Hospital Supplies Market Size, Share, Growth and Industry Analysis, By Type (Disposable Hospital Supplies, Mobility Aids & Transportation Equipment, Operating Room Equipment, Patient Examination Devices, Sterilization & Disinfectant Equipment, And, Syringes & Needles) By Application (Hospitals, Clinics, And, Others) Regional Forecast to 2028

Updated On: 22 April 2024

REPORT OVERVIEW

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The hospital supplies market size is 31040 million in the year 2022. As per our research the market is expected to generate 53330 million by 2028, exhibiting a high CAGR 9.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over

Hospital supplies form a very important part of the healthcare market. They cover a wide range of equipments which include disposable gloves, medical implants, diagnostic equipments, and surgical instruments. These supplies and equipments have a great demand in the market.

Manufacturers are trying to produce equipments that are sustainable and eco-friendly. Reusable and recyclable gowns, and gloves are being produced to reduce their impact on the environment. This is considered as the latest trend in the market.

Increasing prevalence of chronic diseases due to sedentary lifestyle, increase in aged population suffering from diseases, and high focus on improving the outcomes of patient will have a positive impact on market growth. All of these factors have contributed in the development of hospital supplies market growth.

COVID-19 Impact:  Rise in Demand for Hospital Supplies During Pandemic Increased Market Growth

The pandemic of COVID-19 led to the disruption in the livelihood of people across all the countries. Many markets suffered from losses due to decrease in demand for products, change in the preference of customers, fluctuations in the price of raw materials, and unavailability of skilled labor.

However, the hospital supplies market experienced tremendous growth even during the pandemic because several people suffered from numerous health conditions and diseases. The death rate had drastically increased due to the outbreak of infectious coronavirus. All of the factors increased the demand for surgical equipments, hospital gloves, and other hospital equipments.

LATEST TRENDS

"Introduction of Reusable and Recyclable Hospital Supplies to Increase Market Growth"

Manufacturers are taking an initiative to produce hospital supplies that can be recycled as well as reusable. Growing focus on sustainability and eco-friendliness is considered to be the newest development in the market. Surgical gowns are manufactured in such a way that they can reused several times.

Patient gowns are made compostable, and packaging for surgical instruments are made biodegradable. All of these steps taken up by the healthcare sector will help in reducing the hazardous medical waste that is produced. All of these are considered to be the latest trend in the market.

SEGMENTATION

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• By Type

The market can be divided on the basis of type into the following segments.

Disposable hospital supplies, mobility aids & transportation equipment, operating room equipment, patient examination devices, sterilization & disinfectant equipment, and, syringes & needles.  The disposable hospital supplies segment is expected to lead the market during the forecast period.

• By Application

Classification based on application is as follows:

Hospitals, clinics, and, others. The hospital segment is the segment that is expected to lead the market during the forecast period.

DRIVING FACTORS

"Rise in Demand for Healthcare Services Due to Chronic Diseases to Propel Market Growth"

Sedentary lifestyle of people has led to an increase in chronic diseases. Also, an increase in the aging population has increased the prevalence of chronic diseases. Even post pandemic many people are getting diagnosed for various health conditions. This has increased the need for healthcare treatments, in turn increasing the demand for hospital supplies. A lot of technological developments are being witnessed in the market.

Integration of technology into healthcare has created many innovations that are highly advance. Medical implants, surgical equipments, and diagnostic equipments that are of high quality and better performance are being introduced into the market. People are gaining more awareness regarding infection prevention. Hence healthcare facilities are taking measures to use gloves, or gowns to prevent any kind of infection. All of these factors have helped in the growth and development of the market.

"Growing Focus on Improving Patient Outcomes to Amplify Market Growth"

Many healthcare facilities have increased their focus on improving the outcome of the patients. Much importance is being given to improving the quality of the services provided by hospitals. Sometimes due to lack of precautions infections can happen which can ultimately have a very dangerous effect on patients’ health.

In order to reduce the cases of hospital acquired infections (HAIs), medical industry is adopting hospital supplies that are of the best quality and are highly reliable. All of these factors have increased the demand for other hospital supplies like monitoring systems, sterilization equipments, and wound care products. Use of Personal Protective Equipments (PPE) will further fuel the market share. All of these factors have contributed in increasing hospital supplies market share.

RESTRAINING FACTOR

"High Cost Involved in Manufacturing Hospital Supplies to Decrease Market Growth"

There are several factors that can restrain the growth and development of hospital equipments and supplies. One such factor is the high cost which is involved in manufacturing these equipments. Hospital devices and supplies must be manufactured with the best quality materials to ensure their longevity.

Apart from the investment that has to be done on manufacturing these supplies, an additional investment also has to be done on conducting research and development about the best and cost-effective method of producing these equipments. This will increase the overall cost of the supplies which cannot be afforded by everyone. Expensiveness of hospital supplies is a major factor that can have a negative impact on market growth and development.

Regional Insights

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"North America to Dominate Market During Forecast Period"

According to forecasts, the region that will dominate the market in terms of sales, and revenue is North America. There are several reasons that have helped in the rapid growth of the market in this region. One important factor is the well-developed network of healthcare infrastructure in this region.

Numerous clinics, hospitals, and diagnostic centers are established in this region increasing the need for hospital equipments and supplies. Many people here are affected by chronic diseases are they require healthcare treatments. Large population of aged people and increasing demand for high quality of instruments will further propel the development of the market in North America.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• GE Healthcare (United States)
• Medtronic (Ireland)
• Thermo Fischer Scientific (United States)
• Boston Scientific Corporation (United States)
• B. Braun Melsungen AG (Germany)
• 3M Health Care (United States)
• Becton, Dickinson and Company (United States)
• Cardinal Health (United States)
• Kimberly-Clark Corporation (United States)
• Advanced Sterilization Products Services Inc. (United States)
• Molnlycke Health Care AB (Sweden)
• Steris Corporation (United States)
• Stryker Corporation (United States)
• Terumo Corporation (Japan) and Getinge AB (Sweden)
• Johnson & Johnson (United States)
• Baxter International (United States)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. FAQs have also been given to outline the report.