Table of Contents
Introdution
The Global Healthcare Consumables Market size is expected to be worth around USD 231.9 Billion by 2033, from USD 158.2 Billion in 2023, growing at a CAGR of 3.9% during the forecast period from 2024 to 2033. In 2023, North America led the market, achieving over 43.4% share with a revenue of USD 68.6 Billion.
This market expansion is influenced by several factors. A notable driver is the increasing incidence of chronic ailments such as cardiovascular diseases, chronic obstructive pulmonary disease (COPD), and diabetes, which necessitate ongoing medical supplies for management and treatment. Additionally, the aging population significantly contributes to market growth, as older adults generally require more healthcare services and consumables due to higher vulnerability to various health issues.
Recent trends show a surge in demand for minimally invasive surgeries, which rely heavily on consumables, alongside a growing focus on infection prevention, leading to an increased use of products like cotton swabs and sterilizer bags. However, the market faces obstacles including inflation and elevated healthcare costs, which can restrict access to essential healthcare consumables in economically disadvantaged areas. Stringent regulatory environments and substantial investment requirements also present significant challenges to market participants.
Opportunities for growth are abundant, particularly through technological advancements and innovations that enhance the efficiency and cost-effectiveness of healthcare consumables. The Asia-Pacific region is poised for the highest growth rate, propelled by increasing healthcare spending and improvements in healthcare infrastructure.
Key Takeaways
- The market for healthcare consumables generated a revenue of USD 158.2 billion in 2023, and is poised to reach USD 231.9 billion by 2033, accompanied by a CAGR of 3.9%.
- In 2023, sterilization consumables emerged as the top revenue generator for the market, capturing a significant revenue share of 27.6%.
- Based on raw material, the plastic resin segment dominated the global healthcare consumables market in the same year, holding a substantial market share of 31.4%.
- Hospitals maintained their position as the primary end users of healthcare consumables, accounting for a market share of 68.3%.
- Region wise, North America generated the most revenue, with a market share of 43.4%.
Healthcare Consumables Statistics
- Decrease in Usage Percentage: From 2020 to 2021, there was a noticeable decline in the percentage of medical consumables per hundred yuan, decreasing from 26.0% and 26.3% in Q3 and Q4 2020 to 24.6% and 18.4% in the same quarters of 2021.
- Increase in Total and High-Value Consumables: In 2021, the total amount of medical consumables saw a 21.2% rise compared to 2020. Similarly, the amount of high-value consumables surged by 40.4%. The variety of high-value consumable types also grew, with an increase of 4.5%.
- Decrease in Irrational Usage: There was a reduction in the rates of irrational usage of consumables in 2021, with Q2, Q3, and Q4 recording rates of 14.0%, 12.7%, 11.7%, and 7.0% respectively, all lower than the 18.7% rate in 2020.
- Quarterly Usage Rates and Growth: Quarterly usage rates in 2021 were 13.7%, 13.65%, 13.91%, and 14.6%, showing a varied pattern when compared to 2020’s rates of 13.06%, 14.49%, 14.1%, and 16.3%. The total medical consumable amount grew by 4.97%, while high-value consumables decreased by 12.22%.
- Comparison of Irrational Usage: In 2020, irrational usage rates were consistent at 18.7% across all quarters. However, in 2021, these rates decreased significantly.
- Cost Efficiency and Inventory Management Improvements (2019)
- Daily Cost Per Bed: The daily cost per bed in 2019 was $31.98, which was 40.15% lower than manual management ($53.43) and 17.2% lower than Excel-based management ($38.65).
- Reduction in Missed Bookkeeping Events: Missed bookkeeping events dropped from 26 to 6, a 77% decrease with system-based management.
- Expired Consumables: Expired consumables were reduced to zero, a significant improvement from the average of 11.11 in manual management.
- Inventory Time Savings: Daily inventory time was significantly reduced from 119.5 minutes to 20 minutes by adopting the new system.
- Efficiency in Discharge Settlement: Time spent by main shift nurses on discharge settlement decreased from 16.87 to 7.47 person-minutes.
- Monthly Collection Frequency: Monthly collection frequency was streamlined from 40–50 to about 10, reducing time and labor expenditure.
- Simplification in Inventory Management: The types of consumables managed were reduced from 286 to 133, simplifying the process.
- Inventory Safety: The match between collected and used quantities of key consumables remained stable at 95% to 105%, ensuring inventory safety.
Key Statistics: Healthcare Consumables Distribution by Queensland Health
Queensland Health efficiently manages the distribution of medical products across the state, with an average daily distribution of 1 million medical products to hospitals. The transport and logistics staff in the south-east corner cover over 4 million kilometers annually to ensure timely delivery.
Annual Delivery Metrics: In the fiscal year 2022-23, Queensland Health’s Supply Chain Surety Branch successfully delivered 365 million medical products, adeptly handling global supply challenges.
Product Distribution Details
The breakdown of the distributed products includes:
- – 184 million medical gloves
- – 35 million masks and other personal protective equipment (PPE)
- – 33 million syringes and related accessories
- – 17 million bandages and dressings
- – 8 million surgical instrument sets
- – 4 million cannulas and catheters
- – 354,000 airway management products
- – 324,000 bedpans and urinals
- – 295,000 suture products
Geographic Usage: Approximately 75% of these products are utilized in the south-east and southern regions of Queensland.
Infrastructure Enhancements
Queensland Health has significantly expanded its logistical capabilities by establishing four new warehouses in strategic locations since July 2021, increasing storage capacity by 300%. This enhanced network not only ensures redundancy but also improves access to essential supplies and supports continued frontline service delivery.
Strategic Importance: The distribution strategy prioritizes essential items including intensive care consumables and personal protective equipment, ensuring that critical needs are met across the healthcare system.
Development Statistics
- In July 2022, BD acquired Parata Systems, a provider of pharmacy automation solutions, for approximately $1.525 billion. This acquisition aims to expand BD’s presence in the pharmacy automation sector and improve medication management capabilities.
- In 2023, Thermo Fisher reported full-year revenue of $42.86 billion, a 5% decline from 2022. Adjusted earnings per share (EPS) for the full year was $21.55, compared to $23.24 in the previous year. Despite the decline, the company projects revenue between $42.1 billion to $43.3 billion for 2024
- In 2023, Thermo Fisher invested $327 million in research and development, representing 3% of their revenue. This investment aims to drive innovation in consumables and other healthcare solutions.
- The adjusted operating income for the fourth quarter of 2023 was $2.55 billion, maintaining a steady margin of 23.4%. The Thermo Fisher continues to focus on operational efficiencies to sustain profitability
- Baxter completed the sale of its BioPharma Solutions (BPS) business to Advent International and Warburg Pincus for $4.25 billion in October 2023. This transaction aimed to streamline Baxter’s operations and focus on its core healthcare segments.
- Avanos reported net sales between $670 million and $673 million for 2023, with expectations to reach $685 million to $705 million in 2024. The company’s focus on strategic restructuring and transformation activities aims to achieve profitable growth and meet mid-term financial targets by 2025.
- 3M recently introduced the 3M Performance Fluid and 3M Thermally Conductive Adhesive Transfer Tape 8805, catering to the dental consumables market. These products are designed to enhance dental procedures and efficiency.
- 3M’s healthcare division, which now operates under Solventum, continues to focus on markets such as wound care, healthcare IT, oral care, and filtration and purification, generating $8.4 billion in sales in 2022.
- Johnson & Johnson plans to deliver over 20 novel therapies and more than 50 product expansions by 2030, with a focus on high-growth areas such as interventional cardiovascular and robotics.
- Significant growth noted in the Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary & Peripheral Vascular divisions, with overall cardiovascular revenue increasing by 6.2% organically.
- In January 2024, Cardinal Health acquired Specialty Networks, which includes the PPS Analytics platform. This acquisition aims to enhance clinical and economic value for over 11,500 specialty providers and 7,000 physicians.
- Cardinal Health reaffirmed its long-term financial targets, including a 12-14% growth in non-GAAP diluted EPS and a Medical Improvement Plan targeting at least $650 million in segment profit by FY2026.
- Boston Scientific reported net sales of $3.856 billion in the first quarter of 2024, marking a 13.8% increase compared to the previous year. The growth was driven by the diversified portfolio and successful product launches such as the FARAPULSE PFA System.
Emerging Trends
- Sustainability and Eco-Friendly Products: The healthcare industry is increasingly embracing sustainable practices to reduce its environmental footprint. There is a growing focus on eco-friendly consumables designed to minimize medical waste. This shift is driven by heightened awareness of environmental challenges and the need for sustainable healthcare solutions. By incorporating biodegradable materials and reducing single-use plastics, healthcare providers aim to create a greener future. This trend aligns with global efforts to promote responsible and ethical business practices while supporting environmental sustainability.
- Integration of AI and Data Analytics: Artificial Intelligence (AI) and data analytics are transforming healthcare consumables by enhancing their effectiveness. AI enables real-time data analysis, improving clinical decision-making and enabling personalized patient care. Large datasets can be analyzed to identify patterns and predict health outcomes, contributing to more efficient treatments. Data analytics also help monitor consumable performance, ensuring compliance with quality standards. This integration fosters the development of smarter, adaptable consumables that improve healthcare outcomes and meet individual patient needs.
- Rise of Wearable Technology: Wearable technology is revolutionizing healthcare by enabling continuous monitoring of vital signs. Devices like smartwatches and biosensors offer real-time health data, facilitating early detection of potential health issues. These devices are especially valuable for managing chronic conditions and encouraging preventive care. By empowering patients to monitor their health at home, wearables reduce hospital visits and enhance patient engagement. This growing demand drives the innovation of user-friendly wearable consumables for better health management.
- Telemedicine and Remote Care: The demand for consumables supporting telemedicine and remote healthcare is increasing. Products like home-use diagnostic kits and remote monitoring devices are becoming essential in modern healthcare. These consumables enable patients to receive care and perform health assessments at home, making healthcare more accessible, especially in underserved regions. By supporting remote consultations and continuous monitoring, these products improve the convenience and quality of patient care.
- 3D Printing of Medical Devices: 3D printing is gaining traction in healthcare, particularly in manufacturing customized consumables such as implants and prosthetics. This technology offers precision and flexibility, enabling the production of devices tailored to individual patient needs. It supports more personalized and effective treatments. As 3D printing becomes more cost-efficient, its application in creating medical consumables is expected to expand, driving innovation and improving patient outcomes.
- Enhanced Infection Control Products: There is a growing emphasis on developing advanced infection control consumables to reduce healthcare-associated infections. Innovations such as antimicrobial coatings and improved sterilization methods enhance patient safety and hygiene standards. These products address concerns like antibiotic resistance and hospital-acquired infections, ensuring better protection for patients and healthcare workers. The increasing demand for effective infection control solutions is driving advancements in this area.
- Regulatory Changes and Compliance: Stricter regulatory requirements are pushing innovation in healthcare consumables. Manufacturers must adhere to new safety and efficacy standards, prompting the development of higher-quality products. These changes ensure that consumables are safe, reliable, and effective for patient use. Compliance is vital for market approval and maintaining trust in the industry. As regulations evolve, manufacturers are investing in research and development to exceed these standards, creating safer and more effective healthcare environments.
Use Cases
- Personal Protective Equipment (PPE): PPE plays a critical role in safeguarding healthcare workers and patients, especially during public health emergencies. This category includes masks, gowns, gloves, and face shields, which are essential for infection prevention. The global demand for PPE has significantly increased due to recurring health crises, with billions of units required annually. This underscores the indispensable role of PPE in maintaining health standards and ensuring safety in medical environments.
- Disposable Medical Supplies: Single-use items like syringes, gloves, and bandages are vital for daily medical procedures. These supplies maintain sterility and reduce infection risks, making them indispensable in healthcare settings. The market for disposable medical supplies is projected to reach $60 billion by 2025, driven by their routine use in medical operations. The continuous production and supply of these consumables are crucial to meeting the increasing demands of healthcare systems.
- Diagnostic Consumables: Reagents, test strips, and other diagnostic consumables are integral to laboratory testing and point-of-care diagnostics. The demand for these products is growing due to advancements in diagnostic technology and the need for accurate and timely test results. These consumables enable effective diagnosis and patient care, and their importance will continue to rise as diagnostic methods evolve, supporting improved healthcare outcomes.
- Surgical Consumables: Items such as sutures, surgical drapes, and instruments are essential for safe and effective surgical procedures. The global surgical consumables market is expected to grow at a CAGR of 6.5% from 2021 to 2028, driven by the rising number of surgeries and innovations in surgical techniques. High-quality consumables are critical for ensuring successful outcomes and maintaining patient safety during operations.
- Wound Care Products: Dressings, bandages, and topical agents are fundamental to wound management and healing. With innovations in advanced materials and treatment options, the wound care market is projected to reach $25 billion by 2027. These products prevent infections, promote healing, and enhance the quality of care. Continuous advancements in wound care technology aim to improve patient outcomes and streamline wound management processes.
- Drug Delivery Devices: Devices such as inhalers, injectors, and intravenous (IV) systems ensure the precise and effective administration of medications. The growing prevalence of chronic diseases is driving demand for these devices, which improve patient compliance and enhance treatment effectiveness. Ongoing innovations in drug delivery technology are focused on making treatments safer, more efficient, and easier to use, supporting better health management.
- Patient Monitoring Consumables: ECG electrodes, thermometers, and blood pressure cuffs are crucial for continuous patient monitoring. These consumables are particularly important in remote care settings, where consistent monitoring helps manage patient health effectively. With the increasing adoption of remote healthcare solutions, demand for monitoring consumables is rising. These products ensure accurate health assessments and play a vital role in maintaining patient safety and improving outcomes.
Conclusion:
The healthcare consumables market is poised for steady growth, driven by the rising prevalence of chronic diseases, an aging population, and advancements in medical technology. Key trends include increasing demand for infection control products, eco-friendly consumables, and telemedicine-supporting devices. While challenges such as inflation, regulatory hurdles, and high healthcare costs persist, opportunities abound in emerging markets, particularly in the Asia-Pacific region.
Technological innovations like AI integration, 3D printing, and advanced drug delivery systems further enhance the market’s potential. With ongoing investments in sustainability and personalized healthcare solutions, the sector is well-positioned to address global health needs and ensure improved outcomes.
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