Hospital Supplies Market

Global Hospital Supplies Market Size (2023 to 2028)

The global hospital supplies market is forecasted to be worth USD 76.86 billion by 2028 from USD 44.004 billion in 2023, growing at a CAGR of 11.8% during the forecast period.

Global Hospital Supplies Market Share Insights:

• Based on the product, the disposable hospital supplies segment accounted for the leading market share in 2022.
• North America dominated the market in 2022 and accounted for the largest share.
• The European region occupied a substantial share of the worldwide market in 2022. 

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 HAls (hospital-acquired infections) and the YOY rise in the number of hospitals worldwide are majorly propelling the global hospital supplies market.

Growing healthcare infrastructure in hospitals is the primary factor driving the market forward during the pandemic. Healthcare infrastructure plays a significant role in curing infections and chronic diseases in patients. Nowadays latest technologies are used for surgeries for the procedure. Cancer treatment requires advanced technology and infrastructure to detect or cure the cancer cells in the body. Most key players focus on manufacturing devices according to the requirement suitable for a particular group of people and driving the market forward.

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 forecast 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 hampering the growth of the hospital supplies market.

In addition, reduced health insurance and limited resources for procuring medical equipment impede 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. Furthermore, the high costs of hospital supplies also restrain the market growth. Due to the high price of the devices, most hospitals are reluctant to buy the hospital supplies required for treatment or everyday use. Therefore, along with this lengthy approval process, the supplies hinder the market growth.

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

The SARS-COVID 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 accelerated the market's growth rate.

The outbreak of COVID-19 has witnessed significant market growth in the hospital supplies market. The rapid increase in the COVID-19 positive case led to a rise in the demand for medical equipment. Medical device manufacturers have increased their capacity to produce many hospitals equipment to meet the patients' and hospitals' requirements. After the unlocking of the 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 2022 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%. Most countries use these disposable hospital supplies, which drives the segment's growth. These disposable medical supplies are used to prevent infection in hospitals. In addition, these disposable medical supplies are strictly sterilized following national standards.

Using disposable syringes can reduce the infections spread from one person to another. In addition, these are safe and easy to use.

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 2022, 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. In recent years, most Canadians have focused on producing medical devices for hospitals to improve their health and well-being. In Canada, there are strict regulations and rules for the use or manufacturing of medical devices. The Government of Canada is taking several steps to provide the safety, effectiveness, and quality of the medical devices Canadians use. In this region, every hospital device requires certification by the Canadian Nuclear Safety Commission (CNSC).

The size of the European hospital supplies market 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 by covid-19, creating demand for medical supplies. In Europe, the Government has focused on approvals of medical devices and personal protection equipment which has followed standard rules for production during the pandemic period driving the hospital supply market. Most hospitals are in shortage of hospital supplies due to an increase in the number of patients due to the pandemic. In Europe, Commission and the European Committee for Standardization (CEN) have agreed on standards for protective equipment like face masks and disposable gloves for manufacturing these products in their region. In addition, during the Covid-19 pandemic, the WHO agreed with the German Government to deliver medical supplies to save people from the pandemic.

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 has shown significant growth in the recent past. In addition, mergers, acquisitions, and joint ventures have led to private hospital expansion in this region. In India, the healthcare sector is the largest in revenue. In recent years it has been observed that most researchers are focusing on developing equipment and devices used for the people in the region for better healthcare. With an increasing focus on advanced technology in India, this market has the largest share. The main reason for the increasing growth of this region is due to the increasing older population and increasing awareness of healthcare among the population. In Japan, hospital supplies share has increased in the last two years. Reducing the device approval time and increasing the use of advanced technologies drive the market forward.

The Latin American hospital supplies market is expected to grow at a steady CAGR during the forecast period. Latin America is more dependent on the import of medical supplies, mainly during the pandemic, which drives the hospital supplies market in this region. Argentina has the largest market share by producing Russia's Sputnik vaccine during the pandemic. Argentina is also providing medical equipment to the region near it. Research is focusing on developing new devices which are helpful to the people, and the Government is also investing in manufacturing medical supplies in this region. Brazil also increased its production of medical supplies, which are more useful during the pandemic.

The hospital supplies market in Middle East Africa is anticipated to register a moderate share of the global market during the forecast period owing to increasing customized devices according to the users. Additionally, the increasing number of medical manufacturing companies in the United Arab Emirates also drives the market in this region. In UAE, increasing government funding, public healthcare service, and infectious diseases like measles and malaria have driven hospital supplies in this region. In addition, this region is supported by sponsors to fulfill the medical equipment needs for some chronic diseases such as cancer, cardiovascular diseases, and disabilities.

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 will likely face intense competition from some of the budding companies in the coming years, exemplifying the open nature of this market.

RECENT MARKET HAPPENINGS:

• In 2022, the NuVent™ Eustachian tube dilation balloon was launched by Medtronic plc, which has been approved by the U.S. Food and Drug Administration (FDA) for treating chronic obstructive chronic Eustachian Tube Dysfunction. The surgeons used the NuVent™ balloon to deliver treatment.
• The bold fibered detachable coil, used to reduce the blood flow rate in the peripheral vasculature, was approved by Food and Drug Administration and announced by Boston Scientific Corporation in 2022. This device is mainly used in the United States for embolization procedures to stop hemorrhaging, prevent aneurysm ruptures, and reduce the size of certain tumors.
• In 2022, Cardinal Health partnered with the nation's largest independent healthcare accreditation organization to help customers of Cardinal Health pursue accreditation for their specialty pharmacies and practices.
• In 2022, Becton, Dickinson, and Company, the global leader in medical technology, had an agreement with Frazier Healthcare Partners to acquire Parata Systems, an innovative provider of pharmacy automation solutions.
• In 2021, ENSEAL X1 Curved Jaw Tissue Sealer was launched by Ethicon, a Johnson & Johnson Medical Devices Companies division. This device increases the procedure efficiency and gives better access to tissues.
• 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 subject human clinical trial with the B.D. 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.