Table of Contents
Introduction
The global healthcare consumables market is projected to grow significantly, with its size expected to reach USD 231.9 billion by 2033, up from USD 158.2 billion in 2023, reflecting a compound annual growth rate (CAGR) of 3.9% from 2024 to 2033. This growth is driven by several factors, including the rising prevalence of chronic diseases such as cardiovascular diseases, chronic obstructive pulmonary disease (COPD), and diabetes, which require continuous medical supplies for management and treatment. The aging population is another key driver, as older individuals typically require more healthcare services and consumables due to their susceptibility to various health conditions.
Recent developments in the market include increased demand for minimally invasive surgeries, which use a variety of consumables, and heightened awareness about infection prevention, leading to higher consumption of sterilization products like cotton swabs and sterilizer bags. The market also faces challenges such as inflation and high healthcare costs, which can limit access to necessary consumables, especially in low-income regions. Furthermore, stringent government regulations and high investment costs pose significant hurdles for market players.
Technological advancements and innovations in healthcare consumables offer growth opportunities, particularly in the development of more efficient and cost-effective products. The Asia-Pacific region is expected to witness the fastest growth, driven by rising healthcare expenditure and expanding healthcare infrastructure
Key Takeaways
- In 2023, the healthcare consumables market earned USD 158.2 billion, projected to grow to USD 231.9 billion by 2033, with a CAGR of 3.9%.
- Sterilization consumables were the highest revenue contributors in 2023, securing a notable 27.6% market share.
- The plastic resin segment led the raw materials category, capturing a significant 31.4% of the healthcare consumables market in 2023.
- Hospitals were the main end users, holding a dominant 68.3% market share in the healthcare consumables sector.
- North America was the leading revenue generator by region in 2023, with a substantial 43.4% market share.
Healthcare Consumables Statistics
- Decrease in Usage Percentage: In Q3 and Q4 2021, the percentage of medical consumables per hundred yuan was 24.6% and 18.4%, lower than 26.0% and 26.3% in 2020.
- Increase in Total Consumables: Total medical consumables in 2021 increased by 21.2% compared to 2020.
- Increase in High-Value Consumables: The amount of high-value consumables increased by 40.4% in 2021.
- Increase in Consumable Types: The number of high-value consumable types increased by 4.5% in 2021.
- Decrease in Irrational Usage: Rates of irrational usage in Q2, Q3, and Q4 2021 were 14.0%, 12.7%, 11.7%, and 7.0%, respectively, all lower than 18.7% in 2020.
- Usage Rates per Quarter: In 2021, Q1 was 13.7%, Q2 was 13.65%, Q3 was 13.91%, and Q4 was 14.6%, compared to Q1 2020 at 13.06%, Q2 14.49%, Q3 14.1%, and Q4 16.3%.
- Growth Rates: Total medical consumable amount grew by 4.97%, high-value consumables decreased by 12.22%, and high-value consumable types increased by 4.5%.
- Comparison of Irrational Usage: In 2020, the irrational usage rates were consistently 18.7% across Q1 to Q4, whereas in 2021, it was reduced to 14.0%, 12.7%, 11.7%, and 7.0%.
- In 2019, daily cost per bed was $31.98, 40.15% lower than manual management ($53.43) and 17.2% lower than Excel-based management ($38.65).
- Missed bookkeeping events decreased from 26 to 6, marking a 77% reduction from manual to system-based management.
- Expired consumables dropped to zero after implementing the new system, down from an average of 11.11 in manual management.
- Daily inventory time decreased significantly from 119.5 min to 20 min with the new system, saving nursing resources.
- Time spent by main shift nurses on discharge settlement reduced from 16.87 to 7.47 person-minutes, improving efficiency.
- Monthly collection frequency decreased from 40–50 to about 10, streamlining time and labor expenditure.
- Types of consumables managed reduced from 286 to 133, simplifying inventory management.
- The match between collected and used quantities of key consumables remained between 95% and 105%, ensuring inventory safety.
Key Statistics: Healthcare Consumables Distribution by Queensland Health
- Each day, Queensland Health distributes an average of 1 million medical products to hospitals statewide.
- Transport and logistics staff in the south-east corner cover over 4 million kilometers annually.
- In 2022-23, Queensland Health’s Supply Chain Surety Branch delivered 365 million medical products, overcoming global supply challenges.
- Product distribution breakdown:
- 184 million medical gloves
- 35 million masks and other 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.
- About 75% of products are utilized in south-east and southern Queensland.
- Four new warehouses established in strategic locations, increasing capacity by 300% since July 2021.
- Enhanced network ensures redundancy, improved access to supplies, and continued frontline service delivery.
- Strategic distribution includes intensive care consumables, PPE, medical consumables and equipment, sanitizers, cleaning products, and critical pathology supplies.
Development Stats
- 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 adopting sustainable practices to reduce its environmental impact. There is a significant emphasis on eco-friendly consumables that aim to minimize medical waste. This shift is driven by the growing awareness of environmental issues and the need for more sustainable healthcare solutions. By using biodegradable materials and reducing single-use plastics, healthcare providers are working towards a greener future. This trend not only supports environmental sustainability but also aligns with the global push for more responsible and ethical business practices.
- Integration of AI and Data Analytics: Artificial Intelligence (AI) and data analytics are revolutionizing healthcare consumables. These technologies enhance the effectiveness of consumables by enabling real-time data analysis and personalized patient care. AI algorithms can analyze large datasets to identify patterns and predict health outcomes, leading to more informed clinical decisions. Data analytics help in monitoring the performance of consumables, ensuring they meet the required standards. This integration facilitates the development of smarter, more efficient consumables that can adapt to individual patient needs, ultimately improving healthcare outcomes.
- Rise of Wearable Technology: Wearable technology is becoming increasingly prevalent in healthcare, offering continuous monitoring of vital signs. Devices such as smartwatches and biosensors provide real-time health data, enabling early detection of potential health issues. These wearables are particularly beneficial for managing chronic conditions and promoting preventive care. By allowing patients to monitor their health at home, wearable technology reduces the need for frequent hospital visits. This trend is driving the demand for innovative, user-friendly wearable consumables that support better health management and enhance patient engagement.
- Telemedicine and Remote Care: The demand for consumables that support telemedicine and remote patient care is on the rise. Products such as home-use diagnostic kits and remote monitoring devices are becoming essential components of modern healthcare. These consumables enable patients to receive medical care and conduct health assessments from the comfort of their homes. This trend is driven by the increasing need for accessible healthcare solutions, particularly in remote or underserved areas. By facilitating remote consultations and continuous health monitoring, these consumables enhance the quality and convenience of patient care.
- 3D Printing of Medical Devices: 3D printing technology is expanding its footprint in healthcare, particularly in the creation of customized medical consumables. This technology allows for the production of tailored implants, prosthetics, and other medical devices that meet the specific needs of individual patients. The precision and flexibility of 3D printing enable healthcare providers to offer more personalized and effective treatments. As this technology becomes more accessible and cost-effective, its use in manufacturing medical consumables is expected to grow, driving innovation and improving patient outcomes.
- Enhanced Infection Control Products: There is a heightened focus on developing advanced infection control consumables to prevent healthcare-associated infections. Innovations include antimicrobial coatings and improved sterilization methods for medical equipment. These advancements aim to reduce the risk of infections and enhance patient safety. With the ongoing concerns about antibiotic resistance and hospital-acquired infections, the demand for effective infection control products is increasing. These consumables play a crucial role in maintaining high standards of hygiene and safety in healthcare settings, ensuring better protection for both patients and healthcare workers.
- Regulatory Changes and Compliance: Stricter regulations and compliance requirements are driving innovation in healthcare consumables. Manufacturers are required to meet new safety and efficacy standards, prompting the development of higher-quality products. These regulatory changes ensure that consumables are safe, reliable, and effective for patient use. Compliance with these standards is essential for gaining market approval and maintaining trust in the healthcare industry. As regulatory frameworks evolve, manufacturers are investing in research and development to create consumables that not only meet but exceed these stringent requirements, fostering a safer healthcare environment.
Use Cases
- Personal Protective Equipment (PPE): PPE is vital for ensuring the safety of healthcare workers and patients, especially during health crises. This category includes masks, gowns, gloves, and face shields, which are essential for preventing the spread of infections. The global demand for PPE has surged due to ongoing health crises and pandemics, with projections indicating billions of units needed annually. This increase highlights the critical role of PPE in maintaining health standards and protecting individuals in medical settings.
- Disposable Medical Supplies: These include items such as syringes, gloves, and bandages, which are indispensable for routine medical procedures. The market for disposable medical supplies is substantial, with an estimated size of $60 billion by 2025. The demand for these supplies is driven by their single-use nature, which helps in maintaining sterility and reducing the risk of infection. Their importance in daily medical operations underscores the need for continuous production and supply to meet the growing healthcare demands.
- Diagnostic Consumables: These are essential components used in laboratories and point-of-care testing, including reagents and test strips. The market for diagnostic consumables is experiencing significant growth, driven by advancements in diagnostic technology and the increasing need for accurate and timely testing. These consumables are crucial for diagnosing various conditions and ensuring effective patient care. As diagnostic methods continue to evolve, the demand for high-quality consumables is expected to rise, supporting better health outcomes.
- Surgical Consumables: This category includes items such as sutures, drapes, and surgical instruments, which are critical for performing surgeries safely and effectively. The global market for surgical consumables is anticipated to grow at a compound annual growth rate (CAGR) of 6.5% from 2021 to 2028. This growth is driven by the increasing number of surgical procedures and advancements in surgical techniques. High-quality consumables are essential for ensuring successful surgical outcomes and maintaining patient safety during operations.
- Wound Care Products: These products include dressings, bandages, and topical agents, which are crucial for treating and managing wounds. The wound care segment is witnessing innovation with advanced materials and treatment options, projected to reach a market size of $25 billion by 2027. Effective wound care is essential for preventing infections and promoting healing. The introduction of new products and technologies in this field aims to improve patient outcomes and enhance the overall quality of wound management.
- Drug Delivery Devices: This category encompasses devices such as inhalers, injectors, and intravenous (IV) systems, which are essential for the safe and effective administration of medications. The market for drug delivery devices is growing, driven by the increasing prevalence of chronic diseases and the need for advanced medication delivery methods. These devices ensure precise dosing and improve patient compliance. Innovations in drug delivery technology continue to enhance the effectiveness of treatments and support better health management.
- Patient Monitoring Consumables: These include items such as ECG electrodes, thermometers, and blood pressure cuffs, which are vital for continuous patient monitoring. The adoption of patient monitoring consumables is significant, especially in remote care settings, where continuous monitoring is crucial for managing patient health. The demand for these consumables is expected to rise as remote healthcare becomes more prevalent, ensuring that patients receive timely and accurate health assessments. Effective monitoring consumables are essential for maintaining patient safety and improving health outcomes.
Conclusion
The healthcare consumables market is projected to experience steady growth, driven by increasing chronic disease prevalence, a growing elderly population, and rising healthcare expenditures. Innovations in minimally invasive surgeries and heightened infection control awareness are key factors boosting demand. However, the market faces challenges such as high healthcare costs and stringent regulations. Technological advancements, especially in Asia-Pacific due to expanding healthcare infrastructure, present significant opportunities. Major players are focusing on product innovation and strategic expansions to stay competitive. This market is poised for substantial development, reflecting the dynamic nature of global healthcare needs and technological progress.
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