New York, April 24, 2023 (GLOBE NEWSWIRE) -- Growing demand for disposable consumables in various facilities has led the global market to reach a value of US$ 204.2 billion in 2022. The Hospital Equipment and Supplies Market is projected to expand at a CAGR of 4.8% between 2023 and 2033. Sales of hospital equipment and supplies are set to reach a valuation of US$ 339.2 billion by 2033.
Hospital equipment and supplies play a vital role in healthcare facilities and are essential during both diagnostics as well as surgical procedures. Medical disposables include products ranging from gloves, masks, and syringes to blood bags, X-ray covers, etc.
The medical consumables industry has been constantly evolving by incorporating leading medical practices as well as emerging technologies. However, the need for single-use disposables and the simultaneous need for waste management have forced the healthcare industry to innovate products using processes and raw materials that help reduce environmental issues as well as maintain sustainability.
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Growing demand for biodegradable products as an alternative to traditional materials such as plastics and textiles has largely contributed to ensuring that the entire life cycle of medical products has a significantly lower carbon footprint.
- In 2021, Precision Textiles, launched the EcoGuard material, a domestically produced eco-friendly fabric used in PPE medical isolation gowns.
- 2484 3MTM, which is a single-coated medical film tape silicon adhesive, a new class of adhesive with balanced comfort, flexibility, and strength, was developed by 3M in April 2021.
Growing demand for effective and proficient treatment of chronic and acute wounds has led companies to develop innovative and novel therapies. This rising unmet need for novel treatment options has boosted research and development activities. Private sector spending on R&D and the approval of new products have both increased in recent years.
- In 2020, Ivenix, Inc. committed to a comprehensive usability engineering and risk analysis effort to develop a smart infusion pump with enhanced safety features.
Key Takeaways from Market Study
- The global hospital equipment and supplies market is forecasted to expand at 4.8% CAGR and reach a size of US$ 339.2 billion by 2033.
- General disposable products held 17.2% of the global market share by value in 2022
- Cardiovascular diseases (CVDs) dominated with 26.1% share of the market in 2022.
- Hospitals, by end user, held 46.9% revenue share of the global market in 2022.
- North America led the global market with over 35% value share in 2022.
“The hospital equipment and supplies market is expected to enjoy steady growth owing to the increasing patient pool, rising prevalence of HAI, growing demand for biodegradable products, and increasing surgical procedural volume globally,” according to a researcher of Persistence Market Research.
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Market Competition
Innovation, development, and launch of novel products are key strategies being undertaken by leading market players. These tactics have let manufacturers maintain their exclusivity, expand their product portfolios, and look into potential markets in untapped areas.
- In March 2022, CERENOVUS launched the EMBOGUARD™ balloon guide catheter to use in the treatment of acute ischemic stroke.
- In November 2020, Medtronic plc released the InPen™ product enabled with real-time1 Guardian™ Connect CGM data. InPen is the market's only FDA-approved smart2 insulin pen for those who take multiple daily injections (MDI).
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the hospital equipment and supplies market in its latest study, presenting a historical demand assessment of 2017 to 2022 and projections for 2023 to 2033.
The research study is based on
- 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, equipment),
- Application (cardiovascular, cerebrovascular, dental, laparoscopy, gynecology, urology, orthopedics, others),
- End user (hospitals [(tier 1 hospitals (>500 beds), tier 2 hospitals (250-500 beds), tier 3 hospitals (<250 beds)], ambulatory surgical centers, clinics, diagnostic centers, long-term care centers, nursing facilities),
- Across seven key regions of the world.
For additional insights on how the growth of the hospital equipment and supplies market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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Persistence Market Research’s Expertise in Life Sciences and Transformational Health
Our expert team of industry analysts comprising management graduates, medical professionals, engineers, and project managers provides insights on emerging therapy areas, diagnostic tools, medical devices and components, reimbursement and market access, biotechnology, and life science research products and services to equip decision-makers with sound inputs and strategic recommendations.
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