Medical supplies are the medical instrument and device supplies, that are used in various medical centers, medical institutions and hospitals. Learn details of the Size, Share, Development, Growth and Demand Forecast to 2023
Various medical instruments and devices include thermometers, glucose meters, blood processing devices, wound care instruments and accessories, and monitoring systems. The demand for the medical supplies is experiencing an increasing trend since the market players are introducing technically advanced medical supplies that can aid medical professionals to handle their patients in a better way.
The outpatient facilities and hospitals are adopting strict policies towards infection- prevention for better care of the patient, which is driving the growth of the market.
Based on application, the global medical supplies market is segmented into urology, ophthalmology, radiology, anesthesia, sterilization, cardiology, wound care and others. Anesthesia was the largest application in 2016 due to increase in the number of surgical procedures performed and rise in respiratory diseases.
The regulatory requirements for the approval of medical supplies are strict and mandatory, which is one of the major factor restraining the growth of the global medical supplies market. Some of the other factors hindering the growth of the market are insufficient spare parts for the refurbishment of medical supplies in developing countries and increase in the number of product recalls.
Geographically, North America holds the major market share of the global medical supplies market due to increasing aging population and presence of key market players in this region. The U.S. has almost 11,000 medical supplies companies and is home to the medical supplies market leaders such as Johnson & Johnson, Medtronic, Boston Scientific Corporation and Baxter International.
It imports medical supplies from Mexico, Ireland and China and exports to Canada and Japan. However, Asia-Pacific is the fastest growing medical supplies market followed by Europe because of the rise in aging population, increase in the cases of various diseases, rising medical tourism industry, and improvement in the infrastructure of healthcare industry.
Global medical supplies market is highly competitive and major players are acquiring smaller players to increase their market share. The key players in the global market are Boston Scientific, Medtronic plc, Baxter International Inc., Johnson & Johnson.
Other players in this market are Cardinal Health Inc., Halyard Health Inc., Thermo Fisher Scientific, B. Braun, Becton, Dickinson and Company, and 3M Company.
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