardiology, IVD, and other applications. The other applications segment held the largest market share in 2019, due to factors such as the increasing number of surgical procedures, rising prevalence of dental diseases, and the increasing focus on adhering to proper waste disposal methods.
The global medical supplies market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest market share, followed by Europe. The increasing incidence of COVID-19 in the US and the implementation of various supportive initiatives by the Canadian Government are the major factors driving the growth of the medical supplies market in North America.
The prominent players operating in the global medical supplies market include Medtronic (Ireland), Cardinal Health, Inc. (US), BD (US), Johnson & Johnson (US), B. Braun Melsungen AG (Germany), Boston Scientific Corporation (US), Thermo Fisher Scientific, Inc. (US), Baxter International, Inc. (US), Avanos Medical, Inc. (US), 3M (US), Smith & Nephew (Ireland), ConvaTec Group Plc. (UK), Abbott (US), Cook Medical (US), Merit Medical Systems (US), Stryker (US), Terumo Corporation (Japan), Teleflex Incorporated (US), Fresenius Medical Care AG & Co. KGaA (Germany), and Coloplast Group (Denmark).
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