Market Research Future (MRFR) projects the medical supplies market 2020 to cover significant grounds and reach a whopping valuation of approximately USD 132 Billion by 2022-end. We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
Top Drivers and Deterrents
The medical supplies market has received a significant boost since the COVID-19 outbreak, since the demand for disinfectants has risen considerably in light of growing awareness with regard to persona hygiene. The novel coronavirus pandemic has also bolstered the use of N-95 mask and PPE to protect medical professionals and patients from the SARS-CoV-2 infection. Demand for ventilators and diagnostics supplies has been increasing predominantly due to the surge in COVID-19 tests and the rising number of patients across the globe, despite the lockdown imposed by the government.
In general, the medical supplies market has had a significant run in the past few years, owing to the rising prevalence of chronic disorders and the increasing government and corporate support in the form of investments and funds for infrastructure development and healthcare projects. Rampant demand for infection control measures to control the rise in HAIs, and the soaring use of advanced medical devices can foster market growth as well.
Boom in medical tourism and the rapid growth of emerging markets can present excellent opportunities to the vendors, which can enhance the growth potential of the medical supplies industry in the ensuing years. Strategic hacks such as collaborations, mergers & acquisitions, product and technology launch and expansion are increasingly being employed by renowned firms to garner the upper hand in the global market.
Medical supplies industry has been considered for type, application and end-user.
The types of medical supplies mentioned in the MRFR study are blood collection tubes, blood glucose test strips, infusion products, dialysis consumables, wound care products, adult incontinence products, surgical drapes, and a lot more.
The application areas taken into account in the report are wound care, urology, sterilization and anesthesia.
The primary end users in the global industry are nursing homes, clinics, hospitals and more.
Considering the market’s global scenario, the primary regions studied in the report are the Americas, Asia Pacific/APAC, Europe and MEA/Middle East & Africa.
The Americas is currently in the lead and is bolstered by the rising cases of the novel coronavirus in the US and the resultant surge in the demand for medical supplies like PPE kits, masks and more. Apart from this, the strict implementation of initiatives by the government across the region and the extensive pool of elderly population also work in the American market’s favor. The heightened market demand in the region is also the result of the well-developed healthcare infrastructure and the high disposable income of an average American.
The APAC market is zooming forward at the fastest pace, with significant push from the mounting number of favorable government efforts to curb treatment expenditure and promote independent care. The rise in home healthcare and the escalating prevalence of diseases like diabetic ulcers, venous stasis ulcers and pressure ulcers, boosts the demand for advanced medical supplies like wound care products. The prominence of respiratory diseases like COPD and asthma coupled with the rising cases of dental diseases are also bolstering the medical supplies market’s growth in the region. Vaccination programs have surged considerably over the years, in the wake of outbreaks of Zika, Ebola and the most recent being COVID-19. These programs compel vendors to adopt or develop advanced medical supplies to cater to the large-scale patient population.
Renowned Firms Profiled
Renowned firms profiled by MRFR in the report are Johnson & Johnson (U.S.), 3M Company (U.S.), Thermo Fisher Scientific Inc. (U.S.), Baxter International Inc. (U.S.), B. Braun Melsungen AG (Germany), Boston Scientific Corporation (U.S.), Halyard Health, Inc. (U.S.), Medtronic plc (Ireland), to name a few.
OmniVision Technologies Inc., a reputed supplier of digital imaging solutions, ha launched OH02A1S, which is the first RGB-IR medical image sensor in the world. The product offers infrared monochrome captures and white-light RGB captures simultaneously in a single CMOS sensor.