The medical supplies industry is anticipated to see a 6.3% compounded annual growth rate (CAGR) worldwide from 2017 to 2023. The market is predicted to grow from $91.3 billion in 2016 and reach an estimated $140.5 billion in 2023.
This amazing rate of growth can be attributed to many factors in the market. Here are the main reasons we are seeing such a huge rise in the medical supplies industry.
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The senior population is growing. There is currently a major burst of growth in our senior population. And, we will soon discover that the older we get the more medical supplies we seem to need.
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An increase the number of people with chronic diseases. It seems as if chronic diseases are affecting more and more people these days. These constant and recurring diseases will need to be treated continually, which means more and more medical supplies for the masses.
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The availability of more advanced products. Many people are investing in the healthcare industry, which in turn causes more and more advanced products to come out. People want the best on the market products to help them, which means they are buying more and more new stuff. This only adds to the increase in sales for the medical industry.
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The growing rate of surgical procedures and newly adopted surgical procedures. These new procedures will require patients and doctors alike to buy more medical products either new or the same ones they have always used. Either way the increase in surgeries is going to lead to an increase in medical supplies.
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Growth of preventative care. Many of us do not want to fall victim to a chronic disease, so we are taking the necessary steps ahead of time to lower our risk. This means you are still buying some medical supplies even though it may not be as much as the people who already have a chronic disease.
The report goes in to minute detail and even breaks down the medical supply industry into different departments. They then give a prediction on each departments expected growth. You can also compare different regions (United States, Asia-Pacific, Europe, etc.) and avenues (hospitals, nursing homes, clinics, etc.) to compare other predicted growth rates. If you would like to view the report in its entirety and see the different comparisons, you can view it here.