May 21, 2024
Global Healthcare Consumables Market

The Global Healthcare Consumables Market Is Adopting Modern Technologies To Drive Patient Convenience And Care

With rapid advancements in modern healthcare technologies, the global healthcare consumables market comprising medical gloves, bandages, surgical drapes and gowns among others 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. Healthcare consumables refer to disposable or single-use medical supplies used in the delivery of healthcare services. These products play a pivotal role in maintaining hygiene, preventing infections and ensuring safety of both patients and healthcare providers. Healthcare consumables provide an affordable and convenient way of delivering quality care by reducing bio-burden and risks associated with reuse and cross-contamination of medical devices. The adoption of technologically advanced consumables is driving greater patient convenience and improving clinical outcomes.

The Global Healthcare Consumables Market Demand is projected to witness steady growth owing to increasing demand for hygienic, single-use medical supplies and protective equipment driven by the growing prevalence of hospital-acquired infections, rising healthcare expenditures, higher accessibility of healthcare services and expanding medical tourism industry worldwide. The market is experiencing healthy growth with key players focusing on developing smart consumables integrated with technologies such as IoT, AI and blockchain to enable remote patient monitoring and drive further convenience and efficiency.

Key Takeaways

Key players operating in the global healthcare consumables market 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. These leaders are focusing on capacity expansion initiatives and new product launches catering to unmet needs to strengthen their market positions.

The growing geriatric population susceptible to chronic diseases and rising awareness about infection control are fueling the demand for single-use medical supplies and protective gear. Healthcare providers are increasingly adopting disposable consumables to ensure safety of patients as well as clinicians and support staff.

Geographically, the healthcare consumables market is witnessing high growth in emerging nations due to rapidly developing healthcare infrastructure, rising medical tourism, and growing penetration of private healthcare insurance. Key players are expanding their global footprint through acquisitions and partnerships to tap into international growth opportunities.

Market key Trends

One of the key trends gaining momentum in the global healthcare consumables market is the integration of advanced technologies to develop smart, digitally enabled products. Major players are investing in development of IoT-enabled consumables that can communicate diagnostic information in real-time for remote monitoring of patients. Similarly, RFID and blockchain are being leveraged to enhance inventory management, supply chain visibility and asset tracking of consumables. 3D printing is enabling mass-customization of consumables by facilitating on-demand manufacturing. The adoption of cutting-edge technologies is optimizing consumable usage, clinical workflows and driving higher productivity and convenience. This trend is expected to significantly boost the healthcare consumable market over the forecast period.

Porter’s Analysis

Threat of new entrants: Low barriers to entry as production of healthcare consumables does not require heavy investment. However, established players have strong brands and distribution networks.

Bargaining power of buyers: Buyers have moderate to high bargaining power as consumables are basic necessity. However, lack of substitutes increases suppliers’ power.

Bargaining power of suppliers: Suppliers of raw materials have low to moderate power due to availability of substitutes and reliance of buyers on a broad supplier base.

Threat of new substitutes: Low threat as consumables have well established uses with no close substitutes available.

Competitive rivalry: Intense as the market is mature with many global and local vendors. Players compete on quality, pricing and service.

Geographical Regions

North America currently holds the largest share of the global healthcare consumables market in terms of value due to advanced healthcare infrastructure and rising healthcare spending. The United States represents the major market followed by Canada due to presence of leading players and high healthcare affordability.

Asia Pacific is expected to witness the fastest growth during the forecast period due to improving access to healthcare, healthcare reforms favoring usage of disposables and rising medical tourism in India and China. Rising affluence, health awareness and changing lifestyles will further propel the APAC market

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