Medical Supplies Market Overview:
Medical supplies comprise consumables and disposable healthcare materials ordered or prescribed by a physician. Low-cost, medical supplies are used in high enough for primarily and customarily used to serve a medical purpose and include customary supplies, catheters, oxygen, gloves, gauze, needles and syringes, and diabetic supplies.
Medical supplies and equipment have a significant impact on the quality of patient care and account for a high proportion of health care costs. As a result, the medical supplies market is an ever-increasing space.
The Medical Supplies Market is invariably registering a higher CAGR. Acknowledging the kind of growth, the market is observing currently, Market Research Future (MRFR) in its recently published study report asserts that the global medical supplies market will reach approximately 132 BN USD by 2022, registering a steady CAGR during the forecast period (2017-2022).
Prevailing chronic diseases such as heart disorders and cancer are supporting the market growth, raising the necessities for these supplies. Additional factors substantiating the market growth include the growing healthcare sector increasing population and urbanization. Improving economic conditions, worldwide are supporting the market growth, increasing accessibility to good health care.
Simultaneously, factors such as growing geriatric population, rising number of patients with chronic diseases such as cardiovascular, renal, diabetes, hypertension and others are providing impetus to the market growth. Furthermore, safety-enhanced devices for the minimally invasive delivery of medicines, inhalation therapies, and IV and dialysis solutions are expected to lead the market growth.
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At any hospital, the cost of materials constitutes between 22 and 24 percent of total expenses. To help hospitals to cut down on their procurement inefficiencies and bring down the costs to about 17-19 percent players operating in the medical supplies market are following B2B marketplace model where they act as an aggregator charging a service fee for packing and delivering products depending on category and size.
Thus, by eliminating middlemen in the supply chain, providing choice, and bringing transparency to pricing, they ensure delivery of medical supplies on time. Besides, these supplier companies maintain a limited amount of inventory of fast-moving goods where they sell directly to customers for a commission.
Generally, the complex web of e-commerce operation stocks up around 100,000 products ranging from a machine as complex as an MRI scanner to a cotton roll, and ensures timely delivery. They also open fulfilment centers to aid in the process of receiving, packaging and shipping orders for goods.
Medtronic plc (Ireland),
3M Company (U.S.),
B. Braun Melsungen AG (Germany),
Johnson & Johnson (U.S.),
Boston Scientific Corporation (U.S.),
Baxter International Inc. (U.S.),
Halyard Health, Inc. (U.S.) and Thermo Fisher Scientific Inc. (U.S.).
Global Medical Supplies Market – Segmentations
The MRFR analysis is segmented into four key dynamics;
By Types: Infusion Products, Blood Collection Tubes, Wound Care Products, Dialysis Consumables, Surgical Drapes, Adult Incontinence Products, and Blood Glucose Test Strips among others.
By Applications: Urology, Wound Care, Anesthesia, and Sterilization among others.
By End-users: Hospitals, Clinics, Nursing Homes and others.
By Regions: Europe, APAC, North America, and the Rest-of-the-World.
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Global Medical Supplies Market – Geographical Analysis
The medical supplies market in the North American region accounts for the largest market, globally. Extensive uptake of advanced technologies, accessibility to products & services, and the emphasis on delivering cost-competitive supplies foster the market growth in the region.
The European region is rapidly emerging as a lucrative market for medical supplies; following the North American market closely. Countries such as the UK, Germany, and France, backed by the adoption of technologies, purchasing power, and the presence of global players along with the concerns over the cost of health care drive the medical supplies market in the region.
The medical supplies market in the Asia Pacific region is too growing rapidly. Factors substantiating the market growth include proliferating healthcare sector and economic development. Rapidly growing markets in countries, such as China, Japan, and India, are expected to push up the market growth in the region.
Global Medical Supplies Market – Competitive Landscape
A fiercely competitive, medical supplies market appears to be fragmented, characterized by the presence of numerous small & large players. Incorporating strategic initiatives such as partnership, collaboration, technology launch, expansion, and acquisition manufacturers try to gain a competitive advantage in the market.
These players are accentuating on fundraising to strengthen their technology and increase the team size. They also plan to increase the number of their fulfilment centers through online platform develop supply chain and logistics capability
October 29, 2018 – Medikabazaar (India), an online aggregator for medical equipment and medical supplies, announced that it has raised USD 5 MN in Series ‘A’ round of funding led by Delhi-based healthcare-focused venture capital fund HealthQuad. The funds will also be used to streamline its supply chain and logistics capability to reach 50K hospitals and clinics by the end of next financial year.
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