The growing need for effective medical care is driving a surge in the Medical Disposables Market. According to a recent report by Future Market Insights, this market was valued at a substantial US$153.5 billion in 2022 and is expected to climb steadily at a 7.1% CAGR (Compound Annual Growth Rate) from 2023 to 2033.
This translates to a projected market size of a whopping US$326.4 billion by the end of 2033.
Bandages and wound dressings currently hold the largest revenue share within this market, and their dominance is predicted to continue with a projected CAGR of 6.8% from 2023 to 2033. This highlights the crucial role these essential supplies play in everyday healthcare.
The rising incidence of Hospital Acquired Infections, an increasing number of surgical procedures, and the growing prevalence of chronic diseases leading to longer hospital admission have been the key factors driving the market.
The subsequent spike in the number of chronic illness cases and a rise in the rate of hospitalizations has fuelled the field of emergency medical disposables growth. The expansion of the medical disposables market is being fuelled by an increase in the prevalence of hospital-acquired illnesses and disorders, as well as a greater focus on infection prevention.
For example, the prevalence of healthcare-associated infection in high-income countries ranges from 3.5% to 12%, whereas it ranges from 5.7% to 19.1% in low and medium-income countries.
A growing geriatric population, an increase in the incidence of incontinence issues, mandatory guidelines that must be followed for patient safety at healthcare institutions, and an increase in demand for sophisticated healthcare facilities is driving the medical disposables market.
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The market in North America is expected to reach a valuation of US$ 131 Billion by 2033 from US$ 61.7 Billion in 2022. In August 2000, the Food and Drug Administration (FDA) issued guidance concerning healthcare single-use items reprocessed by third parties or hospitals.
In this guidance, FDA stated that hospitals or third-party reprocesses would be considered manufacturers and regulated in the exact same manner. A newly used single-use device still has to fulfill the criteria for device activation required by its flagship when it was originally manufactured.
Such regulations have been creating a positive impact on the medical disposables market in the U.S. market in specific and the North American market in general.
Medical Disposables Market Competitive Landscape
The key companies in the market are engaged in mergers, acquisitions and partnerships.
The key players in the market include 3M, Johnson & Johnson Services, Inc., Abbott, Becton, Dickinson & Company, Medtronic, B. Braun Melsungen AG, Bayer AG, Smith and Nephew, Medline Industries, Inc., and Cardinal Health.
Some of the recent developments of key Medical Disposables providers are as follows:
- In April 2019, Smith & Nephew PLC purchased Osiris Therapeutics, Inc. intending to expand its advanced wound management product range.
- In May 2019, 3M announced the acquisition of Acelity Inc., intending to strengthen wound treatment products.
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