Global Hospital Supplies Market to Cross US$21Bn, North America and Europe Contributing Significant Revenue Share, Projects Fact.MR
Published : 24 Feb 2020 Industry: Healthcare
Rising prevalence of hospital-acquired infections is increasing the utilization of sterile and disposable products such as surgical gloves, surgical drapes, and surgical packs in hospitals. This is anticipated to boost the revenue growth of the global hospital supplies market. According to WHO, 15% of patients in hospitals suffer from hospital-acquired viral, bacterial, and fungal infections. Various governments and medical professionals are focusing on maintenance of safety & hygiene in hospitals, which is expected to increase the demand for hospital supplies. The global hospital supplies market was estimated to be valued at US$ 17.0 Bn in 2018 and will hurtle towards the US$21Bn mark by the end of the forecast period (2019-2029).
Key Takeaways of Global Hospital Supplies Market Study
- By product type, surgical packs accounted for prominent value share in the global hospital supplies market. This is primarily attributed to growing need for surgical packs in various surgeries performed in hospitals and ambulatory surgical centers, globally.
- North America and Europe will collectively hold 70% of the global hospital supplies market share. East Asia and South Asia are anticipated to exhibit notable CAGR, owing to growing hospital supplies manufacturing facilities in these regions.
- The hospitals segment under end user dominated the global hospital supplies market, attributed to high healthcare infrastructure and large patient pool visiting hospitals.
“Increasing investments and acquisitions by large players to expand their regional presence of sterile medical supplies is anticipated to favor the global hospital supplies market growth.” says the Fact.MR Analyst.
Acquisitions and Expansions to be Key Imperative Followed by Market Players
Sterile hospital supplies manufacturers are focusing on mergers and acquisitions, which can aid them with a broad spectrum of product offerings, enhanced capabilities, and large scale manufacturing. In 2018, Boston Scientific announced nine acquisitions and several new strategic investments totaling $6 Billion. With the growing investment for infrastructural and technological advancements, manufacturers are also focusing on inking deals with various healthcare institutions.
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The research study on the global hospital supplies market by Fact.MR incorporates an unbiased assessment of key demand-driving factors and trends, which have shaped the landscape of the global hospital supplies market over 2014 – 2018 and includes a detailed assessment of key parameters that are anticipated to exert influence during 2019 – 2029. Market statistics have been presented on the basis of product type (surgical gowns, surgical drapes, surgical gloves, surgical packs, feeding tubes, and others), and end user (hospitals, ambulatory surgical centers, and specialty clinics) across seven major regions.
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