June 24, 2020
According to a recent study titled ‘Global Medical Supplies Market Size study with COVID-19 Impact, by Type (Intubations, Personal Protective Equipment, Infusion, Radiology, Wound Care Supplies), End User (Hospitals, Clinics) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global medical supplies market attained a valuation of USD 80 billion in 2019 and is projected to register 13.5% CAGR through 2026.
Rising prevalence of several diseases and increasing demand for disinfectants on account of growing awareness regarding hygiene & environmental cleanliness are fueling the growth of global medical supplies market, cites the report.
Medical supplies refer to non-durable disposable healthcare resources primarily used for medical purposes such as treating an illness or injury. These supplies comprise of medical equipment like needles, syringes, and medicine cups.
The report reveals that the COVID-19 pandemic has augmented the demand for N95 masks, PPE kits as well as ventilators across the globe, rendering a positive impact on the medical supplies industry. According to Worldometer, as of 2nd May 2020, the confirmed cases of COVID-19 increased to 3.4 million with a death toll of 239,000. Rising burden of COVID-19 cases has led to shortage of medical resources for healthcare professionals in the front line, in turn, prompting many non-pharmaceutical companies to manufacture an array of medical products. For instance, in March 2020, Pernod Ricard’s Facility in the United States, which is a producer of rum and gin, commenced the production of 1000 gallons of hand sanitizer to fight the pandemic. Similarly, in April 2020, Arizona based company, SanTan Brewing modified its beer production line for manufacturing hand sanitizers, producing 400 gallons of medical-grade hand sanitizes in the same month.
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Despite the positive outlook of global medical supplies industry, delays in elective treatment and surgical procedures, alongside supply chain & logistics constraints due to lockdown are negatively affecting the industry growth.
From a regional perspective, North America medical supplies market accounts for a major stake, owing to increasing cases of chronic diseases and other health complications coupled with presence of a well-established healthcare infrastructure in the region.
In contrast, Asia Pacific medical supplies industry is slated to grow tremendously during the forecast duration, in view of swelling population and rising prevalence of several diseases in the region.
Leading industry players include Advanced Sterilization Products, Getinge Group, STERIS Corporation, Baxter International Inc., Fresenius Medical Care AG & Co. KGaA, B. Braun Melsungen AG, Johnson & Johnson, Becton, Dickson and Company, Cardinal Health Inc., and Medtronic plc.