Medical Supplies Market - An Overview of the Regional Share of This Essential Paraphernalia

Medical Supplies Market - An Overview of the Regional Share of This Essential Paraphernalia

By Knowledge Sourcing Intelligence Blog

 

Globally the demand for medical supplies products is attributed to the preparedness and combating ability to fight CoVid19. Nevertheless, the other factors that are majorly responsible for this growth are the plethora of products and services that are made available in the market and the expansion of the product portfolio. Further, the increasing frequency of visits made by individuals to various health establishments stemming from the emerging behavior risk and growing pollution among others are also poised to thrust the demand for medical supplies products around the world. The other reason that is expected throttle the medical supplies market growth globally is the expanding pophealthcare industryulation of senior citizens, which is contributing to the average length of stay in hospitals to avail inpatient care services further driving the need for more establishments, that are inclusive of but not limited to,  ambulatory surgery centers, clinics, diagnostic centers, hospitals, life sciences and biomedical research organization that is designed and equipped to provide healthcare services, among others to various stakeholders.

medical supplies market

Countries with emerging and developing markets are racing to transform their economies which necessitates scientific research that in turn fosters the creativity and innovation required for sustaining long-term stability. Huge investments are made in countries such as Brazil, among others, or building state-of-the-art facilities for conducting biomedical research. Further conferences like World Conference on Cancer Research and Drug Development, Guayaquil, Ecuador, RW- 807th International Conference on Medical and Biosciences ICMBS, which is scheduled to take place in April 2020 are a few such instances which shed light on the extent to which the emerging markets has committed itself towards life sciences and biomedical research, which in turn is poised to drive the growth of the medical supplies market. To put the aforesaid in perspective Public health expenditures of 4.4% of GDP finance Brazil’s unified public health system that provides public health services to the population since 1989. Moreover, with regards to life science and biomedical researchEurofins (Paris: ERF), a global leader in testing and laboratory services, in March 2020, announced that it is offering testing for detection of SARS-CoV-2 in Brazil, among other nations.

The North American region is poised to occupy a significant share in the global medical supplies market

The USA is one of the world’s bedrock of research and development in the healthcare industry that encompasses a myriad of activities among which diagnostics is primarily poised to drive the national thus the regional market of medical supplies. Moreover, with the advent of a global pandemic, the Food and Drug Administration (FDA) has also made the innovation environment conducive for healthcare start-ups and there is an increasing tendency of garnering funding that is also, in turn, influencing the market for medical supplies. As far as Canada is concerned, guidelines concerning infection prevention and control are developed by the Public Health Agency of Canada (PHAC) with the rationale to provide evidence-based recommendations that reportedly complements public health efforts pertaining to provincial/territorial sectors which are geared towards monitoring, preventing, and controlling healthcare-associated infections. These guidelines are known to aid healthcare organizations, healthcare providers as well as infection prevention and control professionals in evaluating, developing, implementing infectionprevention and control policies, procedures, and programs to enhance the quality and safety of healthcare and patient outcomes.

The provision of a framework for developing policies and procedures for routine practices and additional precautions in healthcare settings mentioned in the document available online Routine Practices and Additional Precautions for Preventing the Transmission of Infection in Healthcare Settings is a testimony to the involvement of the Government of Canada towards medical supplies which caters to the comprehensive medical needs. As of 2017 around 19.3% of the citizens of the nation aged 15 and older (roughly 5.7 million people) reported that they had arthritis.In 2017, 27.3% of Canadians who were aged 12 years and older (approx. 8.4 million people) reported suffering from allergies that had been diagnosed as a result of allergy tests [Source:  Statistics Canada, Government of Canada]. Further with regards to the proportion of end-use segments of this market in Canada, as of 2019, there were 1,244 Hospitals among which 888 pertained to General Medical and Surgical Hospitals, 3,448 Medical and Diagnostic Laboratories, 2,820 Other Ambulatory Health Care Services [Source: Canadian Industry Statistics, Government of Canada].

Thus, from the government proactiveness in the form of publishing guidelines, the number of healthcare establishments, prevalence of chronic diseases among others it is expected that the market for global medical supplies is going to reach new heights during the forecast period and continue growing thereafter. With respect to Mexico Health care expenditure comprises 5.5% of GDP, Health insurance coverage for vulnerable populations has expanded over time. The coverage for a core set of health services in Mexico is 89.3%. Out-of-pocket payments remain high at 41% of total health expenditure. It also records the highest diabetes prevalence and hospital admissions among the OECD countries. Healthcare expenditure from public sources is in the order of 51%. Health spending was $ 1138 Per capita (USD based on PPPs) [ Source: Health at a Glance 2019]. Further through Seguro Popular, the most significant improvements have been made in healthcare by progressing towards universal access.

The 2019 budget increased social spending from 0.6% of GDP in 2018 to 1% of GDP, although the composition changed markedly, with an almost 14% reduction in PROSPERA, a 17% increase in the youth program, and a doubling of PAM, which is the Pensión para Adultos Mayores program, providing social pensions for individuals aged 65 and above benefited 5.4 million people in 2017 (60% of the population aged 65 and above) [Source: OECD Economic Surveys: Mexico]. Further, there are 1.4 beds per 1000 inhabitants. Furthermore, in November 2019, it was announced that Mexico's state social security agency IMSS will earmark 130billion pesos (US$6.7bn) to health infrastructure projects intended to deliver 111 new fully functioning and staffed hospitals by 2024. The objective of this ambitious program is to enable all the hospitals under the ambit of the aforementioned program is to extend more surgeries and consultations. Further, this initiative also resonates with the current administration's agenda for enhancing health. Thus, with the aforesaid developments, government interventions, and health expenditure it is evident that the demand for medical supplies around the world will rise contributing to the growth of medical supplies.