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(MoneyNewsWire.Net, April 20, 2018 ) The medical supplies market is projected to reach USD 136.63 Billion by 2021 from USD 98.33 Billion in 2016, at a CAGR of 6.8% during the forecast period. Medical supplies include single-use or disposable products used in all healthcare facilities such as hospitals, clinics, and nursing homes. They are categorized based on their applications and usage in healthcare facilities. Some medical supplies such as hypodermic products and inhalation supplies are used in drug delivery procedures, whereas, sterilization and infection control supplies are used to prevent infections in healthcare settings. For diagnostic procedures, medical supplies such as glucose testing strips, diagnostic catheters, and blood collection consumables are frequently used. Moreover, for the safety of workers in hospitals, personal protective equipment (PPE) are used which help prevent injuries and minimize radiation exposure.
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Growth in the medical supplies market is primarily driven by the increasing prevalence of chronic and infectious diseases, rising number of surgeries, growing geriatric population, and rising number of hospital-acquired infections (HAIs). However, strict and mandate regulatory requirements for the approval of medical supplies and rising number of product recalls are expected to hinder the growth of this market.
In this report, the medical supplies market is segmented on the basis of type, application, end user, and region. Based on type, the market is segmented into diagnostic supplies, dialysis consumables, wound care consumables, inhalation products, radiology consumables, infection control supplies, infusion products, intubation and ventilation supplies, personal protective equipment (PPE), hypodermic products, sterilization consumables, and other supplies. The dialysis consumables segment is projected to register the highest CAGR during the forecast period. The major factors contributing to the growth of this market include increasing patient pool for renal diseases, rising incidence of diabetes and hypertension, growing geriatric population, and increasing adoption of dialysis procedures over kidney transplantations.
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Based on application, the market is segmented into urology, wound care, radiology, anesthesia, sterilization, cardiology, ophthalmology, and other applications. The anesthesia segment is expected to register the highest growth during the forecast period. The high growth in this segment is attributed to the increasing number of surgical procedures being performed across the globe and the rising incidence of respiratory diseases.
Based on end user, the market is segmented into hospitals, clinics, assisted living centers and nursing homes, ambulatory surgery centers (ASCs), and other end users. The hospitals segment is expected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the increasing investment in healthcare systems, growing prevalence of HAIs, and high incidence of chronic diseases across the globe.
In 2016, the medical supplies market was dominated by North America, followed by Europe, Asia, and the RoW. However, Asia is projected to be the fastest-growing region in the forecast period, owing to factors such as the rising geriatric population, increasing incidence of various diseases, growing medical tourism industry, and improving healthcare infrastructure.
The major players in the medical supplies market include Becton, Dickinson and Company (U.S.), Boston Scientific Corporation (U.S.), Johnson & Johnson (U.S.), 3M Company (U.S.), Medtronic plc (Ireland), B. Braun Melsungen AG (Germany), Thermo Fisher Scientific Inc. (U.S.), Cardinal Health, Inc. (U.S.), Baxter International Inc. (U.S.), and Halyard Health, Inc. (U.S.).
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