Hospital Supplies Market to Account to +US$ 101.0 Bn up to 2027 Lead By : 3M Healthcare, BD, Cardinal Health, Boston Scientific Group,Baxter, Smiths Medical,GE Healthcare
According to a new market research study titled ‘Hospital Supplies Market - Global Analysis and Forecasts by Type, The Global Hospital Supplies Market is expected to reach US$ 101.0 Bn in 2027 from US$ 37.9 Bn in 2018. The market is estimated to grow with a CAGR of 11.9% from 2019-2027. The report highlights the trends prevalent in the global hospital supplies market and the factors driving the market along with those that act as deterrents to its growth.
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Some of the Prominent Players Operating in Market are:-
3M Healthcare, B. Braun Melsungen AG, BD, Cardinal Health, Terumo Medical Corporation, Boston Scientific Group, Nipro Medical Corporation, Baxter, Smiths Medical and GE Healthcare. The market players are focused towards bringing new and innovative products to sustain their position in the market. For instance, in April 2019, Cardinal Health Partners with Perioperative Nurse to Alleviate Impact of Heat in the Operating Room. Cardinal Health CoolSource Cooling System, a disposable solution which is designed to keep the OR cool by reducing heat and empowering clinicians to focus more on patient care.
2019: Safe-T- Lance Plus safety lancets from Smiths Medical provide retractable safety technology for capillary blood sampling. Automatic retraction reduces needlestick injuries and cross-contamination exposure.
2018: Smiths Medical announced launched of its three products EchoGlo Peripheral Nerve Block (PNB) Needles and Catheters, CADD Infusion Systems with NRFit Connector and CADD-Solis Ambulatory Infusion Pump at the annual meeting American Society of Regional Anesthesia and Pain Management Medicine, New York.
2017: Cardinal Health completed the acquisition of Medtronic's Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency business for $6.1 billion.
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The report segments the global hospital supplies market as follows:
• Global Hospital Supplies Market – By Type
o Patient Examination Devices
o Mobility Aids and Transportation Equipment
o Operating Room Equipment
o Sterilization and Disinfectant Equipment
o Disposable Hospital Supplies
• Global Hospital Supplies Market – By Geography
• North America
• Asia Pacific (APAC)
• Middle East & Africa (MEA)
• South & Central America (SCAM)
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.
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.
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.
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