Knowledge Sourcing Intelligence announces the publication of a new report on “Medical Supplies Market - Forecasts from 2020 to 2025” to their offering.
Growing population, rapid urbanization, increasing incidences of lifestyle, chronic as well as terminal diseases, the growing pool of geriatric population, high R&D investments among others are anticipated to propel the market to stratospheric heights.
As per the report, the market pertaining to the Medical Supplies Market is expected to reach US$155.446 billion by 2025, from US$ 115.732 billion in 2019
At the outset, it is pertinent to gain a comprehensive understanding of the kinds of this essential paraphernalia which is integral to the global healthcare industry with the aid of the various forecasts and estimates of a select few markets related to medical supplies. Thus, Knowledge Sourcing Intelligence estimates that the tissue diagnostics market is expected to grow at a CAGR of 7.16% to reach US$6.385 billion in 2025 from US$ 4.216 billion in 2019. This is primarily due to the prevalence of tobacco use, infectious agents, unhealthy diet, excess body weight, physical inactivity, and alcohol consumption which account for the majority of cancer deaths caused by known risk factors. Smoking causes multiple cancer types and smokeless tobacco causes cancers of the oral cavity, esophagus, and pancreas. In 2017, smoking was responsible for an estimated 2.3 million cancer deaths globally (24% of all cancer deaths), with an additional 190,000 cancer deaths due to smokeless tobacco and secondhand smoke.
Additional factors which are responsible for cancer comprise excessiveexposure to ultraviolet radiation from the sun and indoor tanning, which cause skin cancer; some reproductive and hormonal factors; as well as exposure to substances of hazardous nature and environmental pollutants such as aflatoxin, air pollution, arsenic. Nevertheless, medical radiation and radiation from naturally-occurring high radon levels in residential places are also a reason for cancer. From the aforesaid estimates and the factors which have in part led to such estimates it can be discerned with certitude that the share of diagnostic medical supplies in the Medical Supplies Market is expected to grow during the forecast period, consequently leading to the medical supplies market growth. On the other hand, the segment of disinfectants is expected to witness meteoric growth primarily due to the advent of COVID 19 as well as due to the prevalence of hospital-acquired infection which in turn is driven by the growing investments in the global healthcare establishments, among others. To this end, it is important to note that the global disinfectants market was valued at US$20.329 billion in 2019 by Knowledge Sourcing Intelligence.
This in turn would effectuate an exponential growth of the medical supplies market. Another factor that is expected to augment the growth of the medical supplies market is the growing pool of the aging population in developed countries. In this regard it is important to note that 1 out of 6 people is estimated to be above 65 years of age by 2059 as per the UN (the United Nation). Its reportedly an increment by 16%. Further with respect to Europe and North America, it has been estimated 1 out of every 4 individuals could be above 65 years of age. Furthermore, for the first time, the total number of people over 65 years of age and above had exceeded the number of children under 5 years of age globally during 2018. Above all, the number of people who are 80 years of age and above is projected to triple in 2050, which translates to population growth of 426 million from 143 million in 2019.
Additionally, the increasing incidence of chronic wounds such as diabetic ulcers, pressure ulcers, and other wounds will result in the growing share for wound care treatment of the medical supplies market during the forecast period aiding the growth of the global medical supplies market. This can be substantiated by the forecasts pertaining to the global wound closure market estimated by Knowledge Sourcing Intelligence whereby the market is expected to grow at a CAGR of 4.70% to reach US$2.414 billion by 2023 from US$1.833 billion in 2017.
As a part of the report, the major players operating in the Medical Supplies Market, which have been covered are 3M, Abbott, B. Braun Melsungen AG, Becton, Dickinson and Company, Boston Scientific Corporation, Cardinal Health, Johnson & Johnson Services, Inc., Medtronic, Teleflex Incorporated, and Terumo Corporation.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/medical-supplies-market
This report segmented the medical supplies market on the basis following terms