Hospital Supplies Market
Number of pages: 100 | Report Format: PDF | Published date: March 13, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 15 billion |
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Revenue Forecast in 2031 |
US$ 38.06 billion |
|
CAGR |
10.9% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
|
Segments Covered |
Product Type, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global hospital supplies market was valued at US$ 15 billion in 2022 and is expected to register a revenue CAGR of 10.9% to reach US$ 38.06 billion by 2031.
Hospital Supplies Market Fundamentals
Hospital supplies are medical equipment, such as gloves, drapes, procedure trays, needles and syringes, and operating tables used in clinics and hospitals for patient care, disinfection, transportation, and preliminary diagnosis tables. Hospital supplies are an essential aspect of any medical facility. They ensure that patients receive the best possible care and that medical staff have the necessary equipment to do their jobs effectively. Additionally, medical facilities need a steady supply of hospital-grade disinfectants, cleaners, and other sanitation products to keep patients safe and prevent the spreading of infections. Ensuring a hospital is well-stocked with essential supplies is crucial for delivering high-quality healthcare.
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Hospital Supplies Market Dynamics
Global adoption of hospital supplies is accelerating due to the rising incidence of hospital-acquired infections (HAI). Nosocomial infections are prevalent in developed and developing nations at 7% and 10%, respectively. Worldwide, 15% of hospital patients have viral, bacterial, or fungal infections, according to the World Health Organization (WHO). On any given day, about 1 in 31 hospital patients has at least one HAI, according to the Centers for Disease Control.
Globally, the prevalence of chronic diseases is rising, driving up demand for hospital supplies. Due to their elevated risk of developing chronic diseases, geriatric patients require even more care. According to data from the National Health Council, 133 million Americans already experience one or more chronic conditions, which is projected to grow to 157 million by 2030. By 2050, there will be 2 billion people in the world who are 60 years of age or older, according to the WHO.
The global healthcare sector is forced to adopt cutting-edge technology due to the rising frequency of chronic and autoimmune diseases. To improve patient care, governments in developing nations are focusing on providing medical institutions with cutting-edge equipment, including plastic syringes, single-use syringes, and automated thermometers. Becton, Dickson, and Company and Babson Diagnostics teamed together in February 2020 to assist with small-volume blood collection at retail pharmacies. Similarly, BAXTER International said the U.S. FDA approved a new Peri-strip dry generation with Veritas Collagen Matrix.
However, a few factors can hinder the revenue growth of the global hospital supplies market. Hospitals and healthcare facilities with limited resources often struggle to purchase hospital supplies due to their high cost. Many safety, effectiveness, and quality regulations apply to the medical supply market. These regulations can be time- and money-consuming to comply with.
The hospital Supplies Market Ecosystem
The global hospital supplies market has been analyzed from three perspectives: product type, application, and region.
Hospital Supplies Market by Product Type
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Based on product type, the global hospital supplies market has been segmented into catheters, wound care consumables, sterilization consumables & disinfectants, diagnostic supplies, infusion and injectable supplies, dialysis consumables, radiology consumables, and others.
The sterilization consumables and disinfectants segment comprises the largest revenue share in the global hospital supplies market. Cleaning, disinfection, and sterilization play a significant role for hospitals and patients. Currently, hospitals are notably spending on supplies to maintain the cleanliness of equipment (such as prevention of HAIs), surgical instruments, and staff hygiene. The demand for sterilization and disinfectant products is rising to avoid infections in hospital settings and home care. This is projected to drive the revenue growth of the segment.
Several national and international organizations are being founded to enhance infection control procedures. These organizations are committed to lowering the number of HAIs and enhancing the caliber of supplies and equipment. For instance, the Hospital Infection Association in India raises awareness of and manages HAIs throughout the nation’s institutions. Additionally, in April 2022, Maharashtra and West Bengal (India) joined the mission as partner states and introduced the Infection Prevention and Control program using the ECHO (Extension for Community Healthcare Outcomes) model. This program aimed to enhance the existing knowledge base for nurses and train them to broaden their overall scope of knowledge, particularly in infection control and prevention.
Hospital Supplies Market by Application
Based on application, the global hospital supplies market has been segmented into cardiology, urology, radiology, wound care, infection control, respiratory, and others.
The urology segment accounts for the largest revenue share of the global hospital supplies market. Urology is the study and treatment of the urinary tract and kidneys. Medical equipment utilized in urology treatments include catheters, cystoscopes, ultrasound machines, etc. Due to illnesses such as kidney stones and other urological issues requiring large medical supplies, the urology department utilizes more supplies than other departments.
In healthcare settings, infection control stops the spread of infections. Face masks and surgical drapes are among the tools used to prevent the spread of infection. Oxygen masks, oxygen cylinders, and other tools are included in respiratory equipment. Thus, infection control and respiratory segments are projected to grow with a high revenue CAGR during the forecast period.
Hospital Supplies Market by Region
Based on region, the global hospital supplies market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share of the global hospital supplies market. This is due to an increase in the emphasis of the U.S. on adopting novel, cost-effective medical practices. HAIs are on the rise, as are lifestyle-related illnesses such as obesity, diabetes, hypertension, and cardiovascular disease, which are becoming more common in the region. Additionally, the elderly population is growing at an unprecedented rate. The industry is also projected to be influenced by the presence of major regional players. Among the region’s leading suppliers of hospital supplies are American Hospital Supply Corp., 3M Health Care Ltd, Cardinal Health Inc, McKesson Corp, Stryker, and Medtronic. The availability of more affordable hospital supplies is expected to promote market revenue growth.
Europe accounts for the second-largest revenue share in the hospital supplies market. The increasing prevalence of chronic diseases in nations such as the U.K. and France influences the consumption of hospital supplies. The region’s increased healthcare spending, expanded healthcare infrastructure, and high demand for various surgeries among the population are key factors contributing to the region’s strong need for medical supplies. The population’s adoption of medical insurance policies and several government measures for the development of the medical sector promote surgical treatment, further boosting the revenue growth of the hospital supplies market. Also, the German medical supplies market grew fastest in Europe, while the U.K. medical supply market accounted for the highest market revenue share.
Asia Pacific is projected to grow at a high revenue CAGR in the hospital supplies market. The steady advancement of healthcare reform and the ongoing demand stimulation have led to fast expansion in the China health sector. Various social capital has largely influenced the rise of private hospital flows into the Chinese hospital market through self-establishment, mergers and acquisitions, associates, and other forms, as well as joint ventures. The region’s exceptionally high geriatric demographic base is the key factor driving the rise in hospital supply demand. According to estimates, one in four people in the region will reportedly be older than 60 by 2050. In addition, the population of the Asia Pacific region will triple between 2010 and 2050 to reach over 1.3 billion people.
Hospital Supplies Market Competitive Landscape
The prominent players operating in the global hospital supplies market are:
The global hospital supplies market is extremely competitive, and major players are acquiring smaller players to gain market dominance. To strengthen their market positions globally, the leading market players concentrate on strategies including acquisitions, partnerships, product innovations, and launches. Due to its widespread distribution network and strong global presence, Johnson & Johnson Services, Inc. is predicted to maintain its leadership position over the projection period and grab a sizable market revenue share for medical devices.
Hospital Supplies Market Strategic Developments
The global hospital supplies market is expected to grow at a revenue CAGR of 10.9% during the forecast period.
Medtronic Plc, Cardinal Health, Smith & Nephew Plc, Terumo Corporation, and Abbott Laboratories are among the key players in the global hospital supplies market.
The sterilization consumables and disinfectants segment accounts for the largest revenue share in the global hospital supplies market.
The increasing number of chronic diseases, technological advancements, and product approvals are a few driving factors for revenue growth in the global hospital supplies market.
The global hospital supplies market was valued at US$ 38.06 billion in 2023.
*Insights on financial performance are subject to the availability of information in the public domain