Global COVID-19 Impact on Medical Supplies Market is estimated to grow at health growth rate over the forecast period of 2019-2029

Published On Mar 29, 2021 By Santosh M. In News
Topic Health & Fitness
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Maharashtra, India

The global COVID-19 impact on medical supplies market accounted for US$ 78.3 billion in 2019 and is estimated to register a CAGR of 14.3% in 2019-2021

The market for medical supplies is driven mainly by increasing awareness on environmental & personal hygiene leading to the growing demand for disinfectants, development of healthcare settings due to growing COVID 19 patients, rising demand for ventilators, increased requirement of PPE kits & N95 masks globally, and swelling demand for diagnostic supplies.

The report “Global COVID-19 Impact on Medical Supplies Market, By Type (Diagnostic Supplies, Disinfectants, Intubation & Ventilation Supplies, Personal Protection Equipment, Sterilization Supplies, Infusion & Injectable Suppliers, Dialysis Consumables, Wound Care Supplies, Radiology Supplies, and Other Medical Supplies), By End-user (Hospitals & Clinics, Ambulatory Care, and Home Setting), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Trends, Analysis and Forecast till 2025”.

Key Highlights:

In March 2020, Medtronic PLC has increased its ventilator production by more than 40% and is on track to more than double its capacity to manufacture and supply ventilators in response to demand triggered by COVID-19. Medtronic produces ventilators for a variety of care settings, including the acute segment (in-hospital patients in intensive care units, emergency departments, or on the general care floors) and the sub-acute segment (out of hospital, long-term care facilities or home-ventilated patients). The company manufactures the Puritan Bennett 980 (PB 980) and Puritan Bennett 840 (PB 840) ventilators in Galway, Ireland, which are primarily designed for critically ill patients in high acuity settings.
In April 2020, Royal Philips, a global leader in health technology, announced that the U.S. Government and Philips agreed to team up to increase the production of hospital ventilators in its manufacturing sites in the U.S. Philips plans to double the production by May 2020 and achieve a four-fold increase by the third quarter of 2020 for supply to the U.S. and global markets. Such ventilators are critical for the treatment of patients with the new coronavirus disease. Philips will invest several tens of millions in its ventilator manufacturing sites in the U.S.
In October 2019, B. Braun Medical Inc. announced the integration and deployment of their Space Infusion Pump Systems with STANLEY Healthcare’s software platform, Aeroscout RTLS MobileView, at Saratoga Hospital, located in Saratoga Springs, New York. The collaboration between B.Braun and STANLEY Healthcare helps to improve patient safety, increase staff efficiency, and optimize asset utilization.

Analyst View:

The rise in demand drives the market for medical supplies

Owing to the spread of the COVID-19 pandemic, there has been a surge in the demand for N95 masks, PPE kits, and ventilators across the globe. This surge in demand positively influences the global medical supplies market. The widespread of the disease has created a severe shortage of medical resources in the front line. This shortage of medical supplies worldwide has pushed numerous non-pharmaceutical companies to produce various medical products. For Instance, in April 2020 SanTan Brewing based in Arizona, US repurposed its beer production line to produce hand sanitizers. The company manufactured 400 gallons of medical-grade hand sanitizers in the same month. Whereas in March 2020, Pernod Ricard’s Facility in the US which eventually manufactures Malibu Coconut Rum and Seagram’s Rin started producing 1000 gallons of hand Sanitizer.

An increasing number of COVID-19 patients

Growing number of COVID-19 patients demand an extreme number of medical supplies for proper treatment. Thus, rising positive cases of COVID-19 fuels the target market growth. According to World of meters, as of 17th June 2020, the number of coronavirus cases has increased to 8,264,468 while the death toll from this virus has risen to 446,135.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global COVID-19 Impact on Medical Supplies Market”, By Type (Diagnostic Supplies, Disinfectants, Intubation & Ventilation Supplies, Personal Protection Equipment, Sterilization Supplies, Infusion & Injectable Suppliers, Dialysis Consumables, Wound Care Supplies, Radiology Supplies, and Other Medical Supplies), By End-user (Hospitals & Clinics, Ambulatory Care, and Home Setting), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Trends, Analysis and Forecast till 2025

Key Market Insights from the report:

The global COVID-19 impact on the medical supplies market accounted for US$ 78.3 billion in 2019 and is estimated to register a CAGR of 14.3% in 2019-2021. The market report has been segmented on the basis of type, end-user, and region.

By type, the disinfectant segment is projected to rise at the highest rate over the forecast period. This can be credited due to the growing demand for sanitizers and other disinfectants to protect people from the cross-contamination of coronavirus.
By the end-user, the hospital segment estimated for the highest share of the critical care devices market in 2019, due to the strong financial capabilities of hospitals for purchasing high-priced critical care devices. Moreover, the large patient pool treated at hospitals, the growth in the number of make-shift hospitals, and the presence of trained professionals to operate these critical care devices also fuels the growth of this segment.
By region, North America estimated the maximum share of the medical supplies market in 2020, followed by Europe, mainly due to a growing number of positive COVID-19 cases and deaths in the US. Further, a strong healthcare system and the presence of many large hospitals also drive the growth of the target market in this region.

To know the upcoming trends and insights prevalent in this market, click the link below:

https://www.prophecymarketinsights.com/market_insight/Global-COVID-19-Impact-on-Medical-Supplies-Market-4361

Competitive Landscape:

The prominent player operating in the global COVID-19 impact on the medical supplies market includes Medtronic plc, Johnson & Johnson, Cardinal Health, Inc., B. Braun Melsungen AG, Fresenius Medical Care AG & Co. KGaA, Becton, Dickson and Company, Baxter International, Inc., STERIS Corporation, Getinge Group, and Advanced Sterilization Products.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period

Key Topics Covered