The global hospital supplies market size is forecasted to be worth USD 68.76 billion by 2027 from USD 39.36 billion in 2022, growing at a CAGR of 11.8% during the forecast period.
Hospital medical equipment and supplies denote the various devices, instruments, and medical consumables utilized in hospitals and healthcare institutions. This market has been growing at a significant rate over the past few years. Top players in the global hospital supplies market are launching technically innovative hospital supplies to help doctors better manage their patients. With an extensive category of development and investment prospects for budding players seeking to be a part of the medical device market, the continual growth of the global hospital supplies market is expected.
MARKET DRIVERS:
Growing awareness about HAIs (hospital-acquired infections) and the rising number of hospitals primarily increase demand for the global hospital supplies market.
Additionally, factors such as the aging population, increasing occurrences of communicable diseases, methods such as frequent glove swapping and double gloving during procedures promote the growth rate of the global hospital supplies market. The improved economic situation in developing countries is another major factor boosting the growth of the global hospital supplies market.
A wide variety of developments and investment opportunities for existing players seeking to be a part of the hospital supplies market constant advancement in the market will boost the market expansion. With an increase in market growth, favorable government legislation, and increased healthcare expenditure, the scope, and potential for hospital supplies are anticipated to grow during the forecast period.
Rising advanced technologies of the health industry are estimated to create enormous opportunities during the same period. Some notable factors are determined to drive significant opportunities in the global hospital supplies market during the forecast period is the focus of the government and healthcare bodies worldwide are increasing the knowledge among their regions about the rising number of diseases paired up with preventive measures to curb the rate.
MARKET RESTRAINTS:
Stringent regulations led by the government on medical equipment supplies are considered the primary restraining factor for market growth. Reduce in health insurance, and limited resources for the procurement of medical equipment impede the market growth. In the recent period, it is observed that an increase in popularity for the homecare services led to the decrease in hospital supplies which directly reduces the market growth.
Impact of COVID-19 on the global hospital supplies market:
The SARS-COV2 arrived as a regional pandemic and became the global pandemic. The World Health Organization declared the pandemic as the emergence of healthcare. All sectors of the economy had experienced a market decline. The emergence of the outbreak of covid-19 has shown a positive and negative impact on the pharmaceutical and life sciences industries.
Covid-19 has favored the hospital supplies market and added acceleration to the growth rate of the market. The outbreak of COVD-19 has witnessed the significant market growth of the hospital supplies market. The rapid increase in the COVID-19 positive case led to an increase in the demand for medical equipment. Medical device manufacturers have increased their capacity to produce many hospital equipment to meet the patients' and hospitals' requirements. After the unlocking of lockdown, the supply chain has been rapidly increased, and the imports and exports of medical equipment have been enormously increased; therefore, the market recorded substantial growth during the pandemic period. Hence, the market is anticipated to register new growth heights during the forecast period.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 to 2027 |
|
Base Year |
2021 |
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Forecast Period |
2022 to 2027 |
|
Segments Covered |
By Product and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This market research report on the global hospital supplies market has been segmented and sub-segmented based on the product and region.
Hospital Supplies Market – By Product:
Based on the product, the disposable hospital supplies segment was the leader in 2020 and accounted for a share of 46% in the global hospital supplies market, followed by the syringes and needle segment with a market share of 23%.
Hospital Supplies Market – By Region:
Geographically, the North American market is predicted to lead the global hospital supplies market during the forecast period, followed by Asia-Pacific and Europe. The disposable hospital supplies had exceptional growth in the recent past and are projected to add fuel to the growth rate of the North American market. Similarly, syringes and needle supplies also recorded the dominant share of 23% during the forecast period. The U.S. market was the leading contributor to the growth of the North American market with a market share of 74% due to the increasing elderly population, and the number of hospitals increases the market growth.
The European market held a substantial market share in the global market in 2021 and is forecasted to continue its steady growth during the forecast period. The European market's emergency medical supplies were valued at 7.4 billion in 2020, and it is projected to rise with a CAGR of 20.0% during the forecast period. Major countries such as Italy, France, and Spain are the most affected countries by covid-19, thereby creating demand for medical supplies.
However, the Asia-Pacific region, which comprises countries such as China and India, is projected to grow at the highest CAGR during the forecast period due to the unprecedented rate of population growth. The Asia Pacific is one of the fastest-growing regions in the global hospital supplies market. In recent times, the sudden outbreak of covid-19 has increased the demand for medical equipment in developing countries such and India and China. The Chinese hospital supplies market showed significant growth in the recent past. Merger and acquisitions and joint ventures had led to the private hospital expansion in this region.
The Latin American market is expected to grow at a steady CAGR during the forecast period. Statistics show medical equipment market size will reach an amount of 30 million in 2021.
Middle East Africa, the hospital supplies market, is projected to have a moderate growth rate during the forecast period. The hospital supplies market size of Middle East Africa is predicted to grow at a CAGR of 10.76% during the forecast period. The requirement of clinical equipment and developing healthcare foundations is projected to improve this region's market growth.
KEY MARKET PARTICIPANTS:
The most promising players dominating the global hospital supplies market profiled in this report are Advanced Sterilization Products Services Inc., Dickinson and Company, Cardinal Health, Inc., Kimberly-Clark Corporation, Becton, 3M Health Care, and B. Braun Melsungen AG.
The top players in the global hospital supplies market are likely to face intense competition from some of the budding companies in the coming years, exemplifying the open nature of this market.
RECENT MARKET HAPPENINGS:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Product Type
5.1.1 Operating Room Equipment
5.1.2 Sterilization & Disinfectant Equipment
5.1.3 Syringes & Needles
5.1.4 Patient Examination Devices
5.1.5 Mobility Aids & Transportation Equipment
5.1.6 Disposable Hospital Supplies
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.3.6 Australia
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Advanced Sterilization Products Services Inc.
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Dickinson and Company
8.3 Cardinal Health Inc.
8.4 Kimberly-Clark Corporation
8.5 Becton
8.6 3M Health Care
8.7 B. Braun Melsungen AG
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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