May 22, 2024
Global Healthcare Consumables Market

Global Healthcare Consumables Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Chronic Diseases

The global healthcare consumables market comprises products such as syringes, bandages, surgical gloves, lubricating jelly, disinfectants, and surgical drapes that are consumed on a large scale in hospitals, clinics, and other healthcare facilities. These products play a crucial role in various medical procedures such as injections, wound care, surgeries, and other healthcare services. The increasing prevalence of chronic diseases such as cancer, diabetes, cardiovascular diseases and growing geriatric population have increased the need for various medical procedures which drives the demand for healthcare consumables.

The Global healthcare consumables market is estimated to be valued at US$ 376.91 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the global healthcare consumables are Procter & Gamble, B. Braun SE, McKesson Medical-Surgical Inc, Medline Industries Inc., Owens and Minor, Smith and Nephew plc, 3M, Baxter, Fresenius Medical Care AG, Cardinal Health, Terumo Medical Corporation, Honeywell Interational Inc., Dynarex Corporation, Kemei, Unigloves, Argentum Medical, Alliqua Biomedical, AccelHeal, Globus Medical. The key players are focusing on new product launches, expansions and acquisitions to gain a competitive edge in the market.

The rising Global Healthcare Consumables Market Demand expenditure across developing nations owing to improving economic conditions and growing patient awareness will create new opportunities for players operating in the global healthcare consumables market.

North America dominates the global healthcare consumables market. However, Asia Pacific region is expected to witness highest growth rate over the forecast period owing to growing healthcare infrastructure, increasing per capita income, rising medical tourism and growing demographic shift in countries such as India and China.

Market Drivers

The increasing geriatric population worldwide susceptible to various chronic conditions drives the demand for medical procedures and hence for healthcare consumables. As per WHO, the number of people aged 60 years and older is expected to reach 2 billion by 2050 from 900 million in 2015. The growing prevalence of communicable and non-communicable diseases globally due increasing sedentary lifestyle and changing demographics propels the need for healthcare consumables for effective diagnosis and treatment.

PEST Analysis

Political: Healthcare reforms and regulations influence the consumables market growth. Regulations determine pricing, manufacturing, and distribution of healthcare products.

Economic: Economic growth and rising disposable incomes in developing markets boost expenditure on healthcare and adoption of consumables. Demand increases with broader population access to insurance programs.

Social: Growing awareness of hygiene and increasing prevalence of diseases drive the demand for consumables. Aging populations require more medical care and consumables.

Technological: Digitization, automation, and material science advances help develop innovative consumable solutions. Technologies enhance product quality, effectiveness, and suitability for varied clinical applications. Demand rises for consumables supporting minimally invasive procedures.

Geographical Regions with High Market Concentration

North America holds the largest value share in the global healthcare consumables market led by the US. Well-established healthcare infrastructure, advanced technologies, and higher per capita healthcare spending support market growth in the region.

Fastest Growing Regional Market

Asia Pacific is poised to be the fastest growing regional market for healthcare consumables. Factors like growing medical tourism, increasing healthcare access and expenditure, rising incidence of chronic diseases, and expanding medical infrastructure drive the regional market. China and India represent major opportunities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.