The Hospital Supplies Market is poised for a significant expansion, driven by the rising demand for advanced medical care. According to a recent market analysis by Future Market Insights (FMI), a leading market research firm, the market is expected to surge from a valuation of approximately US$29.5 billion in 2022 to a staggering US$42.3 billion by 2032. This translates to a robust Compound Annual Growth Rate (CAGR) of 3.7% over the forecast period, reflecting a thriving market for essential medical equipment and supplies.
Hospitals Remain Dominant Buyers in the Market:
The study highlights hospitals as the primary driver of demand, holding a substantial share of 47.2% in the global hospital supplies market in 2021. This dominance is likely to continue as hospitals invest in upgrading their facilities and adopting new technologies to deliver better patient care.
Healthcare-associated infections are a significant concern, affecting approximately 15% of all hospitalized patients, as reported by the World Health Organization (WHO). The rising prevalence of hospital-acquired infections leads to extended hospital stays, increased disability, and an augmented economic burden for patients and healthcare providers.
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The development of the hospital supplies industry is reliant on the increasing adoption of sterile products, the 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.
Hospital Supplies Market 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-users, hospitals are expected to register a CAGR of 3.9% in the forthcoming years.
- The U.S. is anticipated to dominate the North American hospital supplies market over the forecast period, accounting for a lion’s share.
- Sales in the German hospital supplies industry 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.
Hospital Supplies Market Competition Landscape
The key players in the hospital supplies industry are focusing on tapping market potential by entering into strategic mergers & acquisition 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 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 secure adhesion, avoids trauma to patient skin and aids in 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 Segments Covered in Hospital Supplies Market 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 Term Care Centres
- Nursing Facilities
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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