Pune, India, June 07, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Hospital Supplies Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and Geography”, the global hospital supplies market size is expected to grow to USD 101,008.7 million in 2027 from USD 44,876.0 million in 2020; the hospital supplies market is estimated to grow with a CAGR of 11.9% from 2020-2027.
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Hospital Supplies Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 44,876.0 million in 2020 |
| Market Size Value by | USD 101,008.7 million in 2027 |
| Growth rate | CAGR of 11.9% from 2020 to 2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 173 |
| No. of Tables | 75 |
| No. of Charts & Figures | 61 |
| Historical data available | Yes |
| Segments covered | Type and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | 3M Healthcare, B. Braun Melsungen AG, BD, Cardinal Health, Terumo Medical Corporation, Boston Scientific Group, Nipro Medical Corporation, Baxter, Smiths Medical, GE Healthcare |
Browse key market insights spread across 173 pages with 75 list of tables & 61 list of figures from the report, "Hospital Supplies Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Syringes, Patient Examination Devices, Mobility Aids and Transportation Equipment, Operating Room Equipment, Sterilization and Disinfectant Equipment, Disposable Hospital Supplies), and Geography" in detail along with the table of contents: https://www.theinsightpartners.com/reports/hospital-supplies-market
Global Hospital Supplies Market Analysis: Competitive Landscape and Key Developments
Cardinal Health Inc; Becton Dickson and Company; Baxter International Inc; B. Braun Melsungen AG; Nipro Medical; Smith Medical; 3M Healthcare; GE Healthcare; Terumo Corporation, and Boston Scientific Corporation are a few of the key companies operating in the hospital supplies market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In September 2022, BD launched a next-generation glass prefillable syringe (PFS), BD Effivax Glass Prefillable Syringe, which has set a new standard in performance for vaccine PFS. It has increased specifications for processability, cosmetics, contamination, and integrity. The design of the syringe was made in collaboration with leading pharmaceutical companies to match evolving needs and the complexity of vaccine manufacturing.
In March 2022, Cardinal Health, Inc. launched a surgical incise drape that uses Chlorhexidine Gluconate (CHG), reducing contamination risk. The drape is featured with Avery Dennison's patented BeneHold CHG adhesive technology that helps reduce surgical site contamination risk caused by organisms associated with surgical site infections.
In December 2021, Baxter International Inc. announced the complete acquisition of Hillrom for ~US$ 12.5 billion. The acquisition of Hillrom has enhanced Baxter’s geographic footprint and created new possibilities to connect with leading-edge digital health innovations that are focused on enhancing care, lowering costs, and increasing workflow efficiency
The hospital supplies market is estimated to grow owing to some key driving factors, such as increasing incidence of chronic diseases such as diabetes, growing government healthcare expenditure, rise in influence of hospital-acquired infections, increasing number of surgical procedures performed, and growing geriatric population. Whereas the hospital supplies market is likely to witness slow growth due to frequent product recalls and stringent regulatory requirements.
According to the National Center for Chronic Disease Prevention and Health Promotion’s data published in December 2022, six in ten adults in the US have a chronic disease, and four in ten have two or more chronic diseases. It is estimated that these statistics for chronic diseases are expected to rise and boost the demand for syringes in the coming years. The factors leading to the rise in the incidence of chronic diseases include increasing tobacco use, poor nutrition, lack of physical activity, and excessive alcohol use. Thus, the rise in the incidences of chronic diseases is expected to influence the growth of the hospital supplies market during the forecast period.
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Growing Product Innovations as a Future Trend for the Global Hospital Supplies Market:
Products with increased technology with more effective benefits are a major requirement in the treatment of various chronic diseases. The advancement and development in the treatment is increasing in the last few years. As the prevalence of chronic diseases is increasing across the world, the demand for more products with advancements is also boosting. Hence, over the years, researchers have been carrying out research activities that have resulted in product innovations.
For instance, hospital supplies like surgical scalpels are made up of conventional stainless steel and other metallic products. However, in cases of patients who do not have adequate treatment procedures, the body may show side effects of the surgeries performed. Moreover, the disposal process for one-time used stainless steel (SS) blades is expensive. In recent years, there has been an increase in research to develop new varieties of scalpel to reduce the pressure on surgeons and also decreases the time of the surgery.
European researchers set out to develop a process for manufacturing high-quality disposable polymer-based surgical blades. The researchers aim to enhance surface sharpness by 40% compared to existing SS blades and to demonstrate stiffness, sharpness, and wear resistance comparable to that of SS blades. In addition, a novel hot plate disposal system would make the blade ‘sharp safe’ in less than a second within the operating theatre itself, greatly simplifying the disposal process.
The increasing product development and continuous innovations are expected to provide an impetus for the growth of the hospital supplies market during the forecast period.
Based on the geography, North America held the largest hospital supplies market share and is estimated to continue its dominance during the forecast period. In North America, the US is the largest market share holder of the hospital supplies market. The growth of the hospital supplies market in the US is majorly driven by the increasing prevalence of chronic diseases such as diabetes, cancer, etc., lifestyle diseases such as obesity, the rapid growth of the geriatric population, increasing awareness among the patient population, technological advancements in medical equipment and disposables. In addition, the favorable reimbursement policies majorly from the US government are expected to fuel the growth of the hospital supplies market in the US.
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Rising Medical Tourism In Developing Countries Provides Lucrative Opportunities for Global Hospital Supplies Market
The emerging markets in developing countries are the major factor that is giving better opportunities for the major players to expand their business in the hospital supplies market. These are becoming a major reason for the market growth in the forecast period. Most of the market players focus on emerging markets, such as Asia Pacific, due to an increase in the prevalence of chronic diseases such as diabetes and rising medical tourism in the region. In India, medical science has grown rapidly as well as big steps forward in the past few decades. Many Asian countries, such as India, Thailand, and Singapore, are becoming the destination for medical tourists. Many patients from Europe and the Middle East are choosing India as their favorite destination because of the key opportunities in the Indian healthcare sector in the form of efficient infrastructures and technology. The health insurance market and National medical systems here are well developed, which is convenient for visitors from the West and the Middle East. They also find hospital expenses very affordable. The rising medical tourism in emerging nations is anticipated to provide significant growth opportunities to the players operating in the market during the forecast period.
In Japan, the number of foreign visitors for treatment is increasing, which will add to becoming an increasingly important part of the Japanese economy. Additionally, government authorities in countries in the Asia Pacific are focusing on strengthening their medical tourism sector, thereby maximizing the flow of revenue. Similarly, Poland has slowly arisen as a favorite medical tourism destination in Europe. For instance, in Poland, the cost of medical treatments is often lower by 60-80% compared to the same benefits in the rest of the EU countries. The major reason for the growth of tourism is Poland's recognition and acceptance of the European Union. The rising medical tourism in emerging nations is anticipated to provide significant growth opportunities to the players operating in the hospital supplies market during the forecast period.
Hospital Supplies Market: Segmental Overview
On the basis of type, the global hospital supplies market is segmented into syringes, patient examination devices, mobility aids and transportation equipment, operating room equipment, sterilization and disinfectant equipment, and disposable hospital supplies. In 2020, the disposable hospital supplies segment held the largest market share of the global hospital supplies market. The segment is expected to be the fastest-growing segment and continue its dominance in the hospital supplies market due to an increase in demand for disposable medical supplies to avoid cross-contamination and hospital-acquired infections (HAIs) and rising incidence of infectious diseases. Moreover, disposable hospital supplies are considered for one-time or temporary use in hospital settings. These supplies are essential in hospital settings, as they save time for hospital staff and reduce healthcare-associated costs. Therefore, the demand for these products will be never-ending, which is a prime factor for the growth of the segment. Furthermore, the syringe segment was further classified into generalized and specialized syringes. In addition, the specialized syringe segment was further sub-segmented into insulin syringes, allergy syringes, tuberculin syringes, and others.
The American Hospital Association is putting efforts to empower the hospitals, health systems, and their business partners to discover new directions, set strategies, and plan actions for enhancing success and meeting the expectations of the evolving healthcare landscape. Such efforts are likely to influence the growth of the hospital market in the country during the forecast period.
In addition, the hospital supplies such as syringes and needles are widely used for vaccinations and immunizations. They are used for chronic diseases such as diabetes, cancer, cardiovascular disease, immune deficiencies, multiple sclerosis, rheumatoid arthritis, and others. These diseases require long-term treatment dosages. Technological advancements have enhanced the safe and effective management of syringes and needles. Moreover, syringes have evolved as easy, painless, and cost-effective, increasing the demand for syringes to provide medicines to patients with cancers, diabetes, and other chronic diseases.
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