Healthcare Consumables Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033

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With its dynamic growth trajectory, the global healthcare consumables market is set to shape the future of healthcare services. The healthcare consumables market size, which amassed a resounding $281.63 billion in 2023, is projected to expand to $311.30 billion in 2024, showing off a compound annual growth rate CAGR of 10.5%. The rapid ascent can be ascribed to the growing emphasis on preventive healthcare and routine check-ups, the escalating prevalence of chronic diseases such as diabetes and cardiovascular conditions, a burgeoning elderly population with heightened healthcare needs, and the expansive evolution of healthcare infrastructure in emerging markets.

But what comes next for this surging market? The coming years are poised to witness the healthcare consumables market size multiplying at an even more vigorous pace. By 2028, the market could burgeon to reach a value of $466.65 billion, while escalating at a compound annual growth rate CAGR of 10.7%. Indeed, the integration of intelligent technologies into healthcare consumables, mounting investments in healthcare research and development, growing adoption of digital health solutions and telemedicine, and the broadening access to healthcare in developing regions are anticipated to be instrumental in driving this exponential growth.

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One profound driver adding fuel to the growth trajectory is the rising number of hospital admissions. A confluence of factors such as an aging population, the rising prevalence of chronic diseases, and advancements in medical technology are pushing up the number of hospital admissions, thereby propelling the demand for healthcare consumables. In September 2023, England recorded 16.4 million finished admission episodes FAEs, marking a 2.6% increase from the 2021–22 period, which underscores the accelerating demand for consumables crucial for patient care.

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Commanding this flourishing market space are major companies such as Cardinal Health Inc., Johnson & Johnson, Abbott Laboratories, 3M Company, Siemens Healthineers, Becton Dickinson and Company BD, and Philips Healthcare, among others. These industry forerunners are proactively leveraging advanced products, including biodegradable consumables, to foster sustainability, minimize environmental impact, and create a competitive advantage.

The healthcare consumables market is not a monolith; it can be segmented based on product type, raw materials, and end users. Product types encompass wound care consumables, diagnostic consumables, respiratory supplies, drug delivery products, and more. Furthermore, the market incorporates a hullabaloo of raw materials, from rubber to non-woven materials, glass, and metals. As for consumers, they range from hospitals and specialty clinics to other end-using establishments.

From a geospatial perspective, North America held the baton for the largest regional share in the healthcare consumables market in 2023. However, the Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa are fast catching up, transforming the global landscape of the healthcare consumables market.

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