Increasing Demand for Emergency Medical Supplies to Augment the Medical Supplies Market Growth

 

Medical Supplies

Medical devices play an important role in the delivery of many health care services. Medical supplies refer to any item (basic medical products) that is necessary for treating injury or illness. In the medical parlance, medical supplies generally are understood to mean items that are low cost, disposable, easily available, and in high enough quantity so that the buying department has enough standing orders to ensure the supply of the items when they are in demand.

Market Dynamics:

Increasing prevalence of chronic diseases across the globe, especially in North America, is expected to propel the growth of the medical supplies market. According to the Centers for Disease Control and Prevention (CDC), chronic diseases such as diabetes, cancer, and heart disease are the leading causes of death and disability in the United States.

Moreover, proactive government initiatives, increasing demand for infection control measures to curb the occurrence of hospital-acquired infections, the rising number of surgical procedures, and increasing demand for medical supplies are expected to augment the growth of the medical supplies market. According to CDC, hospital-acquired infections account for an estimated 1.7 million infections and 99,000 associated deaths each year in American hospitals alone.

Increasing demand for emergency medical supplies due to the emergence of COVID-19 is expected to offer lucrative growth opportunities for players in the medical supplies market. For instance, according to the World Health Organization (WHO), worldwide, as of 1 March 2021, there have been 113,820,168 confirmed cases of COVID-19, including 2,527,891 deaths.

Competitive Analysis:

Major players operating in the medical supplies market are Becton, 3M Company, Baxter International Inc., Boston Scientific Corporation, Thermo Fisher Scientific Inc., Johnson & Johnson, Halyard Health, Inc., Cardinal Health, Inc., Dickinson and Company, and B. Braun Melsungen AG among others.

Major players in the market are adopting inorganic growth strategies, such as business expansion, product launch, merger and acquisition, etc., to retain their position in the market. For instance, in June 2020, Fresenius Medical Care started a new production line for dialysis fluids at its St. Wendel, Germany, plant. The new production line is the plant’s fifth production line for dialysis fluids used in the treatment of acute and chronic kidney disease.

In February 2020, Baxter International Inc. announced 510(k) clearance from the U.S. Food and Drug Administration for a new generation of its Peri-Strips Dry with Veritas Collagen Matrix (PSDV) product, known as PSDV with Secure Grip.

In August 2019, Boston Scientific Corporation announced the acquisition of BTG plc.to offer best-in-class technologies and strengthened commercial infrastructure.