Global Hospital Supplies Market is projected to grow at a CAGR of 10.62% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Hospital Supplies Market by Product (Mobility Aids and Transportation Equipments, Operating Room Equipment, Disposable Hospital Supplies, Sterilization and Disinfectant Equipment, Syringes and Needles, Patient Examination Devices and Others), Region and Global Forecast 2020-2027.
The global hospital supplies market is expected to grow from USD 32.91 billion in 2019 to USD 73.78 billion by 2027, at a CAGR of 10.62% during the forecast period 2020-2027. North America is the dominant region in terms of market shares. The reason can be attributed to the presence of advanced healthcare infrastructure and high medical spending. Moreover, the availability of advanced technology, along with the growing prevalence of chronic diseases, has accelerated the market growth in the region. However, Asia-Pacific is expected to be the fastest-growing region in the market. The increasing prevalence of chronic diseases has led to the growth of the market. Further, the increasing awareness among the patient population along with the development of enhanced equipment is also contributing to the market demand.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players of the hospital supplies market are Thermo Fisher Scientific, Covidien, Baxter International, Boston Scientific Corporation, 3M Health Care, Becton, Dickinson and Company, Kimberly-Clark Corporation, B. Braun Melsungen AG, Advanced Sterilization Products Services Inc., GE Healthcare, Cardinal HeathSteris Corporation, Molnlycke Health Care AB, Terumo Corporation and Getinge AB, Stryker Corporation, Johnson & Johnson and others.
The product segment includes mobility aids and transportation equipment, operating room equipment, disposable hospital supplies, sterilization and disinfectant equipment, syringes and needles, patient examination devices and others. The disposable hospital supplies segment is the dominant segment. The growing prevalence of chronic diseases which are contagious in nature has increased the awareness among the patients and medical staff. Thus, hygiene practices have been made necessary in most of the hospitals for limiting the case of hospital infection and thus restricting the spread of any diseases. This has led to increasing demand for single-use equipment.
The hospital supplies are in greater demand owing to the increasing prevalence of communal diseases. This has also resulted in awareness among health workers and the patient population for proper maintenance of hygiene in the hospital premises. The hospital supplies include medical consumables and different types of equipment, which are used for providing comfort to the patients as and the care provider. These equipment are generally used for mobility, the examination of patients and in the operating room. The patients suffering from acute illness prefer the treatment of technically advance diagnostic procedures. Further, the increase in the geriatric population has accelerated the demand for hospital supplies. The rising technology has led to the development of advance equipment which can be used in multiple applications. The increasing demand for different diagnostic procedures and personalized medicine are providing many opportunities for the expansion of the market. However, increasing preference for home healthcare is expected to limit the growth of the market.
About the report:
The global Hospital Supplies market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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