Global Hospital supplies Market Forecast and Trends

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 due to rise in number of hospitals.

Surgical beds and other long-term care beds are also equipped to provide efficient quality treatment. Technologically advanced beds balance the health and comfort needs of patients, which estimated to fuel the global hospital supplies market during the forecast period across the globe. In addition, the rise in geriatric population coupled with the growth of healthcare infrastructure is anticipated to propel the global hospitals supplies market across the globe. Moreover, the growth in the favorable government activities in developing economies such as India, and China, to provide better healthcare facilities is estimated to drive the global market during the forecast period. Moreover, the hospital supply demand continues to expand due to the high incidence of infectious and social diseases such as pneumococcal disease & sexually transmitted diseases. The presence of numerous microbes present in the atmosphere is a causative agent for infectious disease. Increasing aging population has resulted in increased demand for hospital equipment and services, leading to the growth of the hospital supplies market during the forecast period across the globe. However, the growing market for the home care services is estimated to create an obstacle in the growth of global hospital supplies market across the globe.

Growth drivers

The growing up-gradation in technology

The rising advancement in technological up-gradation across the globe is expected to propel the global market during the forecast period of 2024. People suffering from chronic and serious illnesses, which require technologically, advanced medical equipment in their diagnosis and diagnostic procedures. Owing to the growing number of cases of disease, the healthcare industry and hospitals are obtaining the latest medical equipment to treat patients without any problems, which is projected to fuel the global hospital supplies market across the globe.

Opportunity

The growing population

The rising population across the globe is estimated to create an opportunity in the global hospital supplies market during the forecast period of 2024 across the globe. The growth in the population led to the rise in the demand for the medical equipments and supplies, which help in contributing to fuel the global hospital supplies market across the globe.

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Restraints

The development of home care services

The emergence of home care services is estimated to hinder the market across the globe. Many healthcare providers are either collaborating with conventional home health facilities or are setting up their own home health programs to reduce the cost of diagnosis and post-treatment for patients. The growing use of home health facilities and availability of reimbursement by government programs in developed countries, such as the United States, are serving as a major obstacle to the hospital supplies market during the forecast period of 2024.

Global Hospital supplies Market: Type

Based on the Type, global Hospital supplies market is segmented into Disposable Hospital Supplies, Operating Room Equipment, Mobility Aids & Transportation Equipment, Patient Examination Devices, Syringes & Needles, and Sterilization & Disinfectant Equipment. The disposable hospital supplies segment is estimated to have the fastest growth rate during the forecast period of 2024 across the globe. In addition, disposable hospital supplies market projected to dominate the global market due to the growing consciousness about the hospital-acquired infections (HAIs) and the demand for various diagnostic options are expected to drive the market. Disposable hospital supplies are items of one-time use, such as consumables, medical equipment and disposable instruments, which are used in significant quantities in all hospitals. These products, such as bandages and wraps, suction catheters, test gowns, face masks, hypodermic needles, gloves, and others, are in continuous use by all hospital professionals in every area, from cleaning to surgical theaters, as well as administrative departments, in some cases. Thus, the continuous growth has been observed in the adoption of such devices during the forecast period. However, mobility aids & transportation equipment anticipated to have the moderate growth rate across the globe.

Global Hospital supplies Market: Regional Insights

Based on the region, the global Hospital supplies market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. North America projected to hold te largest share in global hospital supplies market across the globe. In addition, its is also estimated to dominate the global market during the forecast period of 2024. In North America, the U.S. expected to drive the market share of regional hospital supplies owing to an rising percentage of elderly people in the global population, universal immunization services and an increase in the patient pool and a growing demand for insulin and vaccines will drive the growth of the sector. Shifting from non-disposable to disposable supplies would raise regional market share. The presence of leading suppliers such as Stryker and Medtronic (Covidine) in the area would boost market growth due to the availability of affordable products. However, Asia-Pacific estimated to have significant growth rate during the forecast period. The rising progress in health care reform, rapid technical advancement and increasing incidences of infectious diseases are expected to improve the demand for hospital supplies across the region.

Recent Development

In March 2020: Medtronic launches the new solutions to help the monitor patients for corona virus.
In January 2020: Medtronic launches new software “Effico” to help the clinicial effectively manage targeted drug delivery therapy with the SyndroMed II.

Segmentation

By Type

Disposable Hospital Supplies
Operating Room Equipment
Mobility Aids & Transportation Equipment
Patient Examination Devices
Syringes & Needles
Sterilization & Disinfectant Equipment UAV

By Region

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)

Competitive Landscape

GE healthcare
Medtronic
Thermo Fischer and Scientific
Dickinson and Company
Cardinal Heath
Boston Scientific Corporation
Braun Melsungen AG
3M Health Care
Becton
Molnlycke Health Care AB
Other Major and Niche Players

The objective of the Study

Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).

The study also provides a company’s positioning and market share in the office furniture market.

Timeline Considered for Analysis:

2018: Base Year
2019: Estimated Year
2019-2024: Forecast Period

Research Scope and Deliverable's

Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis

Market Segmentation Analysis:

Industry report analyzes the office furniture market by the following segments:

Type

Customization: We also offers customization’s in the industry report as per the company’s specific needs.

Key Questions Answered in the Office Furniture Industry Report

What is the overall market size in 2018? What will be the market growth during the forecast period i.e. 2019-2024?
Which region would have a high demand for the product in the upcoming years?
What are the factors driving the growth of the market?
Which sub-market will make the most significant contribution to the market?
What are the market opportunities for existing and entry-level players?
What are various long-term and short-term strategies adopted by the market players?