The latest market report published by Credence Research, Inc. “Disposable Medical Supplies Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global disposable medical supplies market was valued at US$ 112.6 Bn in 2017 expanding at a CAGR of 6.2% from 2018 to 2026.
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Disposable medical supplies market is poised to grow at a steady rate during the forecast period owing to growing demand for medical supplies in the developed and developing countries. There is a growth in healthcare infrastructure in the developing economies such as India, Brazil, China and other countries in Asia Pacific and Latin America. Moreover, according to Organisation for Economic Co-operation and Development (OECD), the Brazil and India have the lowest number of hospital beds per 100,000 population. Thus, this high unmet need will further drive the market in the market. Asia Pacific emerged as the fastest growing market in the global disposable medical supplies market owing to above factors. Other factors driving the market include growing volume of surgeries in the market, growth in prevalence of chronic diseases and growing medical tourism in the region. North America held the largest share in the global disposable medical supplies market owing to highly developed healthcare infrastructure, growing geriatric population in the region and rising number of ambulatory facilities in the region. Efficient reimbursement scenario in the U.S. and insurance scheme under Patient Protection and Affordable Care Act have created huge demand for disposable medical supplies in the region; thereby driving the market disposable medical supplies market.
The global disposable medical supplies market is attributed to grow during the forecast period owing to stringent infection control and prevention protocols for hospitals and other healthcare facilities. Growing cases of hospital acquired infection have led to development for stringent safety protocols. According to World Health Organization (WHO), infectious waste increases the risk of nosocomial infections to hospital personnel and patients. Centers for Disease Control and Prevention (CDC) suggests that surgical site infection have an occurrence of 300,000 cases per year, second most prevalent hospital acquired infection in the United States. Moreover, this also cost approximately US$ 10 billion annually, impacting significantly to the U.S. healthcare systems and population. Additionally, increase in hospital admissions and outpatient visits drive demand for a number of infection prevention supplies, thereby driving the demand for disposable medical supplies market. The key players currently engaged in disposable medical supplies market include Medtronic PLC, B. Braun Melsungen AG, Becton Dickinson & Co., Baxter International, Inc., Johnson & Johnson, Inc., Abbott Laboratories, 3M Company, BSN Medical GmbH, Coloplast A/S, Cardinal Health, Inc., and Mölnlycke Health Care AB among others.
Key Market Movements:
- Growing infection control and prevention protocols set by the global healthcare organizations
- Rising in the prevalence of chronic diseases and hospital admission globally
- Product innovation and rising awareness towards safety measures in the population
- Rapid growth in healthcare sector in Asia Pacific to drive the demand for disposable medical supplies market
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