Global Medical Supplies Market: Overview
Medical supplies is an umbrella term used for all devices and equipment used to diagnose, monitor, and treat a patient within the healthcare industry. Of the several types of diagnostic medical supplies, the more common ones include ultrasound and MRI machines, scanners such as PET and CT, and most commonly, x-ray machines. Monitoring equipment includes the devices that continuously measure a patient’s blood pressure, EEG, and ECG. The global medical supplies market also includes the devices being used to monitor and treat patients that are a part of an organization’s home care services. Therapy can include devices such as CPM machines.
Global Medical Supplies Market: Key Trends
The top driver augmenting the demand volume experienced by the global medical supplies market at the moment, is the increasing average of patients approaching medical facilities. In most regions, this is due to the increasing count of the geriatric citizens. This holds true especially for developed economies, where the elderly demographic is increasing at a very fast pace, due to reduced mortality rates. In emerging economies, the increase of healthcare outreach is creating a greater scope of access for patients from various age groups, classes, and locations. The global medical supplies market is also being driven by the growing number of cases of hospital-acquired infections, or nosocomial infections. These are creating the need for specialized materials and unique treatment options.
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Global Medical Supplies Market: Market Potential
The booming demand for healthcare services and devices is essentially driving the global medical supplies market, and it will likely be the primary driver for the same. Of the many strategies being employed by players in the market to turn towards greater profitability, partaking in mergers and acquisitions is one of the more common steps. A recent example includes the plans revealed by Cardinal Health in buying out the medical supplies business owned by Medtronic. Medtronic specializes in cutting edge medical technologies including ones in implantable heart defibrillators and heart stents, was already growing stronger after its acquisition of Covidien in 2014.
Meanwhile, players in the global medical supplies market are being constantly monitored by government agencies when it comes to adhering the safety and quality standards set out for medical supplies. The regulatory framework surrounding the global medical supplies market is getting more stringent by the year and players may even find it difficult to keep up with the inflating raw material and manufacturing prices while having to stick to these regulations.
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Global Medical Supplies Market: Regional Outlook
The global medical supplies market has experienced a very high level of research and development in the regions of North America and Europe. Both regions have consistently been at the forefront of technological advancement in the healthcare industry and are likely to continue bearing leaders in the global medical supplies market over the coming years. Meanwhile, the demand for medical supplies is escalating at a very high rate in the regions of Latin America and Asia Pacific, as both regions show signs of catching up to the advancements held by the developed economies. Asia Pacific specifically is showing a very high incremental demand rate for medical supplies, thanks to the growing medical outreach combined with the increasing popularity of medical tourism.
Global Medical Supplies Market: Competitive Analysis
The leading players in the global medical supplies market currently include Medtronic Plc., Becton, Dickinson and Company, B. Braun Melsungen AG, Halyard Health, Inc., Cardinal Health, Inc., Thermo Fisher Scientific Inc., Johnson & Johnson, Baxter International Inc., Boston Scientific Corporation, and 3M Company.
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