Anticipatedly, the worldwide requisition for Hospital Supplies Market is poised to exhibit a Compound Annual Growth Rate (CAGR) of 3.7% throughout the prognosticated duration spanning from 2022 to 2032. Forecasts indicate that the hospital supplies market is poised to attain a commendable valuation of US$ 29.5 Billion in the year 2022. An insightful analysis reveals that hospitals prominently commanded a significant stake of 47.2% in the global hospital supplies market during the year 2021.
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.
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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 the growth in the market,” says an FMI analyst.
Key Takeaways:
- 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.
Competition Landscape
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:
- Hospitals
- Ambulatory Surgical Centres
- Clinics
- Diagnostic Centres
- Long Term Care Centres
- Nursing Facilities
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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 favour the market growth in various segments based on Source, Product and End User over the next 10-years.
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