Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Medical Disposables market.
Trusted Business Insights presents an updated and Latest Study on Medical Disposables Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Medical Disposables market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Global Medical Disposables Market
The global medical disposables market size was valued at USD 126.00 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 15.6% from 2021 to 2027. The market growth is attributed to an increasing number of surgical procedures, rising incidence of Hospital Acquired Infections (HAIs), growing prevalence of chronic diseases leading to longer hospital admission, and the impact of COVID-19 outbreak across the globe. Increasing the prevalence of chronic diseases, such as diabetes and cardiovascular diseases, is anticipated to positively impact market growth. For instance, as per the International Diabetes Federation, the global prevalence of diabetes is expected to increase from 366.0 million in 2011 to 552.0 million by 2030. Since prolonged diabetes leads to diabetic foot ulcers, which, in turn, increases the duration of hospital stay, rendering a positive impact on the market growth over the forecast period 2021-2027.
The growing geriatric population across the globe is anticipated to propel the market growth. For instance, as per the World Health Organization (WHO), the global geriatric population is anticipated to rise from 84.0 million in 2014 to 2.0 billion by 2050. As geriatric population is prone to several diseases, it is also expected to surge the market growth over the forecast period.
The recent outbreak of COVID-19 is anticipated to significantly impact the market for medical disposables. The pandemic caused by the virus SARS-CoV-2 has drastically increased the demand for medicines, medical disposable products, emergency supplies, and hospital equipment, including gowns, antiseptics, and disinfectant products. COVID-19 is a zoonotic virus and bats were considered to be the key reservoir of the virus. The intermediate host has not been identified yet and transmission has mainly taken place through fomites and droplets during close unprotected contact between infector and infected. Airborne transmission of the virus has not been reported. In December 2019, the first patient was reported in China and since then, the disease has spread at a rapid pace. The first case was reported in Wuhan and has been identified that the infection was acquired from a zoonotic source. After that human-to-human transmission of the virus largely took place in families within Wuhan. From Wuhan, it gradually spread to adjoining places, such as Hubei, Huanggang, Xiaogan, Ezhou, and Jingzhou.
The COVID-19 outbreak and increasing hospital admissions across the globe have significantly increased the demand for medical disposables across the globe. The WHO has appealed to industries and governments to increase the manufacturing of personal protective equipment, including hospital gowns, gloves, medical masks, face shields, aprons, respirators, and goggles, by 40.00% to meet the increasing global demand. It also reported that the rise in demand for these accessories has increased its prices to a major extent. For instance, the price of surgical masks has increased six-fold and the price of hospital gowns has increased two-fold. Furthermore, the WHO has shipped around half a million sets of personal protective equipment to around 47 countries. Therefore, the outbreak of COVID-19 has immensely impacted the market and is considered to be a highly effective driver for this market.
Constant initiatives by the major players in the market are also anticipated to promote market growth. Key players are also adopting various strategies to strengthen their position in the market. For instance, in April 2019, Smith & Nephew PLC acquired Osiris Therapeutics, Inc. with an aim to accelerate the development of its advanced wound management product portfolio. Furthermore, in May 2019, 3M announced to acquire Acelity Inc. with an aim to strengthen wound management solutions. This may expand the customer base of the company. Thus, such initiatives by the key players are anticipated to propel the market growth over the forecast period.
Product Insights: Global Medical Disposables Market
On the basis of product, the market for medical disposables is segmented into wound management products, drug delivery products, diagnostic and laboratory disposables, dialysis disposables, incontinence products, respiratory supplies, sterilization supplies, non-woven disposables, disposable masks, disposable eye gear, disposable gloves, hand sanitizers, and others. The disposable masks segment accounted for the largest revenue share and accounted for more than 12.00% share of the global revenue in 2019. The disposable masks are majorly used to protect against the transmission of harmful agents from one to another. On the basis of ASTM Levels, disposable masks have been categorized into low, moderate, and high fluid resistance.
The recent outbreak of COVID-19 has significantly impacted the market and has substantially increased the sales of disposable masks across the globe. The World Health Organization has recommended using disposable masks to all the individuals in order to restrict the transmission of the virus from one person to another. In such cases, demand for disposable masks is anticipated to increase. Moreover, due to the high demand for disposable masks, India has banned the export of masks and ventilators and masks have been included under Essential Commodities Act, 1955. Furthermore, the Food & Drug Administration (FDA) has eased regulations on face masks and respirators to fight against COVID-19. Hence, this is expected to considerably boost the segment growth over the forecast period.
Hand sanitizers is anticipated to witness the fastest growth over the forecast period. Hand sanitizers are also termed as hand rub or hand antiseptics, which are used to remove harmful pathogens from the hands. Hand sanitizers are generally of two types: alcohol-based and alcohol-free. The healthcare professionals generally recommend using alcohol-based hand sanitizers as they are more effective in preventing pathogens. The outbreak of COVID-19 has tremendously surged the demand for hand sanitizers across the globe. As per the World Health Organization guidelines, frequent application of hand sanitizers has been recommended to every individual in order to prevent the transmission of coronavirus.
Furthermore, India has banned the export of hand sanitizers in order to combat the shortage in the country and the ban has been included under Essential Commodities Act, 1955. The Brazilian government also ordered the laboratories of the Armed Forces to develop alcohol-based gel on a large scale for treating infected patients. Furthermore, Puntland State University team developed low-cost hand sanitizers to mitigate the shortage of hand sanitizers in Somalia. In India, the whiskey maker John Distilleries has also announced the production of hand sanitizers at its distilleries in Goa and Bangalore in order to compensate for the crisis caused due to the outbreak of Covid-19. This is anticipated to significantly boost the growth of the segment over the forecast period. The hand sanitizer segment is further segmented into gel, liquid, foam, and others.
Raw Material Insights: Global Medical Disposables Market
On the basis of raw material, the plastic resins segment held the largest share of 58.3% in 2019. The plastic resins have been widely used for making medical devices, such as disposable syringes, containers, tubes for intravenous solutions, and other packaging materials for medicines. The growing prevalence of hospital acquired infections and subsequent rise in the usage of disposable items to prevent the spread of COVID-19 are boosting the market growth. Availability of different types of plastics with a wide range of properties, such as polyvinyl chloride (PVC), Polypropylene (PP), low and high density polyethene, and polystyrene, has expanded the applications of plastics in the healthcare sector.
The nonwoven material segment is anticipated to witness the fastest growth over the forecast period. Nonwoven material is mostly preferred over woven material in the hospitals and clinics as it provides better protection against hospital borne infections and surgical site infections. In addition, certain advantages such as low weight, affordable cost, and easy recycling methods are anticipated to boost the demand for these materials. It is majorly used for the manufacturing of medical products, such as surgical gowns, sanitary napkins, drapes, bandages, and masks. Moreover, the manufacturing cost of this material is lesser than their counterparts due to the easy manufacturing procedures and easy availability of its raw materials, such as polyester. However, the introduction of minimally invasive techniques and medical procedures involving minimum body contact may restrain the segment growth over the forecast period.
End-use Insights: Global Medical Disposables Market
On the basis of end use, the market for medical disposables is segmented into hospitals, home healthcare, outpatient/primary care facilities, and others. Hospitals held the largest share of more than 50.0% in 2019 and are anticipated to witness the fastest growth over the forecast period. This is attributed to rising number of patient admissions in hospitals for surgeries and treatments for COVID-19. As per the study conducted by the University of California, San Francisco, in 2016, on an average, more than 2000 tons of waste is generated by operating rooms per day, in which a significant portion of waste is from disposables medical supplies. Thus, increased usage of medical disposables in the hospitals may promote the segment growth over the forecast period.
The home healthcare segment is anticipated to witness considerable growth over the forecast period. Medical disposables in the home healthcare segment mainly include used needles, syringes, and lancets, solid bandages, disposable sheets, and gloves. Demand for home healthcare is rapidly increasing owing to the growing geriatric population, coupled with the government legislations to reduce hospital readmissions. Thus, the rising adoption of home healthcare is expected to drive the demand for medical disposables over the forecast period.
Regional Insights: Global Medical Disposables Market
North America held the largest market share of 46.3% in 2019 owing to increasing number of surgeries and presence of key market players in this region. Moreover, an increase in the number of COVID-19 patients in this region has spurred the demand for medical disposables. As per the report published by the WHO on 20th April 2020, more than 3,39,09 existing cases were reported and more than 1,509 new confirmed cases were detected in Canada. Moreover, the number of cases is expected to increase exponentially in the next month or two. Such factors are anticipated to increase the demand for medical disposables in the region.
Asia Pacific is expected to witness the fastest growth over the forecast period owing to the growing geriatric population and the increasing prevalence of cardiovascular diseases. Moreover, Asia Pacific has been one of the worst hit regions by COVID-19. China and South Korea have reported a high number of COVID-19 cases. In addition, the densely populated pockets in this region are making it easier for community transmission of the virus. Such a high number of potential patients in this region is anticipated to fuel the regional market growth over the forecast period.
Key Companies & Market Share Insights: Global Medical Disposables Market
Key players are involved in adopting strategies, such as mergers & acquisitions, product launches, partnerships, and agreements, to strengthen their position in the market. For instance, in August 2016, Medline entered into an agreement with Premier, Inc. The alliance aims to unite with approximately 3,750 U.S. hospitals and 130,000 other healthcare providers. This agreement aims to maximize cost savings on surgical gloves. In August 2016, Medline started a new distribution center in Auburndale with an aim to expand its geographical reach for the distribution of medical supplies. Some of the prominent players operating in the global medical disposables market include:
Key companies Profiled: Global Medical Disposables Market Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global medical disposables market report on the basis of product, raw material, end use, and region:
Product Outlook (Revenue, USD Million, 2016 – 2027)
- Wound Management Products
- Drug Delivery Products
- Diagnostic and Laboratory Disposables
- Dialysis Disposables
- Incontinence Products
- Respiratory Supplies
- Sterilization Supplies
- Non-woven Disposables
- Disposable Masks
- Disposable Eye Gear
- Disposable Gloves
- Hand Sanitizers
- Gel Sanitizers
- Foam Sanitizers
- Liquid Sanitizers
- Other Sanitizers
Raw Material Outlook (Revenue, USD Million, 2016 – 2027)
- Plastic Resins
- Nonwoven Material
- Paper and Paperboard
End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Home Healthcare
- Outpatient/Primary Care Facilities
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