Medical Supplies Market by Type (Diagnostic supplies, Dialysis Consumables, Disinfectants, Catheters, Radiology Consumables, and Other), Application (Urology, Cardiology, Radiology, IVD, and Other), End-User (Hospitals and Clinics & Physician Offices, and Other): Global Market Size Estimates and Forecast (2022-2030)

The market crossed the US$ 119.8 billion mark in 2022 and is expected to hit US$ 163.4 billion by 2030, recording a CAGR of 3.9% during the forecast period.

The rise in an unhealthy lifestyle will increase the prevalence of chronic diseases in the global population

The rise in unhealthy lifestyles and consumption of intoxicants gives rise to the prevalence of chronic diseases. The key drivers of chronic diseases are social change, unhealthy life, physical environment, and unplanned urbanization. Chronic disease accounts for 80 % of deaths in middle and low-income countries. Moreover, by 2050, 2.1 billion of the world's population will be aged 60 and above. The rapidly growing elderly population will add to the burden of medical costs and compound the shortage of service providers worldwide. Emerging markets will be hardest hit as the population is rising in developing nations.

Within the report, the market is segmented into type, application, and end-user. By type, it is segmented into diagnostic supplies, dialysis consumables, disinfectants, catheters, radiology consumables, and other medical supplies. By application, it is segmented into urology, cardiology, radiology,  IVD, and other applications; by end-user, it is segmented into hospitals, clinics & physician offices, and other end users. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Increased government initiatives and funding for research and development

Medical supplies mean all capsules, pharmaceuticals, products, materials, objects, or devices whose purchase, possession, protection, administration, prescription, or safety calls for authorization. Medical supplies require the order of an authorized health care provider or call for a permit, registration, certification, or other governmental approval held with the aid of a licensed health care company as designated beneath any federal and country regulation.

The government worldwide is creating a favorable regulatory environment as the burden of providing better healthcare increases due to the rise prevalence of chronic disorders. In the year  2021 FDA approved 25,901 medical devices. Due to increased government initiatives, speedy approvals, and increased funding for research and development, the medical supplies market will likely flourish.

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Increase in funding for medical devices

Rising authorities-funded investments and initiatives in healthcare tasks; increasing demand for infection manipulation measures to scale down HAIs; rising number of surgical methods; increasing demand for clinical gadgets; a rising variety of agreements among corporations to manufacture cost-effective medical devices; a growing range of ICU beds in hospitals and surgical centers; and the increasing quantity of injuries and trauma instances

The growing prevalence of continual infectious diseases and the excessive volume of instances of injury locations is a fantastic call for clinical resources products. The geriatric populace across the globe is likewise expanding. The enormous aging population base and the excessive incidence and prevalence of the associated diseases drive the marketplace's growth. The marketplace players and researchers are extra focused on advancing the clinical supplies merchandise, collaborations with many corporations to release superior products, and the incoming present-day technology is pushing the increase of the marketplace. The authority's investments in research and studies for chronic disease will propel the marketplace.

Recent strategic developments in the medical supplies market

The medical supplies market has undergone several significant results, and a few of these have been mentioned below:

• In February 2022, Medtronic plc launched its NuVent Eustachian tube dilation balloon to treat chronic and obstructive eustachian tube dysfunction.
• In April 2022, Boston Scientific Corporation received the FDA 510(k) clearance for the EMBOLD Fibered Detachable Coil, which is indicated to obstruct or reduce the blood flow rate in the peripheral vasculature.
• In June 2021, Ethicon, part of Johnson & Johnson Medical Devices Companies, launched its ENSEAL X1 Curved Jaw Tissue Sealer. The device is manufactured for colorectal, gynecological, bariatric, and thoracic procedures.
• In May 2022, Cardinal Health signed an agreement with URAC, the U.S.'s largest independent health care accreditation organization. Under the agreement, Cardinal Health will pursue accreditation for its specialty pharmacies and practices.
• In June 2022, B.D. Acquired Parata Systems, an innovative provider of pharmacy automation solutions. The acquisition will strengthen the portfolio of B.D. with Parata's innovative pharmacy automation solutions.
• In January 2022, Johnson & Johnson Medical Devices Companies signed a strategic partnership with Microsoft to further enable its digital surgery solutions.

Several players drive the medical supplies market by implementing strategic investments, new launches, mergers & acquisitions, and partnerships. Medtronic plc, Cardinal Health, B.D., Coloplast Group., B. Braun Melsungen AG, Boston Scientific Corporation, Thermo Fisher Scientific, Inc., Baxter, 3M, and Smith & Nephew.

The target audience for the report:

• Raw material providers
• Medical device manufacturers
• Government bodies, such as regulating authorities and policymakers
• Venture capitalists, private equity firms, and start-up companies
• Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented based on:

• Type:

• • Diagnostic Supplies
  • Disinfectants
  • Wound Care Consumables
  • Dialysis Consumables
  • Other

• Application:
  • Urology
  • Radiology
  • Infection Control
  • Cardiology
  • IVD
  • Other

• End User

• • Hospitals
  • Clinics/Physician Offices
  • Other

• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America (SCAM)
  • Middle East & Africa (MEA)

• Companies profiled
  • Medtronic plc
  • Cardinal Health
  • BD
  • Coloplast Group
  • B. Braun Melsungen AG
  • Boston Scientific Corporation
  • Thermo Fisher Scientific, Inc.
  • Baxter
  • 3M
  • Smith & Nephew