Medical Disposables Market to Benefit from High Growth Potential of Home Healthcare End-use Segment

The global medical disposables market is worth billions and will demonstrate steady growth in the coming few years. According to a market intelligence firm, the global medical disposables market will grow at a 4.3% CAGR during the forecast period from 2012 to 2018. In 2011, the market was valued at US$144.67 billion and it will expand to reach an estimated value of US$193.89 billion by 2018. Here are the market forces responsible for the growth of the global medical disposable industry.

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Driver: Growing Prevalence of Chronic Conditions

Around 84% of the healthcare spending in the U.S. in 2006 was aimed at 50% of the population, which had one or more chronic medical conditions (Source: CDC). The global market for medical disposables will be influenced positively due the expanding volume of the patients that have chronic conditions and need long-term therapy.

Driver: Increasing Geriatric Population around the World

According to the 2013 World Aging Population report from United Nations, the number of old people (aged 60 and above) in the world is anticipated to cross the 2 billion mark by 2050. The increasing geriatric population across the globe will result in an accelerated demand for healthcare.

Geographically, the global medical disposables market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Out of these, the North American medical disposable market held the majority of the market in 2011, due to the growing volume of patient care activity spurred by demand from the geriatric demographic. The U.S. market held a mammoth share of 70% in the North American market in 2011. Though North America held a dominant share of 35% in the global medical disposables market in 2011, Asia Pacific will demonstrate substantial growth in the coming years.

Driver: Elevated Volume of Hospital Admissions

The global medical disposables market, on the basis of end user, is divided into home healthcare, hospitals, outpatient facilities, and others such as dental offices, physician offices, and emergency care. Hospitals are currently the leading sector in the global medical disposables market and are expected to soar due to the growing number of surgical procedures, emergency visits, and hospital admissions.

Furthermore, this segment will benefit from the cost-containment initiatives along with group-purchasing practices. Worldwide, the drug delivery product segment in the global medical disposables market held the second largest share in 2011.

Opportunity: Booming Home Healthcare Market

The segment of home healthcare will demonstrate the highest growth during the forecasting horizon. The global home healthcare market is anticipated to reach revenue of US$303,605.9 million by 2020. This will augment the use of disposable medical supplies in the home healthcare sector.

Restraints: Stringent Approval Norms and Decreasing Number of HAIs

The stringent approval process of the U.S. FDA will suppress the global medical disposables market. Furthermore, strict GMPs will also restrain the global medical disposables market. North America is followed by Europe in the global medical disposables market. This can be attributed to the relatively less stringent CE approval laws for medical devices and favorable initiatives taken by the U.K. government and other NGOs such as DFID (Department for International Development) to increase patient awareness. Another factor that will limit the growth of the global medical disposables market is the decreasing number of hospital acquired infections (HAIs). 

By product, the global medical disposables market is segmented into drug delivery products, non-woven medical disposables, wound management products, and others such as diagnostic and laboratory disposables. The key manufacturers of these products in the global medical disposables market are Becton, Johnson & Johnson, 3M Company, Coviden, Dickinson and Company, and Kimberley-Clark.

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