Medical Supplies and Labware Market Size Report (USD 224.12 Bn) by 2033

Medical Supplies and Labware Market Size, Trends and Challenges Report

The global medical supplies and labware market size was estimated at US$ 144.32 billion in 2023 and is projected to grow US$ 224.12 billion by 2033, rising at a compound annual growth rate (CAGR) of 4.50% from 2024 to 2033. The growing prevalence of diseases due to different environmental, genetic, and other factors is increasing the demand for medical supplies and labware.

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Key Takeaways

• By region, North America dominated the medical supplies and labware market by 43% in 2023.
• By region, Asia Pacific is expected to grow with the fastest CAGR during the forecast period.

Industry at a Glance

The medical supplies and labware market manufactures and distributes medical supplies and labware for hospitals, clinics, surgical ambulatory centers, diagnostic laboratories, research laboratories and other medical facilities. More is needed for comprehensive health care services than just medications. The provision of high-quality healthcare and the enhancement of patient health also requires the use of diagnostic tests, medical equipment, and laboratory equipment. Laboratory product suppliers are essential to the efficient operation of hospitals in the complicated and constantly changing field of healthcare. These vendors serve as the backbone of medical laboratories by offering a vast array of key supplies and tools required for precise diagnosis, patient health monitoring, and critical research.

Growth Factors of the Medical Supplies and Labware Market

• Medical lab personnel need these materials to carry out a variety of tests, screenings, and analyses that help with patient diagnosis and treatment. These items are essential to the daily operations of medical labs.
• Instruments for processing test samples and measuring vital signs, like pulse rate and body temperature, can improve patient diagnosis and care.
• The provision of high-quality patient care in hospitals is greatly dependent on laboratory product vendors.
• To prevent the spread of contagious diseases to others and to themselves, healthcare personnel need medical gear like gowns, masks, and gloves.
• Research and development need the use of lab equipment and test kits. In order to enhance healthcare results, they enable researchers to create novel therapies and technological solutions.

Top Companies in the Medical Supplies and Labware Market

• Terumo Corporation
• B. Braun Melsungen AG
• Fresenius Medical Care AG & Co. KGaA
• Medtronic
• Cardinal Health, Inc.
• BD
• Johnson & Johnson
• Boston Scientific Corporation
• Thermo Fisher Scientific, Inc.
• Baxter International, Inc.
• 3M
• ConvaTec Group Plc.
• Abbott
• Smith & Nephew
• Cook Medical
• Teleflex Incorporated
• Coloplast Group
• Avanos Medical, Inc.
• Merit Medical Systems
• Stryker
• Sky Medical Supplies

Recent Launch by Sky Medical Supplies in the Medical Supplies and Labware Market

Recent Development by Johnson & Johnson in the Medical Supplies and Labware Market

Growing Prevalence of Chronic Conditions is Driving the Market

Chronic illness is becoming more commonplace worldwide, which makes it one of the major healthcare challenges of the twenty-first century. Because the impacts of these chronic illnesses are persistent and can affect a person for their whole lifespan, individuals and medical providers need to provide ongoing care. Due to continuous monitoring, treatment, and check-ups, patients with chronic conditions need medical supplies and labware. Many medical supplies and labware are used for single use. As the geriatric population grows, the prevalence of chronic conditions also grows, which is driving the medical supplies and labware market. It is estimated that the healthcare cost of chronic diseases will grow to $37 trillion across the globe by 2030.

The negative Impact on the Environment is Restraining the Medical Supplies and Labware Market

During the procedure, a tremendous amount of garbage is produced. About 85% of the garbage produced by healthcare operations is normal, non-hazardous waste, which is similar to waste produced at home. The remaining fifteen percent is regarded as a dangerous material that could be radioactive, toxic, or pathogenic. The average amount of hazardous waste produced daily per hospital bed in high-income countries is up to 0.5 kg, compared to 0.2 kg in low-income ones. Drug-resistant microbes that contaminate the environment and spread from healthcare facilities are one source of potential dangers. The main environmental problems that have a negative impact on health are air and land pollution. By releasing viruses and hazardous substances into the environment, the handling and disposal of medical waste may inadvertently cause health concerns.

Growing Investment is Promoting the Medical Supplies and Labware Market Growth

The worldwide market for medical supplies has a lot of potential due to the rising investment in healthcare institutions. In order to address the expanding healthcare requirements of growing populations, governments, and private investors are realizing more and more how important it is to have a strong healthcare infrastructure. As a result, financing and investments in healthcare facilities—such as clinics, hospitals, and specialty care centers—have expanded. Consequently, there's a greater need for medical supplies to properly outfit these clinics. This presents a chance for suppliers and producers of medical supplies to increase their market share, establish strategic alliances, and provide cutting-edge goods and services to satisfy the changing demands of healthcare facilities across the globe.

Advanced Healthcare Infrastructure Promotes the Market’s Growth in North America

North America dominated the medical supplies and labware market by 43% in 2023. The region is known for this technological advancement, continuous innovation, advanced healthcare system, and strong support from the government. Apart from this, North America is also home to major key players that continuously invest in research and development in order to develop better, advanced, and sustainable products. The major countries that contribute to the growth of the region are the U.S., Canada, and Mexico.

The U.S. is the dominant contributor to the growth of the medical supplies and labware market in North America. The country is known for its advanced healthcare system. To guarantee the efficacy and safety of medical devices sold in the United States, the FDA controls their sale. The Center for Medical Devices and Radiological Health (CDRH) of the FDA regulates nearly 6,000 different types of medical devices, and the classification given to each type is listed in the Medical Device Product Classification database. In order to assist the American people and cover the costs associated with borrowing, the federal government spends money on a wide range of products, services and initiatives.

The medical device sector in Canada is made up mainly of small and medium-sized businesses (SMEs) and is extremely diverse. The medical device industry in Canada was projected to be worth US$6.8 billion in 2022. Up until 2028, the market is predicted to expand by 5.4% yearly. The entire amount spent on healthcare in Canada in 2022 was almost C$331 billion, or C$8,563 per person. With US$3.2 billion in medical device exports into the Canadian market in 2022—42.6% of all imports in this industry—the US remained the leading exporter of medical devices to Canada.

Government Initiatives and Key Market Players are Supporting the Market’s Growth in Asia Pacific

Asia Pacific is estimated to grow at the fastest rate during the forecast period. The growth of the medical supplies and labware market in Asia Pacific is due to continuous efforts by governments to improve healthcare. The region is also focused on healthcare advancements with the help of key market players worldwide. The major countries contributing to the growth of the market in Asia Pacific are China, India, Japan and South Korea.

Innovation and technology are centered in China. The nation is always working to create new tools and technology to provide better healthcare services. China exports a range of equipment to foreign nations. At US$650 million, or 8.61 percent, China was the second-biggest supplier of medical equipment to Canada after the United States. In addition, China is renowned for having a highly developed healthcare system.

For instance,

• According to the National Bureau of Statistics of China, by the end of 2023, China will have 1.071 million medical and health facilities, of which 39,000 are hospitals. Of the 1.016 million medical and health institutions at the grassroots level, about 34,000 were town and township health centers, 37,000 were community health care centers, 362,000 were clinics, and 583,00 were village clinics. The 20,000 professional public health institutions were divided into 2,791 centers for disease management and prevention and 3,426 centers for health monitoring. 10.20 million beds were available in Chinese hospitals and clinics.

India is significantly contributing to the growth of the medical supplies and labware market. The Indian government is heavily invested in reducing the burden of a growing number of patients. The country is strongly focusing on SDGs to tackle the issue. Various companies are also making efforts to provide medical equipment.

For instance,

• In April 2024, the first medical device calibration facility on wheels was introduced in India by the Indian Institute of Technology (IIT) Madras. The United Nations Sustainable Development Goal (SDG-3)—which advocates for universal health and well-being—is strengthened by this program. Life-saving medical equipment must be calibrated in order to verify that instruments are accurate enough to diagnose diseases precisely, which will result in better treatments. The new mobile facility will guarantee high-quality healthcare regardless of where in the nation it is located.
• In August 2023, the TSV series of laboratory freezers and refrigerators, made in India, was just released by Thermo Fisher Scientific. The TSV Series offers several exclusive characteristics that create new standards in the market. It was designed to satisfy the short- to medium-term lab storage needs of academic, research, and healthcare laboratories in India.

Recent Developments in the Medical Supplies and Labware Market

• In July 2024, LIVE Ventures, a $20 million incubator, is being launched by Duke-NUS Medical School to support the commercialization of academic research initiatives and the translation of scientific discoveries into clinical applications. In order to support academic innovators in conducting product-market fit evaluations for project commercialization, the incubator seeks to provide knowledge and resources from both the public and private sectors, such as pharmaceutical businesses, market data research specialists, investors, and industry experts.
• In July 2024, MeDevIS, an online resource that gives people access to information about medical devices, was introduced by the World Health Organization (WHO). For the purpose of preventing, diagnosing, and treating illnesses and health conditions, the platform is made to assist decision-making on the selection, acquisition, and application of medical equipment. MeDevIS comprises 2301 different kinds of medical devices that are utilized in several health domains, like infectious diseases like COVID-19, noncommunicable diseases like cancer, and cardiovascular and diabetes disorders, as well as reproductive, mother, baby, and child health.
• In January 2024, The Center introduced the National Single Window System (NSWS) to expedite the import, clinical investigations, and testing of medical equipment. The Drug Controller General of India, Rajeev Raghuvanshi, stated in a notification dated January 1 that the NSWS was set up as a true single-window system that serves as a one-stop shop for all the permissions needed by the investor and makes conducting business easier. There is a copy of the document at Business Standard.

Regional Insights

• North America
  
  • U.S.
  • Canada
• Europe
  
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Norway
• Asia Pacific
  
  • China
  • Japan
  • India
  • South Korea
  • Thailand
• Latin America
  
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa (MEA)
  
  • South Africa
  • UAE
  • Saudi Arabia
  • Kuwait

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