30-May-2024

Healthcare Consumables Market to Grow at 3.9% CAGR, Fueled by Increased Hospital Admissions and Infection Control Measures

The global healthcare consumables market is poised for significant growth, projected to expand from USD 158.2 billion in 2023 to USD 231.9 billion by 2033, with a compound annual growth rate (CAGR) of 3.9% during the forecast period from 2024 to 2033. This growth is primarily driven by the increasing prevalence of chronic diseases such as cardiovascular diseases, chronic obstructive pulmonary disease (COPD), and diabetes, which necessitate frequent medical interventions and prolonged hospital stays. The rising geriatric population, which is more susceptible to various health conditions, further fuels the demand for healthcare consumables.

Key growth factors include the growing number of hospital admissions and outpatient visits, spurred by an aging population and the increasing incidence of chronic diseases. Additionally, heightened awareness about hospital-acquired infections has led to greater use of sterilization consumables and personal protective equipment like disposable gloves and masks. The COVID-19 pandemic has also accelerated the adoption of hygiene products, including hand sanitizers and disinfectants, contributing to market expansion.

However, the market faces challenges such as inadequate healthcare infrastructure in developing regions and the high costs associated with medical supplies, which can limit accessibility. Moreover, stringent regulatory requirements and high investments in manufacturing processes pose additional hurdles for market players.

Recent developments in the market highlight the ongoing efforts to innovate and improve healthcare consumables. For instance, companies like B. Braun and Medline Industries have introduced advanced products such as safety IV catheters and prime vendor collaborations to enhance patient care and streamline supply chains.

Key Takeaways

In 2023, the healthcare consumables market generated USD 158.2 billion in revenue and is expected to reach USD 231.9 billion by 2033, with a CAGR of 3.9%.
Sterilization consumables led the market in 2023, capturing a notable 27.6% revenue share.
The plastic resin segment dominated the healthcare consumables market in 2023, holding a significant 31.4% market share based on raw material.
Hospitals were the primary end users of healthcare consumables in 2023, accounting for a substantial 68.3% market share.
North America generated the highest revenue in 2023, securing a 43.4% market share in the healthcare consumables sector.

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Healthcare Consumables Market Key Segments

By Product Type

Wound Care Consumables
Diagnostic Consumables
Respiratory Supplies
Drug Delivery Products
Dialysis Consumables
Sterilization Consumables
Incontinence Products
Hands Sanitizer
Others

By Raw Materials

Rubber
Non-woven Materials
Glass
Metals
Plastic Resin
Paper
Others

By End-User

Hospitals
Specialty Clinics
Others

Key Regions

North America (The US, Canada, Mexico)
Western Europe (Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, Rest of Western Europe)
Eastern Europe (Russia, Poland, The Czech Republic, Greece, Rest of Eastern Europe)
APAC (China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Rest of APAC)
Latin America (Brazil, Colombia, Chile, Argentina, Costa Rica, Rest of Latin America)
Middle East & Africa (Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, Rest of MEA)

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Key Players Analysis

BD is a leading global medical technology company that specializes in developing and selling medical devices, laboratory equipment, and diagnostic products. In the healthcare consumables sector, BD focuses on items such as syringes, needles, and diagnostic systems. The company’s strong execution of its BD 2025 strategy has driven consistent revenue growth, with a reported revenue of $4.7 billion in Q1 2024. BD’s recent innovations include the SiteRite 9 Ultrasound System and the BD MiniDraw Capillary Blood Collection System, reflecting their commitment to improving patient care and advancing medical technology.

Thermo Fisher Scientific is a global leader in serving science, offering a wide range of consumables for laboratories and healthcare settings. The company provides diagnostic reagents, laboratory chemicals, and single-use technologies that support critical processes in clinical diagnostics and research. Thermo Fisher’s extensive product portfolio and ongoing investments in innovation have solidified its position in the healthcare consumables market. Their focus on enhancing lab productivity and ensuring high-quality patient outcomes has driven their growth and market presence.

Baxter International is renowned for its portfolio of essential healthcare products, including IV solutions, infusion systems, and surgical products. The company’s contributions to the healthcare consumables sector are significant, with a focus on improving patient outcomes through innovative and reliable medical products. Baxter’s efforts in developing advanced infusion systems and sterile products have positioned it as a key player in the global healthcare consumables market. Their commitment to patient safety and product quality drives their ongoing success and market expansion.

Avanos Medical specializes in medical devices and consumables that focus on reducing infection rates and improving patient outcomes. Their product lines include pain management solutions, respiratory and digestive health products, and surgical consumables. Avanos is dedicated to enhancing patient care through innovative solutions and stringent quality standards. The company’s growth in the healthcare consumables market is driven by its commitment to addressing unmet clinical needs and providing effective, safe medical solutions.

3M operates in the healthcare sector with a strong emphasis on infection prevention, wound care, and drug delivery systems. Their product portfolio includes surgical drapes, wound dressings, and personal protective equipment (PPE). 3M’s healthcare consumables are designed to improve patient safety and healthcare worker protection. The company’s focus on innovation, quality, and sustainability has made it a trusted name in the healthcare industry, contributing to its growth and presence in the global healthcare consumables market.

Healthcare Consumables Market Key Players:

BD
Thermo Fisher Scientific, Inc.
Baxter International, Inc.
Avanos Medical, Inc.
3M
Johnson & Johnson
Medtronic
Cardinal Health, Inc.
Braun Melsungen AG
Boston Scientific Corporation
Other Key Players

Healthcare Consumables Market Report Scope >> Market Value (2023): USD 158.2 billion || Forecast Revenue (2033): USD 231.9 billion || CAGR (2024-2033): 3.9% || Base Year Estimation: 2023 || Historic Period: 2019-2022 || Forecast Period: 2024-2033.

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