The global healthcare consumables market comprises products such as syringes, catheters, bandages, implants, and disposable medical apparel. These disposable medical supplies are indispensable for medical procedures and patient care. Healthcare consumables provide improved access to healthcare and help prevent the spread of infections. The growing geriatric population and rising incidence of chronic diseases have increased the demand for medical care worldwide, driving the need for healthcare consumables.
The Global Healthcare Consumables Market is estimated to be valued at US$ 376.91 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the global healthcare consumables 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. The growing geriatric population suffering from chronic diseases is increasing the demand for surgical and wound care consumables. Advancements in material sciences are leading to the development of high-performance disposable medical supplies.
Market Trends
The Global Healthcare Consumables Market Demand increasing adoption of single-use consumables to prevent the spread of infections in hospitals and surgical centers is a major trend. Manufacturers are developing more efficient and sustainable disposable products using bioplastics and biodegradable materials.
Market Opportunities
The rising medical tourism in developing nations and increased healthcare spending will drive market growth. Growing demand for minimally invasive procedures is also expected to create opportunities for innovative disposable medical devices over the forecast period.
Impact of COVID-19 on Global Healthcare Consumables Market Growth
The COVID-19 pandemic has significantly impacted the growth of the global healthcare consumables market. During the initial phase of the pandemic, demand for consumables surged significantly as healthcare systems geared up to handle the drastic rise in COVID-19 cases. Factors like increased hospitalization, higher demand for personal protective equipment (PPE) kits and medical devices drove the market. However, postponement of non-emergency procedures led to decline in certain segments like wound care consumables.
Many countries imposed strict lockdowns and mobility restrictions during 2020 and early 2021 to curb the virus spread. This disrupted global supply chains and created raw material shortages. It hampered the production and distribution of various consumables. The market is steadily recovering as vaccination drives progress worldwide. Demand is rising again as regular healthcare services resume. However, supply chain bottlenecks persist in some regions.
Going forward, future strategies need to focus on bolstering global manufacturing and distribution capabilities. Stockpiling of essential items is required to handle unexpected spikes in demand. Strong collaboration between private and public sectors is also needed to ensure healthcare systems are prepared for any future health emergencies. Development of locally produced alternatives can help minimize dependence on imports.
Geographical Regions Where Global Healthcare Consumables Market is concentrated in terms of Value
In terms of value, North America currently dominates the global healthcare consumables market holding around 40% share, followed by Europe and Asia Pacific. High per capita healthcare expenditure, presence of advanced healthcare infrastructure and aging population are major factors driving higher adoption of consumables in countries like the United States and Germany.
Asia Pacific is poised to be the fastest growing regional market in the coming years. Rapidly developing economies like India and China are investing significantly to strengthen their healthcare systems. Rising incomes, growing medical tourism, increasing prevalence of chronic diseases and expanding base of private hospitals/clinics are boosting demand. Low manufacturing costs make the region an attractive production hub as well.
Fastest Growing Region for the Global Healthcare Consumables Market
Asia Pacific is projected to exhibit the strongest growth in the global healthcare consumables market during the forecast period of 2024 to 2031. The region is anticipated to expand at a CAGR of over 13% during this time frame.
Factors such as rising geriatric population, improving access to healthcare facilities, growing medical tourism industry and surging investments into healthcare infrastructure development are fueling market growth. Governments are undertaking numerous initiatives to modernize public health systems and expand medical insurance coverage. This is enhancing affordability of treatments and devices in the region.
Rapid economic development in Asia Pacific nations is also driving lifestyle changes like increased consumption of fast food and reduced physical activity. These trends are leading to higher incidence of chronic and lifestyle-related illnesses. Combined with the presence of low manufacturing costs, these aspects make Asia Pacific highly attractive for consumables manufacturers.
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