The global healthcare consumables market comprises a wide range of disposable medical supplies and devices that are consumed to provide medical services. With increased focus on preventive care and healthcare awareness among individuals, demand for consumables such as syringes, bandages, surgical gloves, drapes and gowns has grown rapidly. These consumables help improve patient outcomes by preventing infections and ensuring safety standards. Growing prevalence of chronic diseases due to sedentary lifestyles and aging population has augmented the need for surgical procedures and long-term care, thereby driving the volume uptake of disposable products.
The Global Healthcare Consumables Market is estimated to be valued at US$ 172.31 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the global healthcare consumables market are Procter & Gamble, B. Braun SE, McKesson Medical-Surgical Inc, Medline Industries Inc., Owens and Minor, Smith And Nephew plc, 3M, Baxter, Fresenius Medical Care AG, Cardinal Health, Terumo Medical Corporation, Honeywell Interational Inc., Dynarex Corporation, Kemei, Unigloves, Argentum Medical, Alliqua Biomedical, AccelHeal, Globus Medical. Key players are focusing on partnerships to secure long-term supply agreements with hospitals and healthcare facilities.
The growing prevalence of chronic diseases and increasing healthcare expenditure is driving the demand for healthcare consumables globally. With rising medical tourism and super specialty hospitals, consumption of disposable products is increasing substantially.
The Global Healthcare Consumables Market Demand is expanding globally with growing investments in healthcare infrastructure projects across developing nations. Asia Pacific region is witnessing highest growth owing to rapidly developing economies, favorable government policies and expansion strategies by leading players.
Market Key Trends
One key trend gaining momentum in the global Healthcare Consumables Market Size And Trends is increased adoption of single-use disposable products over reusable medical equipment. This is mainly due to stringent regulations regarding infection control and rising awareness about advantages of disposables such as decreased risk of cross-contamination. While disposables involve higher per unit cost, overall cost savings are achieved through reduced turnaround times, simplified sterilization processes and minimizing infection rates. Growing preference for convenience and prioritizing patient safety will further propel the popularity of disposable consumables in healthcare.
Porter's Analysis
Threat of new entrants: Low capital required for entry and availability of generic brands makes the threat high.
Bargaining power of buyers: Large number of buyers and brands increases buyer power.
Bargaining power of suppliers: Few major suppliers exist for raw materials increasing their bargaining power.
Threat of new substitutes: Threat is low as medical consumables have few alternatives.
Competitive rivalry: Intense competition exists among major players to gain market share.
Geographical Regions
North America accounts for the largest share of the global healthcare consumables market, followed by Europe and Asia Pacific. This is attributed to the growing aging population, rising healthcare expenditure, and increasing prevalence of chronic diseases in countries like the US and Canada.
Asia Pacific is poised to witness the fastest growth during the forecast period, owing to increasing healthcare spending, rising medical tourism, growing middle-class population and their willingness to spend on healthcare in countries like India, China and Japan. Other emerging regions with high growth potential include Latin America and Middle East & Africa.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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