Medical supply companies and their suppliers are looking forward to a golden era for their business as more patients are increasingly getting the care they need and demand grows.
The boom in demand has helped supply companies such as Pfizer and Johnson & Johnson reach an all-time high in sales in the first quarter of 2020, according to a report from the medical supply and medical device industry association.
The sector has grown by more than 50 percent in value since 2008, and has seen growth in the number of new patients per capita.
It’s also been a boon for medical device makers such as Johnson &s; Johnson, who are growing their medical supply businesses.
That’s helped them compete with the likes of Amazon, which is growing rapidly and has also been boosting its sales of medical supplies, according a recent report from research firm J.D. Power and Associates.
“As our industry continues to grow and innovate, we are on the cusp of a golden time,” said Michael J. J. Klahr, chairman and CEO of Johnson & amp; Johnson.
“Medical supply companies are in a good position to capitalize on the current trend and to become more attractive to new patients and doctors.”
In this article, we look at the major players in the medical supplies business, how they are growing, and how they could thrive in the next few years.
Medical Supply Companies in the US The first major player in the U.S. medical supply sector, Pfizer, made its way to the top of the list by selling medical supplies to the public through a joint venture with the healthcare giant Johnson &.amp;.
The company is a medical supply company and has grown in size by more the more than 10,000 employees it now has in its San Francisco office.
It now sells its supplies directly to consumers and has more than $4 billion in annual sales, including more than 2 million prescription medications and more than 5 million generic medicines, according the company.
Pfizer is the most profitable medical supply player in North America, with $1.6 billion in sales during the fourth quarter of 2019.
While it’s not the biggest medical supply companies in the United States, it is one of the biggest in the world.
Johnson < Johnson is the second-largest, with an annual sales of $4.3 billion.
The other big player is the pharmaceutical company Merck & ;amp; Co., with sales of more than half a billion dollars during the last three years.
The pharmaceutical company is the largest producer of drugs for the medical use of humans and is also a leading provider of generic medicines to hospitals.
Merck and Johnson have also been at the forefront of the medical device market, with the two companies producing devices and diagnostics, and devices and diagnostic services for the entire healthcare industry.
The two companies together have over 1,300 facilities worldwide, according company filings.
The medical supplies industry is growing by a whopping 50 percent per year, according J.P. Morgan analyst Bill Lohr, who also serves on Johnson ≪ Johnson’s board.
“We believe that demand is increasing significantly, and the supply chain is increasingly focused on delivering value to patients and their families,” Lohrs report states.
In addition to Pfizer’s market dominance, it has also benefited from an uptick in the demand for its products.
For example, in the third quarter of 2018, demand for medical supplies rose 9 percent, while sales of its prescription medications rose 5 percent, according data from the market research firm Euromonitor.
The demand for Johnson > Johnson medical supplies is also rising, according Lohs report, which also showed the medical devices and pharmaceutical companies’ sales are growing.
“Johnson &; Johnson’s growth is driven by a combination of strong performance from its medical supplies businesses, strong innovation in medical supply, and strong margins,” the company said in a statement.
“Our medical supply sales are continuing to grow, and Johnson&Johnson has been able to leverage this growth to deliver exceptional results for our shareholders.”
Johnson &ing; Johnson was also named one of Fortune 500 companies by Fortune for its performance in fiscal 2018.
Johnson<amp;J is a pioneer in the healthcare device industry, which employs more than 13,000 people worldwide and is the fifth-largest manufacturer of medical devices.
It also has a number of products for the hospital industry, including its Xtra X-Rays and Xtra-X-Rocks, which are used to deliver medical treatments to patients.
The device company’s medical supplies and diagnostic businesses are also among the fastest-growing in the industry.
Its revenue rose 14.9 percent in fiscal 2019, compared to a decline of 8.9 percentage points in fiscal 2017, according Euromonitors.
Johnson has also experienced a significant increase in revenue from its diagnostic devices and devices.
In the fourth-quarter of 2018