Newark, NJ, Sept. 30, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global hospital supplies market is expected to grow from USD 32.91 billion in 2019 and to reach USD 73.78 billion by 2027, growing at a CAGR of 10.62% during the forecast period 2020-2027.
The increasing prevalence of communal diseases in many parts of the world has increased the demand for hospital supplies. This has also resulted in awareness among health workers and the patient population for proper maintenance of hygiene in the hospital premises. The increase in the geriatric population has accelerated the demand for hospital supplies. The rising technology has led to the development of advanced equipment, which can be used in multiple applications.
The hospital supplies are devices that are used to operate on the patients. The rise in hygienic practices has been an essential reason for the development of advanced hospital equipment. The hospital supplies include medical consumables and different types of equipment, which are used for providing comfort to the patients as well as the care provider. These equipment are generally used for mobility, the examination of patients and in the operating room.
The development of personalized medicines has been significant to the market growth. Further, the formulation of strict government regulations regarding the quality of equipment has made it mandatory for the hospitals to install advanced supplies. The patients suffering from acute illness prefer the treatment of technically advanced diagnostic procedures. However, the increasing demand for home health care services is expected to hinder the market growth.
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Key players operating in 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 major players in the hospital supply market are focusing on expansionary strategies such as mergers & acquisitions, recent developments, joint ventures, collaborations, product innovations and partnerships. These strategies would extract higher market shares for the players and thus strengthen their position in the global market. Thermo Fisher Scientific and GE Healthcare are some of the biggest manufacturers and suppliers of hospital supplies in the worldwide market.
- In February 2020, Fresenius Kabi launched the Glucagon emergency kit, which is a cost-effective alternative for the treatment of severe hypoglycemia.
The disposable hospital supplies segment dominated the market and held the largest market share of 32.91% in the year 2019
On the basis of the product segment, the global hospital supplies market 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 dominated the market and held the largest market share of 32.91% in the year 2019. The increasing demand for single-use equipment has led to the growth of the segment. The patient population is increasingly becoming more hygiene conscious owing to the increasing case of hospital infections. The syringes and needles are expected to grow at a high growth rate owing to the vast application these are used in.
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Regional Segment Analysis of the Hospital Supplies Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global hospital supplies market is classified into North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America region accounted for a significant market share of 42.83% in the year 2019. The region has a high amount of healthcare spending owing, which has resulted in high market shares. Apart from this, the availability of advanced technology and the presence of efficient manufacturers have led the market growth in the region. However, Asia-Pacific is expected to register the highest growth rate during the forecast period. The growing patient population owing to the prevalence of chronic diseases has led to an increase in demand. Additionally, the growing healthcare industry has opened up a lot more opportunities for the growth of the market in the region.
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About the report:
The global hospital supplies market is analyzed on the basis of value (USD Billion), volume (Units), export (Units), and import (Units). All the segments have been analyzed on a 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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