Healthcare Consumables Industry: Global Healthcare Cons Industry witnessing Rapid Growth and Innovation
Market Dynamics
The global healthcare consumables market size was valued at USD 335.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.8% from 2021 to 2028. Increasing prevalence of chronic and infectious diseases, rapidly aging population, and technological advancements are the key factors driving the market. According to the World Health Organization (WHO), chronic diseases accounted for approximately 60% of all deaths globally in 2020, with cardiovascular diseases being the leading cause. The rising disease burden has increased the demand for healthcare consumables such as syringes, bandages and dressings, surgical gloves, drapes, and surgical packs that are extensively used in diagnosis and treatment procedures.
Another important driver for the market is the growing geriatric population worldwide that is more susceptible to chronic ailments. As per the United Nations data, people aged 65 years and above numbered 727 million in 2020 and is projected to reach 1.5 billion by 2050. This demographic change has prompted greater consumption of healthcare services and related disposable products. Technological advancements are also fueling market growth through the development of advanced wound care dressings, surgical drapes and gowns with bacterial barrier properties, and single-use devices and equipment with improved functionality. Furthermore, rising healthcare expenditures encouraged by governments worldwide and increasing accessibility of medical insurance are supporting the expansion of the healthcare consumables industry.
Product Segment Insights
Global Healthcare Consumables The wound management products segment led the market in 2020 and accounted for a revenue share of over 25%. This can be attributed to the high and increasing prevalence of diabetes and associated chronic wounds globally. As per IDF Diabetes Atlas 2019 data, around 463 million adults were living with diabetes in 2019, with the number projected to rise to 700 million by 2045. Diabetic foot ulcer is a major complication that often requires treatment with advanced wound dressings and therapies, thereby driving segment growth.
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