The market for medical supplies is driven primarily by the growing awareness on environmental & personal hygiene leading to rising demand for disinfectants , expansion of healthcare settings owing to increasing COVID 19 patients, increased requirement of PPE kits & N95 masks globally, rising demand for ventilators, and increasing demand for diagnostic supplies. In addition, repurposing liquor production lines to manufacture sanitizers offers an opportunity for players in this market. However, delays in non-urgent treatment and surgical procedures and impact on supply chain and logistics due to lockdown is likely to restrain the growth of this market.
The COVID-19 impact on the global medical supplies market is expected to reach USD ~100 billion by 2021 from an estimated value of USD ~78 billion in 2019, growing at a CAGR of ~13.4% during the forecast period.
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The disinfectant segment is projected to grow at the highest CAGR during the forecast period
Based on products, the market is segmented into intubation and ventilation supplies, disinfectant, personal protective equipment, diagnostic supplies, sterilization supplies, infusion and injectable supplies, dialysis supplies, wound care supplies, radiology supplies, and other medical supplies. The disinfectant segment is expected to grow at the highest rate during the forecast period. This can be attributed to the increasing demand for sanitizers and other disinfectants to safeguard people from the cross-contamination of coronavirus.
In 2019, the hospital segment will drive the growth of the medical supplies market
Based on end-users, the medical supplies industry has been segmented into hospitals, clinics, and other end users. The hospital segment accounted for the largest share of the market in 2019 and expected to grow at the highest growth rate during the forecast period. The highest growth of this segment is attributed to the increasing demands for hospital beds and intensive care units, increasing demand for specialized staff in hospitals, increased consumption of personal protective equipment.
North America accounted for the largest share of the medical supplies market in 2019
The medical supplies industry is segmented into four major regions, namely, North America, Europe, the Asia Pacific (APAC), and Rest of the World. In 2019, North America accounted for the largest share of the medical supplies market. The large share of this region can primarily be attributed to the high adoption of intubation and ventilation supplies, a high number of positive COVID-19 cases and deaths in the US, a strong healthcare system, and the presence of many large hospitals in the region. Moreover, a large number of major global players are based in the US, owing to which the US can easily manufacture these devices.
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Key Market Players
The key players in the global medical supplies market are Medtronic plc (Ireland), Cardinal Health, Inc. (US), Becton, Dickson and Company (US), Johnson & Johnson (US), and B. Braun Melsungen AG (Germany), Fresenius Medical Care AG & Co. KGaA (Germany), Baxter International, Inc. (US), STERIS Corporation (US), Getinge Group (Sweden), Advanced Sterilization Products (US), 3M Company (US), Smith & Nephew (U.K.)
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