Healthcare Consumables Market Size to Hit US$ 1,129.5 Bn by 2030

Ottawa, Dec. 14, 2021 (GLOBE NEWSWIRE) -- The global healthcare consumables market growth is driven by rising prevalence of chronic diseases, growing geriatric population, rising number of hospital admissions, and increasing healthcare expenditure. The growing popularity of the minimally-invasive surgeries and rising awareness about the hospital acquired infections is a major factors the boosts the demand for the healthcare consumables across the globe. The rapid spread of the COVID-19 disease across the globe in 2020 resulted in the increased demand for the healthcare consumables and the demand for the various products like hands sanitizer, face masks, face shields, and hospital gowns significantly increased. The growing penetration of the ambulatory services and diagnostic labs in the developing regions is further expected to fuel the market growth during the forecast period.

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Regional Snapshot

North America dominated the global healthcare consumables market, garnering over 33% of the market share in 2020. The increased prevalence of chronic diseases and rising geriatric population has significantly contributed towards the market growth. According to the WHO, the urinary incontinence is higher among the old women as compared to the old men, and urinary incontinence is prevalent among 9.9% to 36.1% of the global population. Further, the increased health consciousness, increased healthcare expenditure, better access to advanced healthcare facilities, and growing demand for the minimally-invasive surgeries in the nations like US and Canada has fostered the growth of this segment in the past few years.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. The rising incidences of road traffic accidents is a significant contributor to the market growth. According to the WHO, around 93% of the road traffic accidents occur in the low and middle-income countries. People aging from 5 years to 29 years are the major victims of the road accidents. Further, rising geriatric population and rising awareness regarding the advanced surgical procedures is expected to boost the growth of this region in the forthcoming years.

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Scope of the Healthcare Consumables Market

Market Dynamics

Driver

Rising number of hospital admissions and physician visits

The growing burden of diseases is boosting the hospital and diagnostic lab visits significantly. According to the CDC, in 2019, around 45 million outpatient surgeries, more than 900 million physician visits, and around 155 million emergency department visits were recorded in US. Therefore, the increased number of medical visits and hospital admissions is expected to boost the market growth during the forecast period.

Restraints

Inadequate infrastructure and low access to healthcare facilities

The lack of adequate healthcare infrastructure in the developing and underdeveloped economies and low access to the medical facilities owing to the low affordability of the medical expenses in the low and middle income countries is a major restraint that may hinder the growth of the healthcare consumables market during the forecast period.

Opportunities

Rising awareness regarding the airborne infections and diseases

The rising pollution levels and the recent COVID-19 pandemic resulted in the increased health awareness among the global population. This has significantly driven the consumption of hands sanitizer, face masks, face shields, and disposable gloves. This trend is expected to continue during the forecast period and the technological advancements in the healthcare consumables may provide various growth prospects during the forecast period.

Challenges

Stringent government regulations and high investment

The stringent government regulations regarding the healthcare consumables and the high investments in the manufacturing of numerous healthcare consumables are the major challenges faced by the market players operating in the global healthcare consumables market.

Report Highlights

• Based on the product type, the sterilization consumables segment accounted for around 14% of the market share and dominated the market in 2020. This increased consumption of the cotton balls and cotton swabs for skin preparation during surgeries and injections has boosted the growth. Moreover, its increased utilization for disinfecting the different medical equipment has fueled the growth of this segment.
  
  
• Based on the raw materials, the non-woven segment is estimated to be the most opportunistic segment during the forecast period. The non-woven materials are efficient at disinfecting and protect from hospital acquired infections. Therefore, the increasing number of hospital admissions and increasing prevalence of hospital acquired infections are the major drivers of the non-woven materials segment.
  
  
• Based on the end user, the hospitals segment dominated the global healthcare consumables market, garnering a market share of around 55% in 2020. This is simply attributed to the increased penetration of the hospitals across the globe coupled with the growing number of hospital admission due to various reasons such as road accidents and rising incidences of chronic diseases.
  
  

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Segments Covered in the Report

By Product Type

• Wound care Consumables
• Diagnostic Consumables
• Respiratory Supplies
• Drug Delivery Products
• Dialysis Consumables
• Sterilization Consumables
• Incontinence Products
• Disposable Gloves
• Disposable Masks
• Hands Sanitizer
• Others
  
  

By Raw Materials

• Rubber
• Non-woven Materials
• Glass
• Metals
• Plastic Resin
• Paper
• Others
  
  

By End User

• Hospitals
• Homecare
• Others
  
  

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