The size of the Hospital Supplies Market in North America is forecasted to be worth USD 24.59 billion by 2027 and USD 14.14 billion in 2022, growing at a CAGR of 11.70% during the forecast period. The North American hospital supplies market has been growing at a substantial rate over the past few years.
The North America Hospital supplies market is anticipated to be driven by the growing public awareness regarding hospital-acquired infections, the tendency of governments to strictly enforce regulatory frameworks for using hospitals' equipment, and an increase in demand for various testing alternatives. In the treatment and diagnostic processes, patients with chronic and severe illnesses require technologically advanced medical instruments. Due to an increase in the number of illnesses, the healthcare sector and hospitals invest in the latest medical technology to treat patients efficiently. As a result, disposable medical supplies are being more widely used across the region, and there is a rising awareness of the need to prevent hospital-acquired infections (HAIs). As a result, the number of hospitalizations due to chronic illnesses is on the rise. This, in turn, is expected to lead to a rise in the duration of hospital stays, which is expected to leave a positive impact on the disposable hospital supplies products in the North American region throughout the forecast period.
The North American hospital supplies market is further propelled by increased inflammatory illnesses such as sexually transmitted infections and pneumococcal diseases. The communal disease is caused by the presence of numerous microorganisms that occur in the environment. In addition, increased demand for hospital equipment and supplies has come from an aging population, leading to expanding the industry. Leading industry players in the hospital supplies market offer improved goods to assist medical professionals in managing their patients more efficiently through technological advances. Disposable hospital supplies are only used once, such as consumables, medical equipment, and disposable gadgets, and are used in huge quantities throughout all hospitals. Suction catheters, bandages and wraps, exam gowns, surgical sponges, face masks, hypodermic needles, gloves, and needles are used by medical personnel in various settings, ranging from cleaning to surgical theatres in some cases, administrative departments.
The rise in home healthcare services and the availability of government reimbursement in the United States are projected to hinder industry development in the hospital supplies market. Additionally, reducing private health insurance and government-imposed restrictions are some of the major limitations to the North American hospital supplies market growth.
This research report on the North American hospital supplies market has been segmented and sub-segmented into the following categories:
By Product Type:
Based on the product type, disposable hospital supplies lead the market with a market share of 46%, followed by the syringes and needle segment with a market share of 23%.
Geographically, the U.S. hospital supplies market is predicted to lead the North American market during the forecast period and held a share of 74% in 2020. The North American market is very modern and is focused on innovating cost-effective procedures. In addition, companies are committed to research, sourcing, and quality, central to the industry's success. The hospital supplies market is projected to be led by North America, which has experienced substantial advances in healthcare infrastructure. Growing government initiatives to improve and expand healthcare facilities, a growing population, and an increase in chronic illness cases might all be contributing to the region's hospital supplies market's growth. The constant focus on cost-effective and innovative methods used in the United States, which has demonstrated a growth in the hospital supplies industry, contributes to North America's high market share. In addition, market growth in this region is projected to be fuelled by rising communicable illnesses and hospital-acquired infections.
KEY MARKET PLAYERS:
Companies playing a dominant role in the North America 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. However, the top players in the North American hospital supply market are likely to face intense competition from some budding companies in the coming years, exemplifying the open nature of this market.
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