Hospital Supplies Market Size - Growth, Share by 2031
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.
Hospital Supplies Market Analysis
Rising Infectious and Communicable Diseases
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.
Hospital Supplies Market Overview
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.
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Hospital Supplies Market: Strategic Insights
Market Size Value in US$ 44,876.0 million in 2020 Market Size Value by US$ 101,008.7 million in 2027 Growth rate CAGR of 11.9% from 2020 to 2027 Forecast Period 2020-2027 Base Year 2020
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Hospital Supplies Market: Strategic Insights
| Market Size Value in | US$ 44,876.0 million in 2020 |
| Market Size Value by | US$ 101,008.7 million in 2027 |
| Growth rate | CAGR of 11.9% from 2020 to 2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Hospital SuppliesMarket Drivers and Opportunities
Efficient Supply Chain for Medical Supplies to Favor Market
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.
Technological Advancements in Hospital Supplies Market– An Opportunity
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.
Hospital Supplies
Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Hospital Supplies Market analysis are candidature and services.
- Based on type, the Hospital Supplies Market is segmented into syringes, patient examination devices, mobility aids & transportation equipment, operating room equipment, sterilization & disinfectant equipment, and disposable hospital supplies. The sterilization & disinfectant equipment may hold a larger market share in 2023.
Hospital Supplies Market Share Analysis by Geography
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.
Hospital Supplies
Market Report Scope
Hospital Supplies Market News and Recent Developments
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:
- In July 2022, Cardinal Health announced signing a contract with Quipt Home Medical Corp for selling and distributing hospital supplies. The contract aims to sell hospital supplies worldwide through Cardinal Health at-Home business unit.
Hospital SuppliesMarket Report Coverage and Deliverables
The “Hospital SuppliesMarket Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
- Cardinal Health
- Becton, Dickinson and Company
- Baxter International Inc
- B. Braun Melsungen AG
- Nipro Medical
- Smith Medical
- 3M Healthcare
- GE Healthcare
- Terumo Corp
- Boston Scientific Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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