Medical Supplies And Equipments Market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 5.2% during the forecast period (2022-2029).
Medical supplies and equipment are used in hospitals and clinics for medical purposes such as surgeries. These supplies allow health care professionals to assess a patient’s medical needs. The medical supplies and equipment include storage and transport, durable medical equipment, and diagnostic and electronic medical equipment.
The medical supplies and equipment market growth are driven by increasing product demand due to an increase in the geriatric population, increasing demand for early diagnosis and treatment and an increasing number of diagnostic and surgical procedures.
The rising prevalence of chronic and infectious diseases is expected to drive market growth
The market is anticipated to be driven by the growing number of patients with chronic diseases like cancer, diabetes, and cardiovascular conditions. American Medical Association (AMA) estimated 33.4 million inpatient admissions in 2021 in the United States. The increased number of patients in hospitals increases the demand for medical supplies to diagnose and treat the patients in the hospital. According to the Centers for Disease Control and Prevention, as of July 2022, around 20.1 Million adults age 20 and older have coronary artery disease, about 7.2% in the United States.
In addition, the market players have adopted market strategies such as acquisition, mergers and new product launches. For instance, In June 2021, Ethicon, part of Johnson & Johnson Medical Devices Companies, introduced its ENSEAL X1 Curved Jaw Tissue Sealer. The device is for gynecological, colorectal, bariatric, and thoracic procedures. Also, In May 2022, Cardinal Health collaborated with URAC, the largest independent health care accreditation organization in the US. Under the agreement, Cardinal Health will pursue accreditation for its specialty pharmacies and practices.
The lack of skilled healthcare professionals will hamper the growth of the market
But during the pandemic, the healthcare industry encountered a new set of difficulties that made it necessary to quickly react to the outbreak of the pandemic and mobilize to meet the challenge. While the sustained significant growth of the research sector necessitates that employees have expertise in research-related tasks. The growth of the transfer membrane market is constrained by a shortage of qualified healthcare workers.
COVID-19 Impact Analysis
The appearance of COVID-19 considerably impacted the global medical supplies and equipment market. The FDA has taken numerous steps to ensure that patients and healthcare professionals have timely access to high-quality medical devices to respond appropriately during the COVID-19 public health emergency. To improve the availability and capability of various diagnostic, therapeutic, and protective medical devices in high demand during the COVID-19 public health emergency, these steps include issuing Emergency Use Authorizations (EUAs) and instruction materials. Medical supplies and equipment have high demand during the pandemic to treat COVID-19 patients.
On the other hand, during the COVID-19 pandemic, academics, physicians, and practitioners, faced regular medical supplies. Due to supply chain interruptions and sharply rising demand, the health care sector has been particularly impacted by the lack of "medical products," particularly personal protective equipment (PPE-like).
The Urology segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
The urology segment is expected to boost the market throughout the forecast. Increasing surgical procedures and the rising prevalence of various medical conditions drive the segment market. Increasing patients with urological diseases such as urinary incontinence is more common in the geriatric population. Growing technological advancements coupled with increasing targeted therapies boost the urology market.
Furthermore, the FDA approval for catheter products drives the market worldwide. For instance, in November 2021, Aytu BioPharma received a U.S. patent for the Headlight ultraviolet-A light-based respiratory catheter from the U.S. Patent and Trademark Office. Also, In November 2021, The Flume Catheter Company Ltd. received clearance from the U.S. Food and Drug Administration (FDA) to market the FLUME catheter in the United States. in March 2022, Cerus Endovascular received the U.S. food and drugs administration approval for its 027 micro-catheter, which contour neurovascular system.
North America region holds the largest market share of the global Medical Supplies and Equipments market
North America dominates the medical supplies and equipment market and is expected to show a similar trend over the forecast period. It is anticipated to hold a significant market size over the forecast period (2022-2029) owing to a high prevalence of chronic and infectious diseases, the presence of a large number of key players, rising geriatric population, which is more susceptible to disease. In the United States population rising by 25 million people each year, and the aging of the American population is indisputably boosting the demand for cancer services. Results in increasing demand for medical supplies and equipment in the North American region. Additionally, more than 45 million surgical procedures (including eye surgeries and other treatments) are carried out in the United States annually, stimulating the market for medical devices in the country.
In addition, the new product launches and acquisition of market players open opportunities in the North American region. For instance, in June 2022, BD acquired Parata Systems, an innovative provider of pharmacy automation solutions. The acquisition will help the portfolio of BD with Parata’s portfolio of innovative pharmacy automation solutions. Also, in January 2022, Johnson & Johnson Medical Devices Companies collaborated with Microsoft to further enable its digital surgery solutions.
The medical supplies and equipment market is a moderately competitive presence of local and global companies. Some of the market players which are contributing to the growth of the market are Medtronic Inc., Becton Dickinson & Company, Baxter International Inc., Align Technology Inc., IDEXX Laboratories Inc., Henry Schein Inc., Cooper Companies Inc., Bio Rad Laboratories Inc., Hill Rom Hldg Inc., ICU Medical Inc., Globus Medical Inc., and Integra Lifesciences Holdings Corporation among others. The major players are adopting several growth strategies, such as product launches, acquisitions, and collaborations, contributing to the growth of the global medical supplies and equipment market.
In February 2022, Medtronic plc introduced its NuVent Eustachian tube dilation balloon, which treats chronic and obstructive eustachian tube dysfunction.
In April 2022, The EMBOLD Fibered Detachable Coil from Boston Scientific Corporation was given FDA 510(k) clearance and is intended to impede or slow blood flow in the peripheral vasculature.
Stryker is a medical technology organization headquartered in Michigan, United States, which produces and distributes innovative care and services in neurotechnology, surgical medical and surgical, orthopedics and spine to help patient health and hospital outcomes.
Treatment type Portfolio:
Power Pro 2: It is an emergency patient transport product with optimal height and a single button. It has a retractable foot section and helps decrease body fatigue with a high comfort design that helps during manual loading and unloading.
The global medical supplies and equipments market report would provide access to approximately 65+ market data tables, 65+ figures, and in the range of 200+ (approximate) pages.