Market Overview
Hospital supplies are medical equipment used in clinics and hospitals for treatment, disinfection, transportation, and preliminary diagnosis of patients, which include gloves, drapes, procedure trays, needles & syringes, and operating room tables, among others.
The hospital supplies market size was valued at USD 35.20 billion in 2019 and is expected to grow with a CAGR of 11.7% during the forecast period.
Market Dynamics
Rising cases of hospital-acquired infections and chronic diseases to prompt the need for effective hospital supplies
Growing cases of hospital-acquired infections (HAI) are subsequently surging the adoption of disposable medical supplies across the globe. The prevalence of nosocomial infections in developed and developing countries is 7% and 10%, respectively. As per the World Health Organization(WHO), globally, about 15% of the hospital patients suffer from viral, bacterial, and fungal infections. HAI Prevalence Survey findings released in 2014 state that in the U.S., around 75,000 deaths were reported during hospitalization due to health-related infections.
Globally, the increasing prevalence of chronic disorders is surging the demand for hospital supplies market volume. Geriatrics are highly susceptible to chronic disorders, further increasing the need for proper care. As per the statistics provided by the National Health Council (NHC), around 133 million Americans suffer from one or more chronic ailments, and the number is estimated to reach 157 million by 2030. As per the WHO, the world’s population aged 60 years and above is expected to reach 2 billion by 2050.
The healthcare facilities are taking several steps, such as the use of sterile and disposable materials and medical supplies, to prevent and decelerate the incidence of hospital-associated infections. Governments in the developing countries are actively working to promote the use of disposable medical equipment to reduce the treatment costs, further rising the demand for single-use syringes and needles.
Technological advancement in hospital supplies
The increasing prevalence of chronic and autoimmune diseases is compelling the global healthcare sector to adopt technologically advanced equipment and supplies. Governments in the developing countries are channelizing efforts to equip the healthcare facilities with advanced supplies, such as light-emitting diode (LED), plastic syringes, single-use syringes, and automated thermometers, to provide better patient care.
In February 2020, Becton, Dickson, and Company partnered with Babson Diagnostics to support small volume blood collection at retail pharmacies. Similarly, BAXTER International announced the 510 (k) clearance from the U.S.FDA clearance for a new generation of Peri-strip dry with Veritas Collagen Matrix product.
Untapped market opportunities in the developing countries
In Asia Pacific, Africa, and Latin America, the healthcare sector is still in the developing stage. In India, there is less than one bed per 1000 patients available in India, and the WHO’s standard requirement is about 2.7 beds per 1000 patients. This huge deficit between demand and supply of hospital supplies in developing countries is offering lucrative opportunities for the expansion of private hospitals. For instance, Apollo Hospitals Enterprise Ltd., expanded from a 150-bed facility in 1983 to providing over 9,500 beds in 69 hospitals in 2016. Apart from this, increasing numbers of surgeries are surging the demand for surgical gowns, gloves, drapes, feeding tubes, and procedural kits and trays, further driving the market growth.
Regional Analysis
Hospital supplies market in north america
North America leads the hospital supplies market share on account of the increasing number of cost-effective, minimally invasive procedures. Rising prevalence of communal diseases and hospital-acquired infections has compelled the healthcare sector to employ advanced hospital supplies. As per the Center for Disease Control and Prevention (CDC), in the U.S., around 62,700 patients suffered from catheter-associated urinary tract infections in 2015. Shifting preference towards disposable supplies to ensure the utmost patient security drives the regional market growth. The country is also backed by the presence of leading supply providers such as Stryker and Medtronic (Covidine).
China to be the leading contributor to asia-pacific’s market
Asia-Pacific is expected to register the fastest growth during the forecast period. The region houses the largest patient pool suffering from chronic diseases. In China, the healthcare sector has been witnessing rapid development on account of rising FDI influx and merger and acquisition activities by leading market players.
The geriatric population is highly susceptible to a myriad of diseases, and the region is home to the world’s largest geriatric population. By 2050, one in every four people is projected to be above the age of 60, whereas the overall population is projected to reach about 1.3 billion people. Apart from this, China is the world's largest exporter of low-tech medical device equipment. The country offers a wide range of growth and investment opportunities to the emerging players seeking to compete in the hospital supply industry.
Segmental Analysis
Disposable hospital supplies to dominate the market
The disposable medical supplies segment dominates the hospital supplies market. The disposable hospital products comprise medical equipment and portable machines, extensively used across the healthcare sector. Rising prevalence of hospital-acquired infections prompts the need for effective disposable medical supplies. As per the study ‘Nosocomial Pneumonia,’ in 2019, about 90% of the patients in ICUs were at risk of contracting nosocomial pneumonia, which further necessitates the use of disposable surgical gowns, boots, and face mask, among others. Rising awareness about hospital-acquired infections is prompting the need for hygiene in hospitals, further driving the segment growth.
