(PharmaNewsWire.Com, April 08, 2021 ) 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 subsegments. 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 subsegments.
Secondary Research;
The secondary sources referred to for this research study on the medical supplies market include publications from government sources, such as white papers; articles from recognized authors; gold-standard and silver-standard websites, directories, and databases; corporate filings such as annual reports, SEC filings, investor presentations, and financial statements; research journals; press releases; and trade, business, and professional associations.
Expected Revenue Surge: The global medical supplies market is projected to reach USD 133.5 billion by 2025 from USD 132.6 billion in 2020, at a CAGR of 4.6%.
The increasing prevalence of chronic diseases across the globe, increasing government and corporate investments in healthcare projects and infrastructure development, rising demand for infection control measures to curb the occurrence of HAIs, and the rising demand for medical devices are driving the growth of the global medical supplies market. Moreover, the rising medical tourism and emerging markets are expected to offer significant growth opportunities to players operating in market forth coming years.
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 market in North America.
Leading Key-Players: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).
Medtronic (US) is among the leaders in the global medical supplies market. The company has a strong medical disposables and consumables portfolio that includes wound care consumables (bandages, dressings, sponges, medical tapes, and adhesives), medication delivery disposables (needles, syringes, and cannulas), urology disposables (drainage bags and catheters), and blood and specimen collection consumables (collection syringes & needles and containers), among other products. The company focuses on organic growth strategies such as product launches and approvals to enhance its product portfolio. For instance, in February 2018, Medtronic plc launched the MiniMed Mio Advance infusion set.
- 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.
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