“The global hospital supplies market accounted to US$ 37.9 Bn in 2018 and is expected to grow at a CAGR of 11.9% during the forecast period 2020 – 2027, to account to US$ 101.0 Bn by 2027”. The Asia Pacific market is expected to grow at highest rate during the forecast period owing increasing prevalence of chronic diseases, rising geriatric population, rise in influence of hospital acquired infections and growing government healthcare expenditure. In addition, emergence of new local players with competitive product portfolio and increasing number of surgical procedures performed are expected to fuel the market growth in Asia Pacific region.
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- 3M Healthcare
- B. Braun Melsungen AG
- Cardinal Health
- Terumo Medical Corporation
- Boston Scientific Group
- Nipro Medical Corporation
- Smiths Medical
- GE Healthcare
Rising Incidence of Chronic Diseases is expected to boost the market growth over the years
Chronic diseases, including diabetes, cancer, heart disease, and obesity, are the leading causes of death in the world and account for most of the nation’s health care costs. According to the International Diabetes Federation (IDF), in 2017, number of people with diabetes in North America was approximately 46 million which is expected to grow at 62 million in 2045. The increase in the disease prevalence is around 35% during the forecast period.
Also, according to the World Health Organization in 2018, cancer was the second leading cause of death across the globe, and is responsible for an estimated 9.6 million deaths in 2018. Furthermore, the American Cancer Society estimated that in 2018, 1,735,350 new cancer cases were diagnosed in 2018.
Thus, the increasing incidences of chronic diseases poses several opportunities for the hospital supplies market to grow during the forecast period.
Increasing Incidence of Hospital-Acquired Infections
Hospital acquired infections affects the patients not only during their stay in the hospitals, but also post patient’s discharge from hospitals. Moreover, these occupational infections are observed to be common in within the hospital and nursing staff too. According to the World Health Organization (WHO), hundreds of millions of patients are affected by healthcare associated infections every year leading to significant morbidity and mortality around the world. The WHO Healthcare Associated Infections fact sheet of 2016 suggests that of every 100 hospitalized patients at a given time, 7 in the developed countries and 10 in developing countries acquires at least one hospital acquired infection.
The global hospital supplies market, based on type is segmented into syringes, patient examination devices, mobility aids and transportation equipment, operating room equipment, sterilization and disinfectant equipment and disposable hospital supplies. In 2018, the disposable hospital supplies segment held the largest share of the market, by type. This segment is also expected to dominate the market in 2027 owing to high demand for hospital disposables and growing number of multispecialty hospitals.
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