Market Trends of Global Medical Supplies Industry
This section covers the major market trends shaping the Medical Supplies Market according to our research experts:
Catheter Segment is Expected to Witness High Growth Over the Forecast Period
A catheter is a thin, flexible tube that can put fluids into your body or take them out. There are five types of catheters: cardiovascular catheters, intravenous catheters, urological catheters, specialty catheters and neurovascular catheters. Catheters are found to hold the largest share which can be attributed to the rising incidence of cardiovascular disease and the increasing volume of catheter related surgeries, across the globe. According to the U.S. Census Bureau report, published in 2020, all four cardiovascular risk factors are expected to increase from 2025 to 2060, with the largest percentage increase in diabetes (39.3% increase to 55 million persons), followed by dyslipidemia (27.6% increase to 126 million persons), hypertension (25.1% increase to 162 million persons) and obesity (18.3% increase to 126 million persons). According to Centers for Disease Control and Prevention (CDC) in 2020, about 697,000 people in the United States died from heart disease out of which coronary heart disease is the most common type of heart disease, killing 382,820 people and about 805,000 people in the United States have a heart attack every year. With increase in prevalence of chronic diseases associated with urinary bladder, cardiovascular disease, and others are the major factors that drive the growth. In addition, the increase in demand for minimal invasive surgeries among patients owing to the increase disease prevalence and its treatment further fuels the segment growth.
North America is Expected to Dominate the Medical Supplies Market
North America is expected to dominate the market owing to factors such as higher investment of yearly revenues in product innovation and constant improvement of existing technologies. The United States is the largest market in North America.
The US medical supply sector is an important part of the healthcare industry. The market has a very competitive landscape, with leading medical supply market players, such as Johnson & Johnson, Abbott, and Baxter International. According to the American Cancer Society 2021, about 1.9 million new cancer cases were diagnosed, including 268,490 cases of prostate cancer, 287,850 cases of invasive breast cancer, 236,740 cases of lung cancer, and 106,180 cases of colorectal cancer. These trends are likely to boost the growth of the market in the future.
Therefore, owing to the aforesaid factors the growth of the market studied is anticipated in the North America Region.
