PUBLISHER: The Business Research Company | PRODUCT CODE: 1387589
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387589
“Hospital Supplies Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hospital supplies market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hospital supplies? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The hospital supplies market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Hospital supplies encompass items necessary for patient care, serving therapeutic or diagnostic purposes, such as dressings, catheters, or syringes.
The primary categories of hospital supplies include disposable hospital supplies, sterilization equipment, disinfectants, mobility aids, transportation equipment, and operating room equipment. Disposable hospital supplies are designed for single-use and are intended for temporary or one-time use. They are user-friendly, do not necessitate maintenance, and are disposed of after use. The expenditure for these supplies comes from both public and private sources. The utilized products include instruments/equipment and disposables. Hospitals, clinics, diagnostic laboratories, and various other entities represent the end-users of these supplies.
The hospital supplies market research report is one of a series of new reports from The Business Research Company that provides hospital supplies market statistics, including hospital supplies industry global market size, regional shares, competitors with a hospital supplies market share, detailed hospital supplies market segments, market trends and opportunities, and any further data you may need to thrive in the hospital supplies industry. This hospital supplies market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The hospital supplies market size has grown strongly in recent years. It will grow from $59.7 billion in 2023 to $63.93 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The expansion observed during the historical period can be ascribed to various factors, including the development of healthcare infrastructure, an aging population, adherence to regulatory standards, economic growth, and advancements in medical device and supply technology.
The hospital supplies market size is expected to see strong growth in the next few years. It will grow to $82.29 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated growth in the forecast period can be linked to several key factors, notably the emphasis on pandemic preparedness, the increasing prominence of telemedicine and remote monitoring, sustainability initiatives, the shift towards value-based care, and the growth of emerging markets. Major trends expected in this period encompass the utilization of single-use medical devices, the implementation of remote supply chain management, the integration of 3D printing for medical supplies, the adoption of smart hospital supplies, and the development of customized and personalized supplies.
The anticipated growth in the hospital supplies market is expected to be driven by an increasing number of hospitals. Hospitals serve as facilities dedicated to offering medical or surgical care to individuals who are ill or injured, relying on a wide range of medical supplies and equipment to ensure quality patient care. For instance, as of May 2023, a report from the American Hospital Association (AHA), a healthcare trade organization in the US representing hospitals and healthcare networks, indicated an increase in the total number of hospitals to 6,129, compared to 6,093 in 2022. Additionally, the total admissions in all U.S. hospitals escalated to 34,011,386, up from 33,356,853 in 2022. Hence, the rising number of hospitals is poised to drive the growth of the hospital supplies market.
The hospital supplies market is anticipated to experience growth due to the increasing implementation of preventive measures aimed at treating and controlling hospital-acquired infections (HAIs). HAIs, also referred to as nosocomial infections, are infections contracted by patients during medical or surgical treatment. These infections can occur in various healthcare settings, including hospitals, surgical centers, and long-term care facilities such as nursing homes and rehabilitation centers. As per data from the World Health Organization (WHO), approximately 7 out of every 100 hospitalized patients in developed countries and 10 out of 100 in developing countries acquire at least one healthcare-associated infection. This alarming statistic is projected to drive the demand for hospital supplies, consequently boosting the market during the forecast period.
The emergence of the COVID-19 disease (COVID-19) significantly hindered the hospital supplies market in 2020. Disruptions in supply chains due to trade restrictions led to challenges for healthcare organizations in obtaining new medical equipment. COVID-19, an infectious illness characterized by flu-like symptoms such as fever, cough, and breathing difficulties, was initially identified in 2019 in Wuhan, Hubei province of the People's Republic of China, and rapidly spread across Western Europe, North America, and Asia. Measures taken by national governments to control the spread resulted in decreased manufacturing and trade of medical equipment, as countries implemented lockdowns. The outbreak is expected to continue adversely impacting businesses throughout 2020 and into 2021. Nonetheless, it is anticipated that the hospital supplies market will recuperate from this disruption over the forecast period as this was an unforeseen 'black swan' event, not stemming from ongoing or fundamental weaknesses within the market or the global economy.
Prominent companies within the Hospital Supplies market are directing their efforts toward the development of innovative products, exemplified by the AESCULAP Aicon Sterile Container System, as a strategy to enhance profitability. The AESCULAP Aicon Sterile Container System is specifically created to streamline processes and mitigate the risk of moisture retention. For instance, in March 2022, Aesculap Inc., a US-based surgical instrument manufacturer, introduced its AESCULAP Aicon Sterile Container System. This system is engineered to simplify procedures while reducing the likelihood of instrument sets retaining moisture. The AESCULAP Aicon Sterile Container System guarantees complete sterilization, subsequently reducing the potential for surgical delays in operating rooms due to sets not being prepared.
Manufacturers of injections are increasingly channeling investments into painless injection methods and needle-free technology, offering an alternative to traditional injections for the rapid administration of drugs, hormone therapies, insulin, and vaccines. Painless injection approaches encompass microneedle patches and laser-based devices designed to facilitate the delivery of medications into a patient's body. Microneedle patches are adhesive patches embedded with minuscule dissolvable plastic needles, which efficiently and painlessly administer vaccines as a pressurized liquid stream. These innovations are employed to minimize discomfort and address chronic conditions like diabetes. For example, in November 2021, MyLife Technologies secured $4 million in funding to further advance its needle-free drug delivery system.
Major companies operating in the hospital supplies market include Becton, Dickinson and Company, B. Braun Melsungen AG, Steris PLC, Baxter International Inc., Stryker Corporation, Cardinal Health Inc., Hill-Rom Holdings Inc., Terumo Corporation, Medtronic PLC, 3M Company, CVS Health Corporation, McKesson Corporation, Cencora Inc., GE HealthCare Technologies Inc., Koninklijke Philips NV, Boston Scientific Corporation, Danaher Corporation, Varian Medical Systems Inc., Dentsply Sirona Inc., Masimo Corporation, Olympus Corporation, ResMed Inc., Smith & Nephew PLC, Align Technology Inc., The Cooper Companies Inc., Teleflex Incorporated, Waters Corporation, West Pharmaceutical Services Inc., Straumann Group, Fresenius Medical Care AG & Co KGaA.
Asia-Pacific was the largest region in the global hospital supplies market in 2023. North America was the second largest region in the global hospital supplies market. The regions covered in the hospital supplies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the hospital supplies market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The hospital supplies market consists of sales of Hospital Stretchers, Patient Monitors, Sterilizers, and others that are used in hospitals. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.