Innovative Report on Hospital Supplies Market Huge Demand, New Trends and In-Depth Analysis to 2027 with Global Industry Players Nipro Medical, Baxter, Smiths Medical, GE Healthcare
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.
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Leading Key Company Profiles:
- 3M Healthcare
- B. Braun Melsungen AG
- Cardinal Health
- Terumo Medical Corporation
- Boston Scientific Group
- Nipro Medical Corporation
- Smiths Medical
- GE Healthcare.
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.
Thus, the increasing incidences of chronic diseases poses several opportunities for the hospital supplies market to grow during the forecast period.
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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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.
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 syringes market bifurcated into generalized syringes and specialized syringes. In 2018, the generalized syringes market held the largest market share.
The specialized syringes market further subdivided into insulin syringes, allergy syringes, tuberculin syringes and other syringes.
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Strategic acquisition and product launches were observed as the most adopted strategy in global hospital supplies industry. Few of the recent product launch, product approval and acquisitions are listed below:
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.
Key Reasons to Purchase this Complete report:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Global Hospital Supplies Market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Hospital Supplies, thereby allowing players to develop effective long term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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