The Canadian hospital supplies market size is expected to expand at a significant CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the increasing number of healthcare expenditure along with technological advancement in medical equipment.
Hospital supplies have been identified as one of the prominent expenditures in most healthcare organizations' budgets, followed by staff. In order to ensure that patients get the appropriate care, specialists and medical attendants utilize a wide of hospital supplies to treat disease, injury, examine, and diagnose. During patient diagnosis and treatment, medical supplies, sometimes referred to as medical equipment, are used.
A medical supply is a broad category consisting of products ranging from a simple first-aid kit to specialized medical gear. Medical supplies, such as hypodermic needles and inhalation tools, are used for medication delivery, while supplies used for sterilization and infection control help prevent infections in healthcare environments. An advancements in the performance of medical clinic supplies, resulted in expanded reception of hospital supplies, such as needles, gloves, curtains, and gowns in the country.
The Covid-19 pandemic resulted in huge demand for medical supplies across the globe. The COVID-19 treatment became a priority for medical facilities and healthcare professionals, requiring the usage of hand sanitizers, eye-wear, respiratory supply supplies, disposable masks, and disposable gloves. During this period, the hospital supplies market began to boom as a result of this crisis.
Market Trends, Drivers, Restraints, and Opportunities
- Growing field of personalized medicine and the drug-device combination are key factors driving the market growth.
- Increasing use of diagnostic imaging centers and a surge in the number of people covered under insurance are some of the major factors estimated to spur the growth of the market.
- Rapid adoption of technological advancements in the field of medical equipment is one of the major factors driving the market growth.
- The trend of homecare can create challenges for the growth of the market.
- Improved existing procedures is expected to contribute to the growth of the market during the forecast period.
- Growing concerns regarding data security and presence of technology challenged professionals scan restrain the growth of the market.
- Increasing adoption of latest technologies and rising government investment in the healthcare facilities are estimated to propel the market growth in the coming years.
- The third wave of COVID-19 pandemic can create lucrative opportunity for the market.
- Rising demand for medical solutions for population medical management is estimated to create lucrative opportunity for the hospital supplies market in Canada.
Scope of Hospital Supplies Market Report
The report on the Canadian hospital supplies market includes an assessment of the market, trends, segments, and country markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Canada hospital supplies market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Type of Products (Patient Examination Devices, Operating Room Equipment, Mobility Aids and Transportation Equipment, Sterilization and Disinfectant Equipment, Disposable Hospital Supplies, Syringes and Needles, and Others)
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Country Scope
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Canada
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Advanced Sterilization Products Inc.; Baxter International; 3M Healthcare; Boston Scientific Corporation and GE Healthcare.
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Canada Hospital supplies Market Segment Insights
Patient examination devices segment is expected to grow at a robust pace
Based on type of products, the market is segregated into patient examination devices, operating room equipment, mobility aids and transportation equipment, sterilization and disinfectant equipment, disposable hospital supplies, syringes and needles, and others. The patient examination devices segment is anticipated to account for a significant market share during the forecast period due to growing geriatric population. Moreover, the disposable hospitals supplies segment is expected to grow at a rapid pace due to increasing incidence of hospital acquired infections.
Segments
The Canada hospital supplies market has been segmented on the basis of
Type of Products
- Patient Examination Devices
- Operating Room Equipment
- Mobility Aids and Transportation Equipment
- Sterilization and Disinfectant Equipment
- Disposable Hospital Supplies
- Syringes and Needles
- Others
Country
Key Players
Competitive Landscape
Key players competing in the Canadian hospital supplies market are Advanced Sterilization Products Inc.; Baxter International; 3M Healthcare; Boston Scientific Corporation and GE Healthcare.
Companies are engaging in partnerships with hospitals and improving their distribution in the country to expand their market share. Moreover, they’re enhancing their product line to leverage their market position.
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