Medical Supplies Industry Market Research Reports, Analysis & Trends
Medical supplies are equipments that are used once and then thrown away. This category includes items such as blood sugar test strips for diabetes, incontinence products such as catheters and disposable undergarments, bandages and protective gloves.
The medical supplies wholesalers purchases large amounts of medical and surgical equipment, instruments and supplies from suppliers and store these items at their distribution centres and then provide delivery of these products and related services to medical and dental practitioners, clinics and hospitals. This industry does not include instruments and goods that are distributed to ophthalmologists, optometrists and opticians.
Some of the major products of medical supplies include surgical and medical instruments of about 30 percent of industry revenue such as syringes, hypodermic needles, and catheters, and surgical appliances and supplies of about 25 percent such as sutures, surgical dressings, and orthopaedic devices.
Medical Supplies Industry Current Trends
According to research from Espicom, the global medical equipment and supplies industry currently has an estimated annual revenue of $273 billion, with predictions showing world market might rise upto $349 billion by 2016.
According to Koncept Analytics, it has predicted a compound annual growth of nearly 4% by 2013 for wound care, which will become a major component of the medical supplies market and will also have products such as wound dressings, wound closure devices etc.
Major Medical Supplies Industry Players
The US medical equipment and supplies manufacturing industry includes about 11,000 companies with combined annual revenue of about $125 billion. Major companies include Baxter International, Boston Scientific, Johnson & Johnson, and Medtronic. According to the industry analysts, the U.S is the major player on the global medical market worth $85 billion.