The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. This is the latest report, covering the current coronavirus impact on the Hospital Supplies market .
The Global Hospital Supplies Market has reached USD 33.71 Billion in 2019 and estimated to reach USD 57.8 Billion in 2024 at a significant CAGR of 11.39% during the forecast period 2019-2024. The rising up-gradation in technology is the major factor, which expected to boost the global Hospital Supplies market during the forecast period of 2024 across the globe.
Products, which are used to provide medical care in hospitals, are referred to as medical supplies and equipments. Inventory resources can be allocated to various departments within the hospital (e.g. emergency room, operating room, intensive care unit, etc.) through a centralized requisitioning program that dictates what materials are required and how much each department requires. The rising global demand for disposable medical supplies, growing concern about medical-acquired infections (HAIs) estimated to increase the market for disposable goods. In addition, the increasing governments in developing countries are promoting the use of disposable medical equipment to reduce healthcare expenses incurred in the treatment of HAIs. Moreover, the growth in the infrastructural development of the hospitals is anticipated to fuel the global hospital supplies market across the globe during the forecast period. Furthermore, top leading players are producing technological advanced hospital equipments to help the doctors, which are projected to propel the global market. The rising population is estimated to create an opportunity to increase the demand for hospitals equipments and supplies across the globe. However, the emergence of home care services coupled with the strict regulatory structures is anticipated to create an obstacle in growth of global hospitals supplies market during the forecast period of 2024 across the globe.
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Disposable hospital supplies segment in Global Hospital Supplies Market estimated to have the fastest growth during the forecast period
The disposable hospital supplies type segment is projected to dominate the market and expected to have the fastest growth rate during the forecast period of 2024 across the globe. The growing understanding of hospital-acquired infections (HAIs) and the need for various diagnostic options are expected to drive the market. In addition, the demand for disposable hospital supplies in developing nations is growing. Countries such as Brazil and India have the lowest hospital bed density among the large countries, which expected to boost the global market and also create a large market for hospital supplies in emerging economies.
Asia-Pacific estimated to have fastest growth rate in Global Hospital Supplies Market during the anticipated period.
Geographically, the Global Hospital Supplies market is bifurcated into North America, Asia Pacific, Europe, Middle East, Africa & Latin America. Asia-Pacific is estimated to have the fastest growth rate during the forecast period of 2024 across the globe. China’s hospital industry is rising rapidly owing to the steady progress in health care reform and a sustained rise in market stimulus. Different social capital flows to the Chinese hospital sector through self-establishment, mergers and acquisitions, alliances and other forms of joint ventures, which are some of the main factors that have contributed to the expansion of private hospitals. In addition, the increased geriatric population base at an unprecedented pace in the Asia Pacific region is the key driver of rising demand for hospital supplies across the region. However, North America projected to dominate the global market during the forecast period due to the consistent emphasis on cost-effective & advanced methods implemented in the US, which has seen the growth in the demand for hospital supplies. In addition, high GDP expenditure on healthcare facilities in the United States & Canada is anticipated to drive the growth of the hospital supplies market across the North American region.
Competitive Landscape
The companies that hold the majority share of Hospital Supplies Market are GE healthcare, Medtronic, Thermo Fischer and Scientific, Dickinson and Company, Cardinal Heath, Boston Scientific Corporation, B. Braun Melsungen AG, 3M Health Care, Becton, Molnlycke Health Care AB, and Other major & niche players.
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