The size of the European medical supplies market is estimated to be growing at a CAGR of 5.3% during the forecast period.
The growing geriatric population, the large and established medical technology industry, the growing number of surgeries, the growing need for cost containment in the healthcare sector, and the availability of funds for research and innovative products are some of the significant factors contributing to the growth of the European medical supplies market.
Chronic diseases are a growing concern, affecting a third of the European population aged 16 and over. This growing awareness is increasing hospitalization rates, which is driving the overall growth of the market in Europe. According to the World Population Aging, in the Netherlands, the population aged 64 and over in 2019 was 3,355 million (19.7%), and this figure is expected to reach 4,299 million (24.9) in 2035. Similarly, it is expected to increase in Greece from 2,299.5 million (22%) to 2,632 million (26.6%).
The elderly population is expected to increase in the coming years in both countries, and this population is more prone to chronic diseases. In addition, the fact that the geriatric population is more susceptible to acute and chronic diseases indicates that the increase in the geriatric population is also strongly responsible for the high rates of hospitalization, which is driving demand in this market.
Europe has a strong healthcare system in terms of infrastructure, hospital beds, hospital supplies, equipment, etc., which has helped the overall market rank among the market shares the highest. Hence, the well-established infrastructure of hospitals contributes to the growth of the European medical supplies market.
The preference for home care is also increasing, as the home is a place of emotional and physical associations, memories, and comfort, and it also brings families together, which is especially important in long-term illnesses. Hence, the increasing use of home care restricts hospitalization and further hinders the growth of the medical supplies market.
Impact of COVID-19 on the European medical supplies market:
European countries, including Italy, Spain, and France, are the main regions affected by COVID-19, generating high demand for companies manufacturing emergency medical supplies. Around 236,900 cases of COVID-19 were reported in Italy and 291,100 in Spain in the first half of 2020, resulting in a large number of emergency hospitalizations. Therefore, the increasing incidence of these infectious diseases will influence emergency medical teams in Europe.
The European Commission has introduced a strategic medical equipment pool that includes critical care medical equipment, ventilators, and PPE, such as masks and gloves and various other medical supplies, as shortages have been reported in those countries. In addition, European member countries have decided to fund 92% of the cost of medical supplies during the COVID-19 pandemic. These government initiatives drive the growth of the medical supplies market during the forecast period.
This research report on the European medical supplies market has been segmented and sub-segmented into the following categories:
Geographically, while Germany held the largest share of the European medical supplies market in 2019, Poland is expected to experience the fastest growth during the forecast period. While the medical supplies market in the country is currently immature compared to other developed countries and mainly consists of imported products, it is expected to expand during the forecast period owing to factors such as population increase in geriatric population and growing demand for medical supplies in-home care settings. In addition, the market presents opportunities for expansion in the fields of diagnostics, surgery, cardiovascular, oncology, and nuclear medicine.
The Italian medical supplies market is expected to reach a CAGR of 9.4% during the forecast period. Well-equipped healthcare facilities will influence the supply of medical equipment. Several companies are focusing on increasing R&D spending to develop advanced medical supplies that will positively impact the demand for medical supplies in the country during the analysis period. Additionally, the COVID-19 pandemic will have an even greater impact on market growth in the near future.
KEY MARKET PLAYERS:
Medtronic, Cardinal Health, Inc., BD, Johnson & Johnson, B. Braun Melsungen AG, Boston Scientific Corporation, Thermo Fisher Scientific, Inc., Baxter International, Inc., Avanos Medical, Inc., 3M, Smith & Nephew, ConvaTec Group Plc., Abbott, Cook Medical, Merit Medical Systems, Stryker and Terumo Corporation are some of the notable companies operating in the European medical supplies market.