The Hospital Supplies Market was valued at US$ 85.71 billion in 2021 and is expected to reach US$ 166.4 billion by 2031. The market is expected to register a CAGR of 7.3% from 2023–2031. Improved infrastructures of hospitals and integration of novel technologies in healthcare facilities are likely to remain key Hospital Supplies Market trends.
The COVID-19 pandemic has warned the extent to which healthcare settings have to contribute to reduce the spread of infections and cause less harm to patients & healthcare workers & visitors. However, if good hygiene and other cost-effective practices are followed, 70% of infectious diseases can be prevented. According to the World Health Organization (WHO) report, out of every 100 patients in acute-care hospitals, seven patients in high-income countries and 15 patients in low and middle-income countries acquire at least one healthcare-associated infection (HAI) during hospital stay.
Therefore, rising infectious and communicable diseases accounts for increase in healthcare burden on low income and middle-income countries. According to the World Health Organization (WHO) report, infectious diseases account for almost half of the overall health spending in low-income countries, whereas in middle-income countries, infectious diseases account for almost one-third of the overall health spending. Further, low-income countries mostly spend their domestic public funds to control infectious diseases, while middle-income countries spend more on noncommunicable diseases.
Source: World Health Organization (WHO)
Therefore, with rising infectious diseases, global demand for hospital medical supplies such as protection kits, medicines, equipment, and among others is increasing exponentially. The aforementioned factors are responsible for influential hospital supplies market growth during 2021-2031.
Technology, innovation, and smart technological solutions continue to influence hospital supplies significantly. Rising infectious and communicable diseases and efficient supply chain for medical suppliesare the most influential factors responsible for Hospital Supplies Market growth. Technological advancement is a key trend for Hospital Supplies Market growth. Technological advancements such as AI will provide lucrative market opportunity.
The evolution of the healthcare supply chain has been substantially driven by regulatory changes, and shifts in healthcare practices. The key developments include technology integration, advancements in logistics & distribution, risk, management & resilience, sustainability & ethical sourcing, and others. Also, hospitals are heavily dependent on regional suppliers for efficient medical supply. Therefore, following efficient supply chain practices for effective supplies management will contribute significantly in the coming years.
Inventory management is challenging for hospitals aiming for efficient medical supply to facilities located at diverse location within the hospital premises. Such challenges can result in improper information flow, disruption in core medical supplies within the hospital departments, and improper handling resulting in spread of healthcare-associated infections. To overcome such barriers of unorganized hospital supplies, technological advancements such as AI applications will continue to emerge. For example, leveraging dynamic real-time inventory visibility through IoT-based technologies through AI can drive processes, optimize the minimum and maximum inventory counts, and automatically replenish to match several hospitals' consumption at diverse locations, including operating rooms, catheter labs, nursing floors, and in-hospital pharmacies. Therefore, adoption of technologically-advanced tools such as AI will provide lucrative market opportunities accounting for considerable market share in the coming years for Hospital Suppliesmarket.
Key segments that contributed to the derivation of the Hospital Supplies Market analysis are candidature and services.
The geographic scope of the Hospital SuppliesMarket report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Hospital Supplies Market. In North America, US accounts considerable share for hospital supplies. Presence of top medical suppliers present in the US and hospital collaboration with leading suppliers are the most influential factors responsible for market growth. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
The regional trends and factors influencing the Hospital Supplies Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Hospital Supplies Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 85.71 Billion |
| Market Size by 2031 | US$ 166.4 Billion |
| Global CAGR (2023 - 2031) | 7.3% |
| Historical Data | 2021-2023 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Hospital Supplies Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Hospital Supplies Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Hospital SuppliesMarket is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in them market for Hospital Supplies and strategies:
The “Hospital SuppliesMarket Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
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