GLOBAL HEALTHCARE CONSUMABLES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Global healthcare consumables market is estimated to be valued at USD 172.31 Bn in 2024 and is expected to reach USD 376.91 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11.8% from 2024 to 2031.
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Global healthcare consumables market is expected to witness steady growth due to increasing geriatric population worldwide and rising incidence of chronic as well as infectious diseases. Growing demand for better healthcare services coupled with technological advancements in healthcare infrastructure and consumables can drive the market growth in the near future. Rising medical tourism and increased healthcare spending is also expected to drive the market growth.
Increasing Product Launches by Key Market Players
Increasing adoption of organic growth strategies such as product launches by key market players is expected to drive the market growth over the forecast period. For instance, in January 2023, Convatec, a global medical products and technologies company, announced the U.S. launch of ConvaFoam, a family of advanced foam dressings that is designed to address the needs of healthcare providers and their patients. ConvaFoam can be used on a spectrum of wound types at any stage of the wound journey, thus, making it the simple dressing choice for wound management and skin protection.
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Increasing Inorganic Growth Strategies by Key Market playersIncreasing adoption of inorganic growth strategies such as acquisition, in order to expand its product portfolio in the market, is expected to drive the market growth over the forecast period. For instance, in March 2022, Convatec Inc., a global medical products and technology company, announced that it had completed the acquisition of Triad Life Sciences Inc., a biotechnology company, The Triad team, current portfolio and product pipeline will now transition to Convatec’s Advanced Wound Care (AWC) business and be known as Convatec Advanced Tissue Technologies. The acquisition supports Convatec’s FISBE strategy (Focus-Innovate-Simplify-Build-Execute) by strengthening Convatec’s AWC position in the U.S. (Focus) and securing access to a complementary and innovative technology platform (Innovation) that enhances advanced wound management and patient outcomes.
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Market Challenge – Increasing Product RecallsIncreasing product recalls by regulatory authorities can hamper the market growth over the forecast period. For instance, in March 2022, BlaineLabs, a drugs and medical device manufacturing company, announced that it had recalled a single lot of RevitaDerm Wound Care Gel 1% (benzalkonium chloride gel containing transforming growth factor beta), after a 1-ounce bottle was discovered to be contaminated with Bacillus cereus.
Market Opportunity – Increased Adoption of Telehealth and Remote Patient Monitoring
Increased adoption of telehealth and remote patient monitoring offer opportunities for the global healthcare consumables market growth. Telehealth allows patients to connect with healthcare providers virtually through video calls, mobile apps, and web-based platforms. This enables remote monitoring of vital signs and simplified delivery of care without the need for in-person visits. In November 2020, according to the report by World Health Organization, more than 50% of Americans participated in telehealth for the first time during the pandemic, thus, showing long term potential for this model of care delivery.
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Insights, By Product Type: Increasing demand for wound care management productsProduct Type segment is sub-segmented into wound care consumables, blood and dialysis consumables, drug delivery products, incontinence products, disposable gloves, others. Wound care consumables sub-segment is estimated to hold 29.3% of the market share in 2024, owing to the inherent convenience these offer for wound treatment. Disposable wound care products such as bandages, tapes and gauzes allow for one-time application and easy disposal, thus, preventing infection risks associated with reuse of materials. Their peel-and-stick usability and good absorption capacity makes wound cleaning and dressing simpler for both patients and clinicians. This has become increasingly important as more treatment shifts to home and outpatient settings. Growing prevalence of chronic wounds like pressure ulcers and diabetic foot ulcers boosts demand.
Insights, By Raw Material: Supremacy of rubber in medical supplies
Raw Material segment is sub-segmented into rubber, glass, metals, plastic, others. Rubber sub-segment is estimated to hold 26.9% of the market share in 2024 owing to its ideal properties for medical devices and clinical use. Being durable yet flexible, rubber is widely used to manufacture gloves, tubes, stoppers and other items that require a good combination of strength and elasticity. Natural and synthetic rubbers effectively create protective barriers against liquids and particles, making them suitable for examination and surgical gloves. These also serve as cushioning materials in products like catheters, bulbs and connectors. Rubber's high tensile strength and resistance to wear and tear ensure product integrity through repetitive use. Its non-porous surface does not support microbial growth, protecting against infection.
Insights, By End User: Role of hospitals as healthcare hubs
End User segment is sub-segmented into hospitals, home healthcare, others. Hospitals sub-segment is estimated to hold 32.4% of the market share in 2024, owing to their central function in healthcare delivery and management of complex cases and emergencies. High patient volumes and varied needs within hospitals induce steady procurement of disposable supplies for diagnostics, surgery and general treatment purposes. Intense care units like emergency, intensive care and operation theatres in particular are sizeable consumers. The infrastructure and technical capabilities of hospitals also make them suitable locations for costly procedures, which involve extensive use of consumables. With growing specialization, tertiary and multi-specialty hospitals house expanded services that maintain demand. Moreover, hospitals set procurement standards that tend to be followed by other end users.
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North America remains the dominant region in the global healthcare consumables market and is estimated to hold 41.6% of the market share in 2024 due to the developed healthcare infrastructure and growing accessibility of healthcare facilities across the region. With the presence of key players and rapid adoption of advanced technologies
Asia Pacific has emerged as the fastest growing regional market for healthcare consumables over the past few years. Countries such as China, India and South Korea have witnessed exponential growth in their respective domestic markets backed by increasing healthcare investments, expanding medical tourism industry and rising medical awareness among consumers. Moreover, supportive government policies promoting universal healthcare boosts widespread accessibility across rural and semi-urban areas. While import dependency is currently high in Asia Pacific, local manufacturing capabilities are strengthening with advancing industry standards.
Global Healthcare Consumables Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 172.31 Bn |
| Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
| Forecast Period 2024 to 2031 CAGR: | 11.8% | 2031 Value Projection: | US$ 376.91 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Procter & Gamble, B. Braun SE, McKesson Medical-Surgical Inc, Medline Industries Inc., Owens and Minor, Smith And Nephew plc, 3M, Baxter, Fresenius Medical Care AG, Cardinal Health, Terumo Medical Corporation, Honeywell Interational Inc., Dynarex Corporation, Kemei, Unigloves, Argentum Medical, Alliqua Biomedical, AccelHeal, Globus Medical |
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| Growth Drivers: |
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| Restraints & Challenges: |
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*Definition: Healthcare Consumables consists of medical supplies that are designed for one-time or limited use in healthcare facilities like hospitals, clinics, and other medical institutions. This includes products like syringes, catheters, bandages, surgical gowns, gloves, drapes, and other disposable items that are used on patients. Healthcare consumables are essential for providing medical treatment and protecting both patients and healthcare workers from infections.
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About Author
Komal Dighe is a Management Consultant with over 8 years of experience in market research and consulting. She excels in managing and delivering high-quality insights and solutions in Health-tech Consulting reports. Her expertise encompasses conducting both primary and secondary research, effectively addressing client requirements, and excelling in market estimation and forecast. Her comprehensive approach ensures that clients receive thorough and accurate analyses, enabling them to make informed decisions and capitalize on market opportunities.
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