Medical supplies market size worth $180.89 bn by 2027

The global Medical Supplies Market is forecasted to be worth USD 180.89 Billion by 2027, according to a current analysis by Emergen Research. The market is experiencing an increased demand owing to the growing prevalence of lifestyle diseases and a rise in the number of hospitals. Furthermore, an increasing trend of telemedicine and growing awareness for better healthcare is propelling the market’s demand. However, the expanding prevalence of home care services is hindering the market’s demand.

The surge in urbanization has transformed the lifestyle of the people, which, in turn, has fueled the prevalence of lifestyle diseases, thus, elevating the demand for the market product. Stringent regulations by the government and the decline in private health insurance are also hampering the growth of the market.

Increasing cases of hospital-acquired infections (HAI) are also driving the market. Apart from these diseases, the growing incidence of inflammatory and communal diseases, such as sexually transmitted diseases and pneumococcal disease, is augmenting the demand for the products. Another driving factor is the growing demand for medical supplies in retail stores. The benefits of retail pharmacies linked with easy access and local presence will enhance its preference among customers.

Key Highlights From The Report

• The segment for disinfectant is growing due to the rise in the number of HAIs, and growth in contagious virus-related diseases. The awareness among the public and advancement in technology has led to an increase in the number of surgical operations.
• Increasing demand for advanced wound healing in diabetic patients is expected to contribute to the segment’s growth. Antimicrobial wound dressing, tissue care, pressure ulcer, and severe injury healing are some of the highly demanding injury care facilities in the present scenario.
• Hospital’s end users will hold the largest share due to the increasing number of cases registered and rising investment in the healthcare sector by the government of emerging nations.
• North America accounted for the largest market share of the medical supplies market in 2019. The presence of a technologically advanced healthcare system and the presence of major medical device companies in the region are expected to drive the growth of the market in the region.
• Key participants include Medtronic Plc, Becton, Dickinson And Company, B. Braun Melsungen Ag, Cardinal Health, Inc., Johnson & Johnson, Boston Scientific Corporation, Baxter International, Inc., 3M Company, Abbott, and Avanos Medical, Inc., among others.

Emergen Research