PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1490061
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1490061
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.
Report Coverage | Report Details | ||
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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: | 11.80% | 2031 Value Projection: | US$ 376.91 Bn |
Global healthcare consumables market refers to the market for single-use or disposable medical supplies that are consumed within a short period of time during the process of medical care. These consumables include a variety of items such as syringes, cannulas, catheters, drapes, gloves, masks, bandages and many more. These play an essential role in diagnostics, surgery and treatment services across different healthcare settings like hospitals, clinics, laboratories and long-term care facilities. Rising incidence of both chronic and acute diseases worldwide boosts demand for medical treatments and diagnostic procedures, and this boosts usage of healthcare consumables. Growing geriatric population base that is susceptible to various diseases and rapid technological developments in the healthcare industry is expected to drive the global healthcare consumables market growth in the near future.
Global healthcare consumables market growth is primarily driven by rising disease burden due to growing prevalence of both communicable and non-communicable diseases globally. According to the World Health Organization, chronic diseases accounted for approximately 60% of total reported deaths in 2020. Growing geriatric population base that is prone to various age-related diseases and conditions require continuous supply of healthcare consumables. Rapid technological advancements in the healthcare sector boosts demand for more advanced and innovative consumables. However, strict regulatory framework and quality standards for healthcare products introduce certain challenges for market players in terms of compliance. Currency exchange rate fluctuations can also impact the costs of imported raw materials and consumables. Meanwhile, favorable government policies and initiatives to modernize healthcare infrastructure in developing nations present new opportunities for market growth.
Detailed Segmentation-