Medical Products and Services, Specialty Laboratories, and Logistics:
Medicinal and pharmaceutical chemicals, medical and surgical supplies, medical devices and equipment, specialty lab services, supply chain solutions and logistical services
Medical products and services include a diverse range of chemicals, supplies, devices, equipment, and services related to medicine and healthcare in primary, secondary, or tertiary setting. Examples of medical products and services include emergency medical supplies, disposable medical supplies, advanced wound and skin care products, lab supplies and diagnostics, cleaning supplies, sensing and control products, scanners, mobile devices, e-health devices, furnishings, specialty lab services, and supply chain solutions and services, including cost management programs, logistical consulting, clinical support and e-commerce. Specialty labs provide concierge lab services and/or high complexity services (such as testing for rare diseases, advanced tissue analysis, and other types of esoteric testing), and often fill in the gaps in products and services offered by hospitals and commercial labs. Medical/healthcare logistics providers offer services such as contract labor, transportation, distribution and logistical consulting of handling pharmaceuticals, medical and surgical supplies, medical devices and equipment, and other products used in a healthcare setting.
The major players in this highly diversified space include: Johnson & Johnson, GE Healthcare, Siemens, Medtronic, Cardinal Health, Novartis, AmerisourceBergen, McKesson, Abbott Laboratories, Thermo Fisher Scientific, Quest Diagnostics, LabCorp, and Owens & Minor, to name a few.
The fragmented medical products and services industry is driven by the same themes that drive the healthcare services market. Key demand drivers include an aging population coupled with extended life expectancy, a heightened awareness of lifestyle and chronic diseases and focus on preventive care, and an increasing shift towards consumer oriented health services and innovative care delivery, including self-medication and home-based treatment. The U.S. continues to be the largest market for medical devices and services, and the industry’s compound annual growth rate is expected to stay higher than the GDP growth rate.
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