Huge Revenue Jump Expected in Medical Disposables Market in Coming Years

September 21 14:30 2021
Huge Revenue Jump Expected in Medical Disposables Market in Coming Years
North America contributed the highest revenue to the market in 2020, mainly because of the presence of a large geriatric population and major medical disposable product manufacturers in the region.

The World Health Organization (WHO) estimates that at any given time, of every 100 hospitalized patients, around 10 in developing countries and 7 in developed countries acquire at least one healthcare-associated infection (HAI). As compared to high-income countries, the burden of HAIs is higher in low- and middle-income countries, especially in patients admitted to intensive care units (ICUs), owing to the poor conditions of healthcare facilities in these nations. Thus, the surging incidence of HAIs is propelling the usage of medical disposables, worldwide.

In addition, the soaring geriatric population will also help the medical disposables market prosper during 2021–2030. The market was valued at around $51 billion in 2020 and it is projected to generate about $90 billion revenue by 2030. According to the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years and more will rise from 727 million in 2020 to 1.5 billion by 2050. Old people require long-term hospital care because they take a longer time to overcome chronic ailments such as cancer, cardiovascular diseases (CVDs), and kidney failures.

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Moreover, increasing technological advancement in medical supplies for homecare settings is also fueling the consumption of medical disposables across the world. Nowadays, leading manufacturers of medical disposables are focusing on expanding their product portfolio by integrating advanced technologies in their offerings. At present, single-use or disposable medical devices are economically viable than cost-effective reusable medical supplies. The usage of disposable medical products and devices help in preventing the spread of infection and avoiding the complex and labor-intensive process of reusing the supplies.

Prefilled syringes, smart syringes, glucose monitoring strips, radiology consumables, sterilization consumables, dialysis consumables, blood collection consumables, wound care consumables, diagnostic catheters, intubation and ventilation supplies, nonwoven medical supplies, negative pressure wound therapy (NPWT) devices, infusion products, hypodermic products, incontinence products, surgical nonwoven products, and exudate management products are being used by medical professionals across the world to avoid infections and curtail healthcare cost. In the coming years, nonwoven medical supplies will be used at the highest pace due to the immense protection provided by them against HAIs.

All these medical disposables are used in hospitals, research institutes, ambulatory surgery centers, assisted living centers and nursing homes, and clinics/physician offices for diagnosing diseases and treating chronic disease patients. In recent years, hospitals have been consuming the highest volume of medical disposables, due to the increasing patient footfall at such healthcare facilities, because they are equipped with state-of-the-art facilities and employ trained professionals across disciplines. As sterilization of reusable devices enhances the procedure cost, the hospitals are using disposable devices to curtail their operation costs.

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According to P&S Intelligence, North America led the medical disposables market in the preceding years, due to the rising aging population, surging government expenditure on research and development (R&D), and increasing prevalence of HAIs, in the region. For instance, the Centers for Disease Control and Prevention (CDC) estimates that on any given day, around 1 in 31 hospital patients in the U.S. has at least one HAI. Moreover, the mounting healthcare costs and growing prevalence of chronic diseases will also create a huge requirement for medical disposables in North America.

Therefore, the rising prevalence of HAIs and the burgeoning aging population will create an extensive requirement for medical disposables, worldwide.

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