Global Hospital Supplies Market Size, Share, Forecast Report, 2020-2027

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The global hospital supplies market is projected to grow at a considerable CAGR of over 10% during the forecast period. The increasing prevalence of the chronic disease is estimated to be one of the major factors driving the growth of the global hospital supplies market. Chronic disease includes arthritis, CVDs, asthma, cancer, and chronic obstructive pulmonary disease (COPD). According to the Centers for Disease Control and Prevention (CDC) in 2019, six in every 10 individuals are suffering from chronic diseases in the US. The increasing number of surgeries related to the treatment of these diseases in hospitals has created a huge demand for hospital supplies. Operating room equipment, syringes & needles, catheters, and transportation equipment among others are the major products used at the time of performing surgery, which, in turn, is anticipated to drive the growth of the global hospital supplies market.



The increasing adoption of advanced technology by the hospitals to provide quality care is further anticipated to promote the market growth of the hospital supplies. The visitors and personnel of hospitals are more prone to acquire the infection as these people come into direct contact with the patients. Therefore, sterilization and disinfectant products are highly utilized in hospitals to mitigate the risk related to the spread of infection. The rising awareness among the common people related to hospital-acquired infections is anticipated to drive the demand for hospital supplies. The developing healthcare infrastructure and increasing government support to offer considerable opportunities for the growth of the hospital supplies market across the globe. However, the advent of home healthcare service, the advancement of personalized medicine, and strict regulatory compliance are anticipated to restrict the growth of the global hospital supplies market.



Segmental Outlook



The hospital supplies market is segmented on the basis of product type. Based on product type the market is segmented into operating room equipment, sterilization & disinfectant equipment, syringes & needles, mobility aids & transportation equipment, disposable hospital supplies, and patient examination devices. The disposable hospital supplies are anticipated to hold considerable market share during the forecast period. The cost-effectiveness of these supplies is a key factor to promote their huge adoption. The disposable hospital supplies include exam gowns, surgical sponges, face masks, gloves, needles, catheters, and many others.



The growing adoption of these products to remain safe from the hospital-acquired infection is promoting the growing adoption of disposable hospital supplies. The significant increase in catheter during the different types of heart and spine related surgeries is further estimated to propel the demand for the catheters, which, in turn, will drive the growth of the hospital supplies market. Apart from the disposable hospital supplies, the syringes & needles segment is also forming a huge share of the global hospital supplies market.



Regional Outlook



The global hospital supplies market is further segmented on the basis of geography into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific is anticipated to exhibit considerable market growth during the forecast period. The large population base coupled with the increasing prevalence of chronic diseases has increased the demand for hospital supplies in Asia-Pacific. Moreover, improving healthcare in the region, growing adoption of medical insurance, growing per capita healthcare infrastructure are secondary factors that are making a considerable contribution to market growth.



North America to Hold a Considerable Share in the Hospital Supplies Market



Geographically, North America is projected to hold a significant market share in the global hospital supplies market. Major economies that are anticipated to contribute to the North American market include the US and Canada. The rising prevalence of chronic diseases and disorders such as cancer, heart attack, kidney stones have accelerated the demand for hospital supplies in diagnostic and operational procedures. This, in turn, is contributing to the high market share in the region.



Moreover, the advanced healthcare infrastructure of the region has led the foundation stone for the further growth of the hospital supplies market in North America. Furthermore, cohesive government policies related to the health and safety of patients and personnel in the hospitals are further contributing to market share in the region. 3M Co., Abbott Laboratories Inc., Johnson & Johnson Services Inc. are some of the key players operating in the region.



Market Players Outlook



Boston Scientific Corp., Stryker Corp., Abbott Laboratories Inc., Medtronic plc, Johnson & Johnson Services Inc., 3M Co., Abbott Laboratories Inc., B. Braun Melsungen AG, and Baxter International Inc., among others, are some of the key players operating in the hospital supplies market. The major market players are actively adopting growth strategies such as mergers and acquisitions, partnerships, collaboration with hospitals among others to remain competitive in the global Hospital supplies market.