Hospital Supplies Market – Global Analysis by Dosage, Route of Administration and Application accounted to US$ 37.9 Bn in 2018 and is expected to grow at a CAGR of 11.9% during the forecast period 2019 – 2027
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. Moreover, the syringes segment is anticipated to witness the significant growth rate of 12.7% during the forecast period.
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 2019 – 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.
- 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. According to report of CDC, in 2018, approximately more than 9% of the population has diabetes, which is the leading cause of kidney failure, lower-limb amputations in US. Moreover, the data also suggests that 1.5 million Americans are diagnosed with diabetes every year in the US. Similar trends for high presence of diabetes are prevalent around other geographies of the globe that include Asia Pacific, Europe, Middle East and Africa. For instance, according to IDF Diabetes Atlas published by the International Diabetes Federation in 2017, south-east Asia is home to approximately one-fifth (19%) of the total diabetes population worldwide.
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.
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.
Moreover, in high income countries, approximately 30% of patients in intensive care units (ICUs) are affected by at least one HAIs. This rate of HAIs is approximately 2-3 folds higher in the low and middle income countries. In addition, the WHO claims that the newborns are at a higher risk of developing these infections, with infection rates 3-20 times higher in developing countries as compared to high income countries of the globe. As a result of this significant prevalence rate of these infections, the endemic burden of health care associated infections is also turning up higher, majorly among the developing economies of the world. The European Centre for Disease Prevention and Control reports an average prevalence of 7.1% in European countries. The Centre estimates that 4,131,000 patients are affected by approximately 4,544,100 episodes of health care-associated infection every year in Europe. Thus, the increasing prevalence of HAIs is expected to create a demand for medical disposable products promoting growth of the hospital supplies market across the world.
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What the report features:-
- Global analysis of Hospital Supplies marketfrom 2017 – 2027 illustrating the progression of the market.
- Forecast and analysis of Hospital Supplies market by Dosage, Route of Administration and Application from 2017 – 2027
- Forecast and analysis of Hospital Supplies market in five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America
This market research report administers a broad view of the Hospital Supplies market on a Global basis, presenting a forecast and statistics in terms of revenue during the forecast period. It covers an illustrative study with detailed segmentation, complete research and development history, latest news and press releases. Additionally, it demonstrates the future aspects and portrays a sketch of the key players involved in the Hospital Supplies market’s growth in terms of revenue.
The report contains imperative and pivotal details affecting the developments and growth of the market and also talks about the restricting factors that may restrain the Hospital Supplies market growth during the forecast period. Segmentations of the market are examined specifically to provide knowledge for supplementary market investments. Segmentation of the market on the basis of Dosage, Route of Administration and Application are elucidated in details portraying a descriptive structure of the market trends and restrictions affecting the Hospital Supplies market through the segments and sub-segments.
Reasons to Buy the Report:
- Learn about the driving factors, affecting the market growth.
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- Pick up on the leading market players within the market.
- Envision the restrictions and restrains that are likely to hamper the market.