GLOBAL HEALTHCARE CONSUMABLES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Size and Trends

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.

Increasing 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.