Hospital Supplies Market Outlook 2031
The global hospital supplies market size was USD 39.36 Billion in 2022 and is projected to reach USD 107.41 Billion by 2031 expand at a high CAGR 11.8% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing chronic illness and rising instances of accidents, natural calamities, and others.
A growing healthcare infrastructure and rising government initiatives to improve and expand health care facilities are increasing demand for hospital supplies, which is expected to boost the global market.
The ageing of the American population is undeniably increasing demand for quality healthcare rising communicable disorders and hospital-acquired infections are likely to boost market expansion. According to the Centers for Disease Control and Prevention, catheter-associated urinary tract infections were recorded in about 3,679 hospitals in the United States in 2017.
In 2018 UN COMTRADE reported that, the United States imported more than $29 billion in medical equipment. China was the primary supplier of these commodities, accounting for around 28% of the total. The European Union was the second most important supplier, accounting for 18% of total imports.
Europe is a key global center for the medical equipment sector. Many European countries, on the other hand, export their products to foreign markets and rely on imports to feed the local healthcare business. Manufacturers of in-demand technology will discover that their items are highly welcomed.
Countries in the European Union are battling COVID-19, which will likely prohibit the US from depending on this source to enhance medical products imports. Indeed, as reported by the Peterson Institute, the European Union has put export restrictions on critical medical equipment.
Accordance with EU rules on testing and immunization the voluntary Joint Procurement Agreement for Medical Countermeasures allows for the purchasing of critical medical supplies and equipment in a group setting. Joint procurement assists Member States in combating the COVID-19 pandemic in.
Since early 2020, up to 36 nations have taken part in twelve joint procurement procedures, resulting in over 200 contracts allowing governments to acquire crucial medical supplies and breakthrough treatments worth almost €13 billion. When undertaking joint procurements, the European Commission serves as a coordinator, while EU member nations acquire the products.
China has mostly recovered and has resumed exporting these items, although its supply remains restricted. The United States is also vying for Chinese products with other nations affected by the COVID-19 situation.
In India, healthcare is delivered through basic, intermediate, and higher care facilities. According to current projections, India will require up to 1.75 million more hospital beds by the end of 2025, creating an opportunity for international corporations to establish hospitals in India through foreign direct investment (FDI). According to industry sources, the hospital business in India is developing at a compound annual growth rate of 16 to 17 percent and is predicted to reach $130 billion by 2022-23.
WHO had received reports of around 160 million confirmed COVID-19 infections and 3.3 million fatalities the global pandemic situation leads to rise in demand for hospital supplies such as personal protective equipment (PPE), ventilators, high-quality medical devices but due supply chain disruption face a high unmet need.
Hospital Supplies Market Trends, Drivers, Restraints, and Opportunities
- Rapid growth of healthcare and medical equipment industries are major factors propelling the market growth.
- Growing ageing population is anticipated to drive the market expansion in the coming years.
- Associations and government investments and encouraging the development of newer and innovative technologies to improve hospital supplies are expected to fuel the market growth.
- Increasing number of accident patients is projected to boost the market during the forecast period.
- Increasing focus toward safety measures in hospital operations is projected to boost the market growth during the forecast period.
- Growing communal diseases and hospital-acquired infections is projected to drive the market expansion in coming years.
- Disturbed supply chain and growing black market activities is expected to hinder the market growth.
- Growing global chain of hospitals is anticipated to create immense opportunities for the market players.
Scope of The Hospital Supplies Market Report
The report on the global hospital supplies market includes an assessment of the market, trends, segments, and regional 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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Hospital supplies Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Operating Room Equipment, Mobility Aids & Transportation Equipment, Patient Examination Devices, Sterilization & Disinfectant Equipment, Disposable Hospital Supplies, Syringes and Needles, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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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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Medtronic PLC; B Braun Melsugen AG; 3M Healthcare; Boston Scientific Corporation; Cardinal Health Inc.
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Global Hospital Supplies Market Segment Insights
The disposable hospital supplies segment is projected to hold a major market share
Based on products, the hospital supplies market is divided into operating room equipment, mobility aids & transportation equipment, patient examination devices, sterilization & disinfectant equipment, disposable hospital supplies, syringes and needles, and others. The disposable hospital supplies segments are expected to represent a key share of the market during the forecast period owing to rising demand for single-use items including medical equipment, consumables, and disposable gadgets that are used in huge quantities throughout all hospitals.
Suction catheters, hypodermic needles, exam gowns, surgical sponges, bandages and wraps, face masks, gloves, and needles are all used by medical workers in a variety of settings, ranging from cleaning to surgical theatres, and in some cases, administrative departments.
North America is anticipated to dominate the market
On the basis of regions, the hospital supplies market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to is the growing communal diseases and hospital-acquired infections are expected to drive market growth.
Segments
The global hospital supplies market has been segmented on the basis of
Products
- Operating Room Equipment
- Mobility Aids & Transportation Equipment
- Patient Examination Devices
- Sterilization & Disinfectant Equipment
- Disposable Hospital Supplies
- Syringes and Needles
- Others
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the hospital supplies market include Medtronic PLC; B Braun Melsugen AG; 3M Healthcare; Boston Scientific Corporation; Cardinal Health Inc. Some of these players are coming up with several market including as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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