Hospital Supplies Market

Global Hospital Supplies Market Size (2022 to 2027)

The global hospital supplies market 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 significantly over the past few years. Top global hospital supplies market players 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 global hospital supplies market is expected to grow.

MARKET DRIVERS:

Growing awareness about HAIs (hospital-acquired infections) and the rising number of hospitals worldwide primarily fuelling the growth rate of the global hospital supplies market.

Additionally, factors such as the aging population, increasing occurrences of infectious diseases, and methods such as frequent glove swapping and double gloving during procedures promote the growth rate of the global hospital supplies market. Furthermore, the improved economic situation in developing countries is another major factor boosting the growth of the global hospital supplies market. Moreover, factors such as a wide variety of developments and investment opportunities for the key market participants, favorable government legislation, and increased healthcare expenditure are anticipated to add significant support to the growth of the hospital supplies market.

Rising advanced technologies in the health industry are estimated to create enormous opportunities during the same period. Some notable factors determined to drive significant opportunities in the global hospital supplies market during the forecast period are the focus of the government and healthcare bodies worldwide, increasing the knowledge among their regions about the rising number of diseases paired 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. In addition, reduction in health insurance and limited resources for procuring medical equipment impede the market growth. Recently, it has been observed that an increase in the popularity of homecare services led to a decrease in hospital supplies, directly reducing the market growth.

Impact of COVID-19 on the global hospital supplies market:

The SARS-COV2 arrived as a regional pandemic and became a 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 market's growth rate. The outbreak of COVD-19 has witnessed significant market growth in the hospital supplies market. The rapid increase in the COVID-19 positive case led to the rise in the demand for medical equipment. Medical device manufacturers have increased their capacity to produce many hospital equipments to meet the patients' and hospitals' requirements. After the unlocking of lockdown, the supply chain rose rapidly, and the imports and exports of medical equipment have 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:

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:

• Operating Room Equipment
• Sterilization & Disinfectant Equipment
• Syringes & Needles
• Patient Examination Devices
• Mobility Aids & Transportation Equipment
• Disposable Hospital Supplies

Based on the product, the disposable hospital supplies segment was the leader in 2021 and accounted for a share of 46% in the global hospital supplies market, followed by the syringes and needles segment with a market share of 23%.

Hospital Supplies Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, the North American hospital supplies market had the largest share in the global market in 2021, 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 supply 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 increased the market growth.

The European hospital supplies 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 size for hospital supplies was valued at 9.08 billion in 2021, and it is projected to rise with a CAGR of 11.9% during the forecast period. Major countries such as Italy, France, and Spain are the most affected countries by covid-19, creating demand for medical supplies.

However, the Asia-Pacific hospital supplies market, which comprises countries such as China and India, is projected to grow at the highest CAGR during the forecast period due to the unprecedented population growth rate. The Asia Pacific is one of the fastest-growing global hospital supplies market regions. In recent times, the sudden outbreak of covid-19 has increased the demand for medical equipment in developing countries such as India and China. The Chinese hospital supplies market showed significant growth in the recent past. In addition, mergers, acquisitions, and joint ventures have led to private hospital expansion in this region.

The Latin American hospital supplies market is expected to grow at a steady CAGR during the forecast period.

The hospital supplies market in Middle East Africa is predicted to grow at a CAGR of 10.76% during the forecast period. The requirement for clinical equipment and developing healthcare foundations is projected to improve this region's market growth.

KEY MARKET PARTICIPANTS:

Companies playing a promising role in 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:

• In February 2020, Fresenius Kabi announced the Glucagon emergency kit's availability. An FDA-approved and cost-effective alternative to treating severe hypoglycemia in people with diabetes. 
• In February 2020, Becton, Dickinson and Company, a leading medical technology company, and Babson Diagnostics announced a long-term partnership to bring laboratory-quality, small-volume blood collection to retail pharmacies. 
• In February 2020, Becton, Dickinson and Company, a leading global medical technology company, announced the completion of a 50subject human clinical trial with the BD Libertas Wearable injector. 
• In February 2020, Fresenius announced that it had achieved a 510 (K) clearance for its Novalung system, which reduces the need for medical ventilation. 
• In February 2020, Baxter International Inc., a global leader in advancing surgical innovation, announced 510(k) clearance from the US FDA for a new generation of its Peri-Strip Dry with Veritas Collagen Matrix product known as PSDV with secure Grip. 
• In April 2019, Johnson & Johnson announced that it had completed its Advanced Sterilization Products (ASP) divestiture to Furtive Corporation. 
• In October 2019, Advanced Sterilization Products (ASP) announced its new brand strategy with a refreshed mission and a new logo. The original purpose is to protect patients from their most critical cases. 
• In June 2018, Fortive made a binding offer to buy Johnson & Johnson Ethicon’s Advanced Sterilization Products business for $2.8 billion.