Plastic Resins-based Medical Disposables to Bring in 60% of Overall Revenue by 2026
Fact.MR in its latest study highlights the key growth factors, latest developments, opportunities & challenges, and market statistics to offer a better understanding of the global medical disposables market. It also sheds light on the key trends influencing the market growth through the segments including product, raw material, end user, and region.
NEW YORK, Nov. 1, 2022 /PRNewswire/ -- The global medical disposables market is estimated to be valued at US$ 385 billion in 2022. Furthermore, the overall demand for medical disposables is poised to grow at a CAGR of 7.3% between 2022 and 2026, totaling US$ 510 billion by 2026.
Rising number of surgeries being performed worldwide and increasing prevalence of hospital acquired infections (HAI) are key factors driving the global medical disposables market. Over the years there has been a rapid surge in the cases of hospital acquired infections worldwide and the trend is likely to further escalate during the upcoming years.
For instance, according to the World Health Organization (WHO), globally, out of every 100 patients, 7 in developed and 15 in developing countries will acquire at least one HAI in acute care hospitals. This is prompting healthcare workers to use medical disposables which will eventually boost the global market during the forecast period.
Similarly, the growing use of bioplastics in the healthcare industry to reduce environmental impact will accelerate the growth of the global medical disposables market during the next 5 years. Hence, key medical disposable manufacturers are focusing on developing biodegradable medical disposables to reduce environmental population and comply with stringent environmental regulations, this will help them to increase sales during the projection period.
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Demand for medical devices remains especially high across hospitals owing to growing need for reducing the risk of hospital acquired infections and increasing number of patients opting for treatments at hospitals due to presence of cutting-edge technology and highly qualified staff.
Geographically, North America will continue to dominate the global medical disposables market, owing to an increase in government spending on research and development (R&D), growing prevalence of chronic diseases, and increasing number of surgeries performed across the country.
Key Takeaways:
- By product, surgical instruments and supplies segment is estimated to grow at a 6% CAGR over the projection period.
- Based on raw material, plastic resins segment accounts for more than 60% of the global medical disposables industry.
- North America holds the largest market share of the global medical disposables market.
- Between 2022 and 2026, the market for medical disposables in China is projected to grow at a CAGR of 10%.
- Demand for medical disposables in Japan is expected to increase at 7.5% CAGR during the forecast period.
Growth Drivers:
- Rising prevalence of hospital acquired infections is a key pushing demand for medical disposables.
- Ongoing industry research and development activities are expected to contribute to the growth of the healthcare disposables market.
- Development of biodegradable medical disposables to facilitate market expansion during the next 5 years.
Restraints:
- Implementation of stringent regulations pertaining to waste generation due to medical disposable is limiting the market expansion.
- Availability of substitute products may impede the growth of the medical disposables market during the projection period.
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Competitive Landscape:
Key companies in medical disposables market are concentrating on organic growth techniques such as new launches, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations are among the inorganic growth tactics observed in the industry. These initiatives have opened the road for market participants to expand their business and client base.
For instance,
- In April 2019, Smith & Nephew PLC acquired Osiris Therapeutics, Inc. to speed up the development of its advanced wound care product portfolio.
- In 2019,3M acquired Acelity Inc. to improve its wound management products. This might help the company's consumer base grow.
- In May 2021, EndoFresh introduced its innovative disposable digestive endoscopy technology. The Food and Drug Administration (FDA) has authorized it, and it also bears the Conformitè Europenne (CE) label. It is suitable for GI endoscopy in critical care units (ICU), emergency rooms (ER), outpatient clinics, and GI suites, as well as bedside therapy.
Key Companies Profiled by Fact.MR
- 3M Company
- Bayer AG
- Abbott Laboratories
- Johnson & Johnson
- Ansell Limited
- Minnesota Mining
- Boston Scientific Corporation
- Kinetic Concepts
- Medtronic plc
- Derma Sciences Incorporated
- Medline Industries Inc.
- Cardinal Health, Inc.
More Valuable Insights on Medical Disposables Market
In the latest study, Fact.MR offers a detailed study on global medical disposables market for the forecast period of 2022 to 2026. This study also highlights key drivers promoting the sales of medical disposables through detailed segmentation as follows:
By Product:
- Surgical Instruments & Supplies
- Bandages & Wound Dressings
- Infusion & Hypodermic Devices
- Diagnostic & Laboratory Disposables
- Respiratory Products
- Incontinence Products
- Nonwoven Medical Disposables
- Dialysis Disposables
- Others
By Raw Material:
- Plastic Resins
- Nonwoven Materials
- Rubber
- Paper and Paperboard
- Metals
- Glass
- Others
By End User:
- Hospitals
- Home Healthcare
- Outpatient/Primary Care Facilities
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Medical Disposables Market Report
- What is the projected value of the medical disposables market in 2022?
- At what rate will the global medical disposables market grow until 2026?
- Which are the factors hampering the growth in the medical disposables market?
- Which region is expected to lead in the global medical disposables market during 2022-2026?
- Which are the factors driving the medical disposables market during the forecast period?
- What is the expected market value of the medical disposables market during the forecast period?
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About Fact.MR
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