Rigid FDA Approval Norms to Dampen Growth of Global Medical Disposables Market, which is Poised to Exceed US$193.89 by 2018
As per the study, in 2011, the global market for medical disposables was worth US$144.67 bn and estimated to reach a value of US$193.89 bn by the end of 2018, registering a 4.30% CAGR between 2012 and 2018.
Medical disposables refer to several products that are used in medical procedures, including drug delivery and wound management. Medical disposables are vital for carrying out several medical procedures. In the last few years, the medical infrastructure in emerging countries has been developing, which is indirectly driving the medical disposables market worldwide. The increasing volume of hospital admissions and inpatient days and the growing prevalence of chronic diseases that require long-term therapy are some of the other factors propelling the market. However, a reduction in the number of healthcare-associated infections and rigid FDA and GMPs approval norms are projected to hamper the growth of the market in the next few years.
By product, the global market for medical disposables has been classified into wound management disposables, drug delivery disposables, nonwoven medical disposables, and others. Among these, the drug delivery segment is projected to grow rapidly throughout the forecast period owing to the increasing application for the treatment of chronic diseases. Moreover, the innovation in drug delivery devices including infusion pumps is further expected to contribute towards the growth of the market. Medical disposables find application in outpatient facilities, hospitals, home healthcare facilities, and others.
By geography, the global market for medical disposables has been divided into North America, Europe, Asia Pacific, and Rest of the World. In 2011, North America dominated the market, holding a 35% share in the global market for medical disposables and expected to remain in the leading position in the next few years. As per the research study, in 2011, the U.S. alone held a 70% share in the North America market.
On the other hand, the Asia Pacific market for medical disposables is projected to grow substantially throughout the forecast period, owing to the growing awareness regarding healthcare and hygiene. China and India are expected to contribute significantly towards the growth of this market. In addition, the increasing geriatric population, increasing disposable income, and rising expenditure on healthcare by the governments are some of the other factors projected to fuel the growth of the medical disposables market in Asia Pacific.
The leading players operating in the global market for medical disposables include Covidien Plc, Becton, Dickinson And Company, Johnson & Johnson, and 3M Company. The research study has provided the detailed profiles of these players to guide the new entrants in the market.
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