A recent market study conducted by Future Market Insights Inc., in collaboration with renowned industry analysts, has unveiled promising projections for the Global Hospital Supplies Industry. The comprehensive report anticipates a robust Compound Annual Growth Rate (CAGR) of 3.7% from 2022 to 2032, indicating a dynamic and flourishing market.
In a groundbreaking revelation, the report highlights that the Global Hospital Supplies Industry is poised to reach a significant milestone in 2022, with estimated sales soaring to an impressive valuation of US$29.5 Billion. This substantial growth is attributed to several factors, including technological advancements, increasing healthcare needs, and a rising awareness of the importance of quality hospital supplies.
A key focus of the report is on the challenges posed by healthcare-associated infections, affecting approximately 15% of all hospitalized patients worldwide, as per data from the World Health Organization (WHO). The escalating prevalence of these infections contributes to prolonged hospital stays, increased disability, and a significant economic burden.
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The development of the Global Hospital Supplies Industry is reliant on the increasing adoption of sterile products, growing incidence of hospital-acquired infections and rising awareness about safe health and hygiene practices in developing countries.
“Rising awareness regarding medical sterilization and hygiene in developing nations, along with technological advancements in hospital supplies will auger well for the growth in the market,” says an FMI analyst.
Global Hospital Supplies Industry Key Takeaways:
- Based on product type, the hypodermic and radiology products segment accounted for 17.6% of the total market in 2021, and demand is expected to increase at a 3.6% CAGR through 2032.
- In terms of end-users, hospitals are expected to register a CAGR of 3.9% in the forthcoming years.
- The U.S. is anticipated to dominate the North American hospital supplies market over the forecast period, accounting for a lion’s share.
- Sales in the German hospital supplies market are slated to increase at a 3.5% CAGR over the assessment period.
- Demand in the China hospital supplies market will grow at a 4.1% CAGR in the forthcoming years.
- India will emerge as a lucrative pocket, with demand growing at a 4% CAGR through 2032.
Global Hospital Supplies Industry Competition Landscape
The key players in the Global Hospital Supplies Industry are focusing on tapping market potential by entering into strategic mergers & acquisitions agreements. They are also improving their product portfolios to gain a competitive edge in the market. For instance:
- In March 2021, Cardinal Health entered into a partnership with FourKites to improve the tracking of medical supplies and equipment along with pharmaceutical products, first aid supplies and personal protective equipment (PPE) kits in hospitals, pharmacies and other healthcare settings across the globe.
- In December 2020, 3M launched its next generation of silicon adhesive tapes, the 2480 3M Single-coated medical nonwoven tape with silicon adhesive liner. It offers more and secure adhesion, avoids trauma to patient skin and aids in a longer wear time. Hence, rising incidents of hazardous situations and chronic disease prevalence will propel market growth in future.
Key Market Segments Covered in Global Hospital Supplies Industry Research By Product:
- Sterilization Consumables
- Wound Care Products
- Dialysis Products
- Infusion Products
- Hypodermic & Radiology Products
- Intubation & Respiratory Supplies
- Surgical Procedure Kits & Trays
- Blood Management & Diagnostic Supplies
- General Disposable Products
By End User:
- Hospitals
- Ambulatory Surgical Centres
- Clinics
- Diagnostic Centres
- Long Term Care Centres
- Nursing Facilities