June 15, 2022 11:00 ET | Source: Acumen Research and Consulting Acumen Research and Consulting
CHICAGO, June 15, 2022 (GLOBE NEWSWIRE) -- The Global Medical Disposables Market accounted for US$ 365 Bn in 2021 and is expected to reach US$ 1,424 Bn by 2030 with a considerable CAGR of 16.8% during the forecast timeframe of 2022 to 2030.
The COVID-19 pandemic has pushed the medical disposable industry out of its niche and into the mainstream. Medical disposables such as surgical masks, needles, gowns, syringes, and other items played an important role in providing first-line safeguards against many nosocomial infections or infectious diseases in hospitals or clinics even before the pandemic. Because of the propagation of the COVID-19 pandemic, the use of medical disposables has increased in a variety of settings. Several companies in other industries are willing to enter, and many have already entered, the medical disposable landscape, specifically for products such as surgical masks, PPE kits, and accessories, in order to increase revenue by meeting the emerging need for virus-protective gear.
Medical disposables are products used to protect healthcare workers from diseases and infections. These are used during medical examinations, surgical procedures, and treatments to prevent cross-contamination between doctors and caregivers, as well as between doctors and patients. Medical disposables are an important component of infection control strategies, and their use is governed by the FDA as Class I reserved medical equipment. Medical disposables are medical devices, apparatuses, or consumables designed for single-use or short-term use in healthcare settings. These supplies are critical in medical settings because they save employees time and reduce healthcare costs.
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Global Medical Disposables Market Growth Aspects
The implementation and upgrading of infection prevention standards, as well as the increased volume of ill patients in the hospital as a result of COVID-19, are two of the primary causes of the rising demand for medical disposable devices. Furthermore, the Centers for Disease Control and Prevention and other organizations, such as the Infectious American Society of Clinical Oncology, have recommended the use of personal protective equipment (PPE) such as face shields and face masks, which are considered medical disposable, for protection against COVID 19. Besides that, the rising number of surgical procedures, an increase in hospital-acquired infectious diseases (HAI) and other chronic conditions, and growing awareness of the importance of maintaining health and hygiene are the major factors driving the growth of the medical disposable market.
The increase in the prevalence of cardiovascular disease and diabetes has had a significant impact on the medical disposables market. According to the International Diabetes Federation, diabetes will affect 537 million individuals aged 20 to 79 by 2021. Furthermore, the medical disposable market is expected to be driven by increased hygiene and health consciousness among health care providers, as well as an increase in automation in surgical procedures. The rising rate of infection acquired during surgical procedures and maternity care has increased awareness regarding the importance of safety and hygiene. In contrast, an increase in waste generated by disposable items, as well as insufficient reimbursement rates for these devices, are expected to stymie market growth over the forecast period.
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North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global medical disposables market. The Asia-Pacific region is expected to grow significantly in the coming years as a result of rising healthcare awareness. Other factors driving the Asia-Pacific medical disposables industry include an aging population, rising expendable income, and increased healthcare expenditure by several government agencies. The continued advancement of India's and China's emerging economies will also contribute to the region's economic growth. Moreover, Due to the rising prevalence of cardiovascular complaints and the growing geriatric population, the Asia-Pacific market is expected to grow the fastest during the forecast period. Similarly, with the increasing prevalence of Covid-19 in the Asia-Pacific region, the demand for disposable medical items is also increasing. Covid-19 cases have been exceptionally high in South Korea and China. However, due to a rise in the number of healthcare professionals and patients in this region the market is expected to grow during the forecast period.
The global medical disposables market has been segmented by Acumen Research and Consulting based on product, raw material, and end-use. Based on the product, the market is divided into wound management products, respiratory supplies, drug delivery products, dialysis disposables, diagnostic and laboratory disposables, sterilization supplies, disposable eye gear, disposable gloves, and others. Based on raw material, the market split into plastic resin, rubber, nonwoven material, metals, paper and paperboard, glass, and others. Based on end-use, the market is classified into hospitals, outpatient/primary care facilities, home healthcare, and others.
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Somekey players covered global in the medical disposables industry are 3M Company, Gerresheimer AG, Terumo Medical Corporation, Medline Industries, Inc., Smith & Nephew, Kimberly-Clark Corporation, Covidien plc (Ethicon), Johnson & Johnson, Baxter International, Boston Scientific, Ansell Limited, and Abbott Laboratories.
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