Rising awareness pertaining to hospital-acquired infections and growing incidences of communicable diseases and is propelling market growth.
The global Hospital Equipment and Supplies market size is estimated to reach USD 95.00 billion to 2028 from USD 39.54 billion in 2020, delivering a CAGR of 12.3%. The market growth is driven by a huge demand for disposable supplies from hospitals all across the globe to avoid HAIs (hospital-acquired infections) and limit their spread. The proliferation of innovative medical technologies, along with better diagnostic techniques, is also supporting the growth of the global hospital equipment and supplies industry.
The growing prevalence of infectious and chronic diseases in the world is offering lucrative revenue avenues for the market share. According to the World Health Organization, chronic disease incidence is expected to exceed 57% by the end of 2020. At the same time, the CDC estimates that hospital-acquired infections will account for nearly 1.7 million infections and approximately 99,000 deaths annually in the U.S. alone. In a bid to avoid transmission of diseases and contamination of hospital supplies, these organizations recommended the adoption of high barrier drapes, gowns, gloves, along with potent disinfectants in ambulatory operating rooms and hospitals.
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Further key findings from the report suggest
- On the basis of product type, the disposable hospital supplies segment held 22.6% of the hospital equipment and supplies market share in 2019 and is estimated to witness exponential growth on account of growing patient awareness regarding hospital-acquired infections and enforcement of infection prevention standards in hospitals across several countries.
- Based on expenditure type, the public hospitals account for 34.9% of the hospital equipment and supplies market share and is set to witness a growth rate of 12.8% through 2017. The growth is a result of favorable initiatives taken by the government in developing economies to upscale healthcare facilities. For instance, the Government in MEA and APAC countries are focusing on the sourcing of advanced medical supplies and equipment for enhancing public hospital infrastructure.
- Based on distribution channel, the retail medical store segment is estimated to exhibit a CAGR of 12.4% over the analysis period. The robust growth can be attributed to the up-to-date stocking of the latest medical equipment and supplies.
- The pharmacies segment accounted for a major chunk of the hospital equipment and supplies market share in 2019 on account of personalized services offered by the distribution channel at an affordable price. Pharmacies are wholesale suppliers to hospitals under a contract to provide optimal quality medical supplies.
- In the regional landscape, the APAC region is forecast to register a growth rate of 13.5% through 2027. The robust growth rate can be attributed to exponential growth in the geriatric population base in the region. Estimates suggest that one in every four people in the region will be over the age of 60 by the year 2025. The increasing prevalence of chronic diseases in aged people will generate huge demand for medical supplies and equipment in the coming years.
The global Hospital Equipment and Supplies market is extremely competitive and comprise various global and regional players. Johnson Johnson, Medtronic, Baxter International, Boston Scientific Corporation, Smith Nephew, GE Healthcare, Stryker Corporation, Thermo Fisher Scientific, Covidien, and B Braun. are some of the key players operating in the global market. These market players are various strategies such as mergers and acquisitions, collaborations, joint ventures, collaborations, partnerships and research and development investments to strengthen their market position and expand their product base.
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For the purpose of this report, Reports and Data has segmented the global Hospital Equipment and Supplies market on the basis of type, application and region:
Hospital Equipment and Supplies Market segmentation by Types:
Product Outlook (Revenue, USD Billion; 2018-2028)
- Disposable Hospital Supplies
- Drapes
- Gloves
- Gowns
- Procedure Kits and Trays
- Mobility Aids and Transportation Equipment
- Stretchers
- Wheelchairs
- Operating Equipment
- Operating Room Lights
- Operating Room Tables
- Patient Examination Devices
- Stethoscope
- Thermometer
- Sterilization and Disinfectant Equipment
- Chemical Sterilization
- Physical Sterilization
- Radiation Sterilization
- Syringes and Needles
- General Syringes
- Specialized Syringes
Expenditure Type Outlook (Revenue, USD Billion; 2018-2028)
- Public Hospitals
- Private-Profit Hospitals
- Private-Non Profit Hospitals
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
- Pharmacies
- Retail Medical Stores
- Online Retailers
Regional Outlook of Hospital Equipment and Supplies Market:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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