The Medical Supplies Market is Expanding

Market Research Future Report

According to Market Research Future, the global medical supplies market is growing exponentially and expected to reach $132 Billion by late 2022.  The primary cause of this massive growth is the rising population of geriatrics as well as increase in patients with chronic diseases such as cardiovascular & diabetes.  Leading this sales growth will be marginally invasive devices that deliver medicines, inhalation therapies, and dialysis products.

On a global scale, Americas region seems to be the largest market for medical supplies with Europe slowly catching up.  However, the Asian-Pacific market is due to grow at the fastest rate during the next five years.  Middle East & Africa region may have limited but consistent growth in this market.  Some key players include 3M Company (US), Medtronic plc (Ireland), B.Braun Melsungen AG (Germany), & Boston Scientific Corporation (US). Read more here.

Grand View Research Report

Another report from 2014 by Grand View Research, Inc. anticipates the market to reach $242.1 Billion by 2024.  Healthcare settings are on the rise due to government aid and public private partnerships.  This is expected to create higher demand for durable medical equipment and open up opportunities for consistent growth.  Home healthcare being a cost effective option is growing fast, due to the growing workforce within this field.  This in-turn leads to seeing more usage of these types of medical supplies in home healthcare settings.  The aforementioned geriatric population and the rising pervasiveness of chronic disease is expected to increase demand for durable medical equipment.  Other factors that contributed to market growth have included efficient reimbursement networks, elaborate health care systems, and prominent medical supply manufacturers. Read more here.