Hospital Supplies Market is projected to increase at 3.7% CAGR over the forecast period from 2022 to 2032
The Hospital supplies such as gloves, medical protective equipment etc., are used for maintaining the hygienic environment and to prevent the spread of hospital-acquired infection. These supplies are stocked to examine, diagnose, and treat disease as an effective solution for patient care.
As per Future Market Insights, the global hospital supplies market was valued at over US$ 28.6 Bn in 2021 and is expected to exhibit growth at a CAGR of 3.7% over the forecast period (2022-2032).
According to WHO statistics, approximately 15% of all hospitalized patients suffer from these healthcare-associated infections. Rising prevalence of hospital-acquired infection results in prolonged hospital stay, disability and economic burden. Predisposing factors such as excessive antibiotic consumption and severe illness prevalence will lead to an increase in nosocomial infection rate, which will further push the usage of surgical kits, diagnostic kits and surgical consumables.
The COVID-19 pandemic outbreak escalated the demand for hospital supplies. The prevention of exposure to spread viral infection has fostered the demand for disposable hospital supplies like general disposables (masks, gowns), wound care products, hypodermic products, and sterilization consumables.
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The development of the hospital supplies market is reliant on the increasing adoption of sterile products, growing incidence of hospital-acquired infections and rising awareness about safe health and hygiene practices in developing countries.
“Rising awareness regarding medical sterilization and hygiene in developing nations, along with technological advancements hospital supplies will auger well for thr growth in the market,” says an FMI analyst.
• Based on product type, the hypodermic and radiology products segment accounted for 17.6% of the total market in 2021, and demand is expected to increase at a 3.6% CAGR through 2032.
• In terms of end-user, hospitals are expected to register a CAGR of 3.9% in the forthcoming years.
• The U.S. is anticipated to dominate the North America hospital supplies market over the forecast period, accounting for a lion’s share.
• Sales in the Germany hospital supplies market are slated to increase at a 3.5% CAGR over the assessment period.
• Demand in the China hospital supplies market will grow at a 4.1% CAGR in the forthcoming years.
• India will emerge as a lucrative pocket, with demand growing at a 4% CAGR through 2032.
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The key players in the hospital supplies market are focusing on tapping market potential through entering into strategic mergers & acquisitions agreements. They are also improving their product portfolios to gain a competitive edge in the market. For instance:
• In March 2021, Cardinal Health entered into a partnership with FourKites to improve the tracking of medical supplies and equipment’s along with pharmaceutical products, first aid supplies and personal protective equipment (PPE) kits in hospitals, pharmacies and other healthcare settings across the globe.
• In December 2020, 3M launched its next generation of silicon adhesive tapes, the 2480 3M Single coated medical nonwoven tape with silicon adhesive liner. It offers more and secure adhesion, avoids trauma to patient skin and aids a longer wear time. Hence, rising incidents of hazardous situations and chronic disease prevalence will propel market growth in future.
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Key Market Segments Covered in Hospital Supplies Industry Research By Product:
• Sterilization Consumables
• Wound Care Products
• Dialysis Products
• Infusion Products
• Hypodermic & Radiology Products
• Intubation & Respiratory Supplies
• Surgical Procedure Kits & Trays
• Blood Management & Diagnostic Supplies
• General Disposable Products
By End User:
• Ambulatory Surgical Centres
• Diagnostic Centres
• Long Term Care Centres
• Nursing Facilities
• North America
• Latin America
• South Asia
• East Asia
• The Middle East and Africa (MEA)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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