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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The global spending on healthcare is rising steadily across the globe; It was USD 7.8 trillion in or nearly 10% of GDP in 2017. The growing incidence of diseases will further boost healthcare spending. Moreover, the recent outbreak of COVID-19 has led organizations to invest heavily in healthcare facility cleanliness and disinfection, which will further supplement hospital equipment and supplies market share over the forecast period.
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.
Competitive Landscape:
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Hospital Equipment and Supplies market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
Leading companies operating in the market are:
Johnson & Johnson, Medtronic, Baxter International, Boston Scientific Corporation, Smith & Nephew, GE Healthcare, Stryker Corporation, Thermo Fisher Scientific, Covidien, and B Braun.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Hospital Equipment and Supplies Market Segmentation:
Product Outlook (Revenue, USD Billion; 2018-2028)
- Disposable Hospital Supplies
- Mobility Aids and Transportation Equipment
- Operating Equipment
- Patient Examination Devices
- Sterilization and Disinfectant Equipment
- Syringes and Needles
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
Geographic Segment Covered in the Report:
The Hospital Equipment and Supplies report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
• North America (the USA and Canada)
• Europe (UK, Germany, France, and the rest of Europe)
• Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
• Latin America (Brazil, Mexico, and the rest of Latin America)
• the Middle East and Africa (GCC and the rest of the Middle East and Africa)
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Key market aspects are illuminated in the report:
- Executive Summary: It covers a summary of the most vital studies, the Global Hospital Equipment and Supplies market increasing rate, modest circumstances, market trends, drivers and problems as well as macroscopic pointers.
- Study Analysis: Covers major companies, vital market segments, the scope of the products offered in the Global Hospital Equipment and Supplies market, the years measured, and the study points.
- Company Profile: Each Firm well-defined in this segment is screened based on a products, value, SWOT analysis, their ability and other significant features.
- Manufacture by Region: This Global Hospital Equipment and Supplies report offers data on imports and exports, sales, production and key companies in all studied regional markets.
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