| Source: Precedence Research
Ottawa, Dec. 14, 2021 (GLOBE NEWSWIRE) — The global healthcare consumables market growth is driven by rising prevalence of chronic diseases, growing geriatric population, rising number of hospital admissions, and increasing healthcare expenditure. The growing popularity of the minimally-invasive surgeries and rising awareness about the hospital acquired infections is a major factors the boosts the demand for the healthcare consumables across the globe. The rapid spread of the COVID-19 disease across the globe in 2020 resulted in the increased demand for the healthcare consumables and the demand for the various products like hands sanitizer, face masks, face shields, and hospital gowns significantly increased. The growing penetration of the ambulatory services and diagnostic labs in the developing regions is further expected to fuel the market growth during the forecast period.
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North America dominated the global healthcare consumables market, garnering over 33% of the market share in 2020. The increased prevalence of chronic diseases and rising geriatric population has significantly contributed towards the market growth. According to the WHO, the urinary incontinence is higher among the old women as compared to the old men, and urinary incontinence is prevalent among 9.9% to 36.1% of the global population. Further, the increased health consciousness, increased healthcare expenditure, better access to advanced healthcare facilities, and growing demand for the minimally-invasive surgeries in the nations like US and Canada has fostered the growth of this segment in the past few years.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. The rising incidences of road traffic accidents is a significant contributor to the market growth. According to the WHO, around 93% of the road traffic accidents occur in the low and middle-income countries. People aging from 5 years to 29 years are the major victims of the road accidents. Further, rising geriatric population and rising awareness regarding the advanced surgical procedures is expected to boost the growth of this region in the forthcoming years.
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Scope of the Healthcare Consumables Market
Rising number of hospital admissions and physician visits
The growing burden of diseases is boosting the hospital and diagnostic lab visits significantly. According to the CDC, in 2019, around 45 million outpatient surgeries, more than 900 million physician visits, and around 155 million emergency department visits were recorded in US. Therefore, the increased number of medical visits and hospital admissions is expected to boost the market growth during the forecast period.
Inadequate infrastructure and low access to healthcare facilities
The lack of adequate healthcare infrastructure in the developing and underdeveloped economies and low access to the medical facilities owing to the low affordability of the medical expenses in the low and middle income countries is a major restraint that may hinder the growth of the healthcare consumables market during the forecast period.
Rising awareness regarding the airborne infections and diseases
The rising pollution levels and the recent COVID-19 pandemic resulted in the increased health awareness among the global population. This has significantly driven the consumption of hands sanitizer, face masks, face shields, and disposable gloves. This trend is expected to continue during the forecast period and the technological advancements in the healthcare consumables may provide various growth prospects during the forecast period.
Stringent government regulations and high investment
The stringent government regulations regarding the healthcare consumables and the high investments in the manufacturing of numerous healthcare consumables are the major challenges faced by the market players operating in the global healthcare consumables market.
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Segments Covered in the Report
By Product Type
By Raw Materials
By End User
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