Overview:
Advanced technologies in healthcare have ensured better treatment facilities and percolated to diverse strata of the society widening the business opportunity of the medical supplies market. The last few decades have witnessed considerable growth in the market owing to healthcare reaching the farthest corners of the world. Simultaneously, changing lifestyle has triggered an erratic schedule and food habit which has given rise to health issues. Geriatric population is also on the rise who are always prone to new diseases and sometimes requiring longer care. Latest technical developments such as minimally invasive surgeries are creating an open ground for medical supplies to fill in the gap and expand the business.
The last to impact the most this sector is the prevalence of chronic diseases. But medical supplies are substantially backing up the healthcare system in resisting the onslaught of these issues. In the process, the market is also increasing. Market Research Future reveals in a detailed analysis that the global medical supplies market can reach up to a valuation of USD 132 billion during the forecast period (2013-2022).
On the flip side, the market has a strong probability of facing strict government policies to ensure the highest level of patient safety which can hold back the smooth going of the market growth during the forecast period.
Industry Trends:
Vaccination programs are all the more encompassing as recent outbreaks of diseases such as Ebola and Zika have killed thousands. These have forced many companies into adopting or creating medical supplies to support the process. For instance, innovators are developing medicines that can be oral, edible and mucosally delivered vaccines. On the other hand, intranasal vaccines, and vaccine chips are being developed that can influence the market.
Gore has developed a molding & occlusion balloon that can open up self-expanding stent grafts or to temporarily occlude wide vessels.
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Segmentation:
The global medical supplies market can be segmented by type, application, and end-users.
Based on type, the market can be segmented into infusion products, blood collection tubes, wound care products, dialysis consumables, surgical drapes, adult incontinence products, blood glucose test strips.
Application-wise segmentation includes urology, wound care, anesthesia, and sterilization.
Based on end-users, the market comprises hospitals, clinics, and nursing homes.
Regional Analysis:
Region-specific analysis of the market comprises namely North America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
North America is reigning supreme as the major market players are mainly based out of this region. The region has a highly advanced setup for healthcare, and the technical expertise of the professionals is commendable which is helping the region to emerge as the best market. Europe is fast catching up as the region shows similar traits in implementing advanced technologies.