Global Medical Supplies Market by Manufacturers, Countries, Type and Application, Forecast to 2023 Report Provides In-Depth Analysis of Parent Market Trends, Macro-Economic Indicators and Governing Factors Along With Market Attractiveness as Per Segments
The report is segmented into four key dynamics for enhanced understanding.
By Type: Blood Collection Tubes, Infusion Products, Wound Care Products, Surgical Drapes, Dialysis Consumables, Blood Glucose Test Strips, and Adult Incontinence Products among others.
By Application: Wound Care, Urology, Sterilization, and Anesthesia among others.
By End-user: Clinics, Hospitals, and Nursing Homes, others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Key players leading the global medical supplies market include Medtronic plc (Ireland), B. Braun Melsungen AG (Germany), 3M Company (U.S.), Johnson & Johnson (U.S.), Baxter International Inc. (U.S.), Boston Scientific Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), and Halyard Health, Inc. (U.S.) among others.
Medical Supplies Market - Insights
The vast and diverse medical supplies business refers to supplying a wide range of healthcare materials ordered or prescribed by a physician. These items could vary ranging from consumables and disposable to Electronic medical devices.
Low-cost, medical supplies are used for primary care whereas, customarily supplies including catheters, gloves, oxygen, gauze, needles & syringes, and diabetic supplies are used to serve a specific medical purpose. These medical supplies and equipment have a significant impact on the quality of care and account for a high proportion of health care costs.
Over the past few years, owing to the increasingly prosperous population that demands higher-quality care, the healthcare sector is burgeoning, worldwide. This, as a result, is increasing the demand for the treatments which is pushing up the market growth.
Moreover, the growing prevalence of chronic diseases, miscellaneous large and small disorders driven by the ecological changes and increasing cases of accidents & injuries are escalating the market on the global platform, increasing the demand for medical supplies.
Additionally, the improving economy worldwide is supporting the growth of the market, increasing accessibility to good health care. Furthermore, safety-enhanced devices used in the minimally invasive delivery of medicines, inhalation therapies & IV, and dialysis solutions are expected to boost market growth.
Highly competitive, medical supplies market appear to be fragmented with the matured & small key players along with the new entrants forming a competitive landscape. Through the acquisition, strategic partnership, expansion, product/technology launch &collaboration, these players try to gain competitive advantage. Heavy investments are transpired in the R&D to develop a completely different technology compared to their competition.
Accentuating on fundraising, these players are working on strengthening their technology and increase the team size. Simultaneously they try to increase the number of their fulfillment centers through the online platform and develop supply chain and logistics capability.
The cost of materials in a hospital constitutes around 22 - 24 % of total expenses. In such scenarios, to help hospitals to curtail their procurement costs up to 17-19 %, these players 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 mediators from the supply chain they ensure delivery of medical supplies on time, providing choices that too with transparency in pricing. These supplier companies also try to maintain a good number of fast-moving items which they sell directly to customers for a commission.
Usually, a typical network of an 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 fulfillment centers to aid in the process of receiving, packaging and shipping orders for goods.
January 28, 2019 Bound Tree Medical, LLC (the US), a leading, nationwide distributor of emergency medical supplies, equipment, and pharmaceuticals, announced the acquisition (a definitive agreement) of Southeastern Emergency Equipment, Inc. (the US), a regional specialty distributor of medical supplies, training, and education solutions.
Starting February 25, 2019, operations of Southeastern Emergency Equipment will be under the Bound Tree brand name, and the businesses will be fully integrated, and Bound Tree will begin servicing Southeastern customers.
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Global Medical Supplies Market - Geographical Analysis
The North American region, heading with the extensive accessibility to products & services, accounts for the largest market for medical supplies, globally. Moreover, factors such as the huge uptake of advanced technologies and increasing emphasis on delivering cost-competitive supplies foster the growth of the regional market.
The medical supplies market in Europe backed by the improving economic conditions in the region is rapidly emerging as a lucrative market, globally. Moreover, factors such as increasing healthcare expenditures, the adoption of advanced technologies, and the presence of global players drive the medical supplies market in the region.
The Asia Pacific medical supplies market led by the rapidly proliferating healthcare sector and developing economy, is emerging as a promising market, globally. Rapidly growing markets in countries, such as Japan, China, and India, are pushing up the growth in the regional market.
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