Ottawa, March 26, 2024 (GLOBE NEWSWIRE) -- The global healthcare consumables market size was estimated at USD 155.38 billion in 2023 and is projected to surpass around USD 212.85 billion by 2032, According to Precedence Research. The global healthcare consumables market is observed to expand with the rising rate of surgical procedures across the globe.
The healthcare consumables market revolves around the production and distribution of medical items or supplies that are generally used during the medical administration and surgeries. The growing rate of geriatric population, increasing number of hospital admissions, rising healthcare expenditure, and increasing prevalence of chronic diseases contribute to the healthcare consumables market. Rising awareness about healthcare and surgery demand are the major factors for the market's growth.
With the rising emphasis over diagnosis for major chronic diseases including cancer, diabetes and respiratory disorders, the industry is poised to grow with an increased demand for healthcare items. Multiple healthcare insurances across the globe have started covering healthcare consumables under their offered services. This creates a major growth factor for the market to grow.
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The U.S. healthcare consumables market size is estimated to be worth US$ 46.59 billion in 2024. For 2023, the market value was tipped to be US$ 45.27 billion. The market is projected to show growth from 2024 to 2033, with a CAGR of 2.9%. By 2033, the size of the market is expected to reach US$ 60.26 billion.
Global Healthcare Consumables Market Revenue, By Region (USD Million)
| Region | 2019 | 2020 | 2021 | 2022 | 2023 |
| North America | 37,145.8 | 57,892.0 | 58,599.7 | 61,710.8 | 64,679.1 |
| Europe | 24,921.4 | 34,754.5 | 38,717.5 | 40,626.9 | 42,428.4 |
| Asia Pacific | 18,930.6 | 26,038.2 | 30,094.6 | 32,102.3 | 34,081.7 |
| Rest of the World | 8,412.6 | 13,642.9 | 12,855.4 | 13,541.9 | 14,191.8 |
Global Healthcare Consumables Market Share, By Region (%)
| Region | 2019 | 2020 | 2021 | 2022 | 2023 | |||||
| North America | 41.5 | % | 43.7 | % | 41.8 | % | 41.7 | % | 41.6 | % |
| Europe | 27.9 | % | 26.3 | % | 27.6 | % | 27.5 | % | 27.3 | % |
| Asia Pacific | 21.2 | % | 19.7 | % | 21.5 | % | 21.7 | % | 21.9 | % |
| Rest of the World | 9.4 | % | 10.3 | % | 9.2 | % | 9.2 | % | 9.1 | % |
Healthcare Consumables Market Companies and Revenue Analysis (USD Million)
| Companies | FY 2019 | FY 2020 |
| Medtronic plc | 30,557 | 28,913 |
| Cardinal Health, Inc. | 145,534 | 152,922 |
| Johnson & Johnson | 15,119 | 14,714 |
| B. Braun Melsungen AG | 8,553 | 8,502 |
| Boston Scientific Corporation | 10,735 | 9,913 |
| Thermo Fisher Scientific, Inc. | 19,496 | 25,306 |
| Baxter International, Inc. | 11,362 | 11,673 |
| Avanos Medical, Inc. | 698 | 715 |
| 3M Company | 32,136 | 32,184 |
| Smith & Nephew | 5,138 | 4,560 |
| Becton, Dickinson and Company | 17,290 | 17,120 |
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Regional Stance
North America dominated the healthcare consumables market with the largest market share of 41.6% in 2023. North America is characterized by rising awareness regarding minimally invasive surgeries, strong healthcare infrastructure, increased penetration of healthcare units, and increased healthcare expenditure. In addition, the rising number of hospital admissions is leading the market growth. Patient awareness levels, higher healthcare spending levels, and well-developed healthcare infrastructure in the North American region compared to other regions. The region’s overall focus on manufacturing process while considering the rate of exports of medical supplies, the healthcare consumables market is observed to sustain its position in the region.
The United States and Canada act as largest contributors to the market. The overall established healthcare infrastructure in these countries create a significant factor for the market to expand. Alongside, product development, regulatory policies for production of healthcare supplies that support manufacturers in a constructive way and rising demand for healthcare consumables for home healthcare settings promote the expansion of the market in North America.
- In March 2023, Vyaire Medical announced an accordance for the sale of the Vyaire consumables business to SunMed, a leading North American distributor and manufacturer of consumable healthcare devices for respiratory and anesthesia care.
Asia-Pacific is estimated to be the fastest-growing region during the forecast period of 2024 to 2033. The presence of a high senior population and preventive healthcare awareness lead to the market's growth. Asia-Pacific started to expand its production units to different locations to increase fast distribution channels and manufacturing units in all regions. Countries in the region, such as India and Thailand are becoming popular destination for medical tourism, this factor acts as a major driver for the market to expand.
- In September 2023, major imports of India's healthcare consumables included active pharmaceutical ingredients (APIs), organic chemicals, surgical instruments, IVD reagents, implants, disposables, electronic equipment, consumables, fertilizers, rubber, and plastics.
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Scope of Healthcare Consumables Market
| Market Size in 2023 | USD 155.38 Billion |
| Market Size in 2024 | USD 162.37 Billion |
| Market Size by 2032 | USD 219.12 Billion |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Historical Year | 2021-2022 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Segments Covered | Product, Raw Material, End User, and Region |
| Region Covered | North America, Europe, Asia Pacific, Rest of the World |
Healthcare Consumables Market Report Highlights:
Product Type Insights
The sterilization consumables segment dominated the healthcare consumables market in 2023. These consist of cotton balls, test tubes, cotton swabs, and sterilizer bags, which are increasingly used for the skin preparation and sterilization of different healthcare consumables. The rising demand for cotton balls and premixed cotton swabs is contributing to the growth of the sterilization consumables segment. Such sterilization consumables are observed as critical components in the healthcare industry that are required to prevent the transmission of infection or pathogens to patients. The rising cases of hospital acquired infections has promoted the expansion of the segment.
The hand sanitizer segment is expected to be the fastest-growing segment during the forecast period. The increased awareness of various hand infections and the increased number of bacterial and fungal infections contribute to the growth of the market. Moreover, the COVID-19 pandemic has surged the demand for hand sanitizers in healthcare settings. This demand has promoted the requirement of new product launch while multiple key players have entered the industry for product innovation.
- In February 2024, an article was published on developing a spray-dried powder hand sanitizer with prolonged effectivity.
Raw Material Insights
The plastic resin segment dominated the healthcare consumables market in 2023. Using plastic resins has increased the production of a wide range of healthcare consumables, such as tubes, packaging materials, containers, and syringes for healthcare purposes. In addition, the durability, availability, and low cost of plastics such as PVC, polystyrene, and PP have created growth opportunities in the healthcare industry. Tu be used as raw material, plastic resins are biocompatible and highly flexible.
- In October 2022, a case study of a surgical hospital in Germany published a material flow analysis of single-use plastics in healthcare.
- In January 2024, a resin ingredient found was effective against coronaviruses and strongly decreased their infectivity on plastic surfaces found in a recent study.
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End User Insights
The hospital segment dominated the healthcare consumables market in 2023. Hospitals experience a high and continuous patient flow, contributing to a constant command of healthcare consumables. These hospital facilities hold a wide range of medical treatments and conditions, requiring a variety of consumables daily. Many hospitals include specialized units such as imaging centers, rehabilitation facilities, and laboratories. The hospital provides healthcare to patients.
Market Dynamics
Driver
Disposable healthcare consumables used in various medical treatments
The main role is preventing infection, ensuring patient safety, and maintaining hygiene and healthcare consumables. Blood bags are used to store and transfuse blood. Intravenous (IV) solutions pass directly into the bloodstream. Syringes are used to draw blood and administer injections or medications. For intravenous therapy, IV catheters are needed to insert into veins. Urine catheters are used to drain urine from the bladder. Urine bags are used to collect urine from catheterized patients. Wound care supplies like dressings and bandages for wound care. In these medical treatments, the healthcare consumables market has growth opportunities.
Restraint
Inflation and increased healthcare cost
The cost of healthcare and increased inflation are major restraints on the healthcare consumables market. Without health insurance, it is difficult for people to afford hospital admissions. People who belong to the low-income class are even unable to afford basic healthcare needs. In underdeveloped countries, there is no basic healthcare infrastructure, and importing supplies from other countries increases the cost of the products.
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Opportunity
Rising hospital admissions for chronic diseases
The rise of chronic diseases has surged the demand for healthcare consumables. There is a growing of chronic disorders, including diabetes, other infectious diseases, and cancer, due to the adoption of unhealthy lifestyles. Healthcare agencies in various countries are focusing on increasing the treatment and diagnosis. Rising in the senior population increases the demand for orthopedic and ophthalmic treatments, increasing the incidence of joint fractures and impaired vision, leading to market growth. The rising awareness of chronic conditions in the patient population requires diagnostic tests and procedures, leading to the market's growth.
Recent Developments
- In May 2023, Bayer launched a unit to develop new precision health consumer products.
- In June 2023, Polyether Ether Ketone (Peek) plastics are widely used in medical devices due to their high-quality mechanical properties, biocompatibility, and resistance to high temperatures and chemicals.
- In June 2023, Formlabs introduced BioMed durable resin for strong, impact-resistant medical devices.
Healthcare Consumables Market Key Players
- Medtronic plc
- Cardinal Health, Inc.
- Johnson & Johnson
- B. Braun Melsungen AG
- Boston Scientific Corporation
- Thermo Fisher Scientific, Inc.
- Baxter International, Inc.
- Avanos Medical, Inc.
- 3M Company
- Smith & Nephew
- Becton, Dickinson and Company
Market Segmentation
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
- Clinics/physician office
- Others
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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