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Rising awareness pertaining to hospital-acquired infections and growing incidences of communicable diseases and is propelling market growth.
NEW YORK, NEW YORK, UNITED STATES, October 12, 2021 /EINPresswire.com/ — The global Hospital Equipment and Supplies market size is estimated to reach USD 84.60 billion to 2027 from USD 35.21 billion in 2019, delivering a CAGR of 12.3{910b6bbd7d8df262ef2569b2fa1b6eeb3c466f4c7f0beab5b6a71914e3a3313c}. The market growth is driven by a huge demand for disposable supplies from hospitals all across the globe to avoid HAIs (hospital-acquired infections) and limit their spread. The proliferation of innovative medical technologies, along with better diagnostic techniques, is also supporting the growth of the global hospital equipment and supplies industry.
The growing prevalence of infectious and chronic diseases in the world is offering lucrative revenue avenues for the market share. According to the World Health Organization, chronic disease incidence is expected to exceed 57{910b6bbd7d8df262ef2569b2fa1b6eeb3c466f4c7f0beab5b6a71914e3a3313c} by the end of 2020. At the same time, the CDC estimates that hospital-acquired infections will account for nearly 1.7 million infections and approximately 99,000 deaths annually in the U.S. alone. In a bid to avoid transmission of diseases and contamination of hospital supplies, these organizations recommended the adoption of high barrier drapes, gowns, gloves, along with potent disinfectants in ambulatory operating rooms and hospitals.
The global spending on healthcare is rising steadily across the globe; It was USD 7.8 trillion in or nearly 10{910b6bbd7d8df262ef2569b2fa1b6eeb3c466f4c7f0beab5b6a71914e3a3313c} of GDP in 2017. The growing incidence of diseases will further boost healthcare spending. Moreover, the recent outbreak of COVID-19 has led organizations to invest heavily in healthcare facility cleanliness and disinfection, which will further supplement hospital equipment and supplies market share over the forecast period.
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Market Overview:
The pharmaceutical and healthcare industries are among the fastest-growing sectors, particularly during the Covid-19 pandemic. The industry is vital for its life-saving medical innovation that improves people’s health and quality of life in a country. Rapid technological advancements, continued growth in the biologics field, and an increase in medication manufacture and distribution all contribute to the pharma and healthcare industries’ enormous growth. Rapid technological advancements include Artificial Intelligence (AI), blockchain, virtual reality, additive manufacturing, medical imaging and other Industry 4.0 technologies is revolutionizing pharma and healthcare industry. Pharmaceutical firms create jobs in technical assistance, scientific research, and production, as well as develop drugs to improve health, eradicate diseases, and extend life expectancy.
Competitive Landscape:
The global Hospital Equipment and Supplies market research report provides a competitive strategy analysis portfolios to provide a better understanding of the competitive landscape. The report further discusses in depth the business strategies undertaken by key manufacturers on mergers and acquisitions, joint ventures, and collaborations. It sheds light on the companies holding largest market share in terms of revenue in the global Hospital Equipment and Supplies market.
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Further key findings from the report suggest
• On the basis of product type, the disposable hospital supplies segment held 22.6{910b6bbd7d8df262ef2569b2fa1b6eeb3c466f4c7f0beab5b6a71914e3a3313c} of the hospital equipment and supplies market share in 2019 and is estimated to witness exponential growth on account of growing patient awareness regarding hospital-acquired infections and enforcement of infection prevention standards in hospitals across several countries.
• Based on expenditure type, the public hospitals account for 34.9{910b6bbd7d8df262ef2569b2fa1b6eeb3c466f4c7f0beab5b6a71914e3a3313c} of the hospital equipment and supplies market share and is set to witness a growth rate of 12.8{910b6bbd7d8df262ef2569b2fa1b6eeb3c466f4c7f0beab5b6a71914e3a3313c} through 2017. The growth is a result of favorable initiatives taken by the government in developing economies to upscale healthcare facilities. For instance, the Government in MEA and APAC countries are focusing on the sourcing of advanced medical supplies and equipment for enhancing public hospital infrastructure.
• Based on distribution channel, the retail medical store segment is estimated to exhibit a CAGR of 12.4{910b6bbd7d8df262ef2569b2fa1b6eeb3c466f4c7f0beab5b6a71914e3a3313c} over the analysis period. The robust growth can be attributed to the up-to-date stocking of the latest medical equipment and supplies.
• The pharmacies segment accounted for a major chunk of the hospital equipment and supplies market share in 2019 on account of personalized services offered by the distribution channel at an affordable price. Pharmacies are wholesale suppliers to hospitals under a contract to provide optimal quality medical supplies.
• In the regional landscape, the APAC region is forecast to register a growth rate of 13.5{910b6bbd7d8df262ef2569b2fa1b6eeb3c466f4c7f0beab5b6a71914e3a3313c} through 2027. The robust growth rate can be attributed to exponential growth in the geriatric population base in the region. Estimates suggest that one in every four people in the region will be over the age of 60 by the year 2025. The increasing prevalence of chronic diseases in aged people will generate huge demand for medical supplies and equipment in the coming years.
• Key players operating in the global hospital equipment and supplies market include Johnson & Johnson, Medtronic, Baxter International, Boston Scientific Corporation, Smith & Nephew, GE Healthcare, Stryker Corporation, Thermo Fisher Scientific, Covidien, and B Braun.
• These players are undertaking various strategies supporting overall industry growth. For instance, the Ford Motor Co. announced in March 2020 regarding plans to work directly with 3M and GE Healthcare to help ramp up the production of preventative & medical care equipment.
For the purpose of this report, Reports and Data has segmented the Global Hospital Equipment and Supplies Market on the basis of product, expenditure type, distribution channel, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
• Disposable Hospital Supplies
o Drapes
o Gloves
o Gowns
o Procedure Kits and Trays
• Mobility Aids and Transportation Equipment
o Stretchers
o Wheelchairs
• Operating Equipment
o Operating Room Lights
o Operating Room Tables
• Patient Examination Devices
o Stethoscope
o Thermometer
• Sterilization and Disinfectant Equipment
o Chemical Sterilization
o Physical Sterilization
o Radiation Sterilization
• Syringes and Needles
o General Syringes
o Specialized Syringes
Expenditure Type Outlook (Revenue, USD Billion; 2017-2027)
• Public Hospitals
• Private-Profit Hospitals
• Private-Non Profit Hospitals
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
• Pharmacies
• Retail Medical Stores
• Online Retailers
The report offers extensive summary of the top companies and also provides strategic recommendations for market players and new entrants to provide a competitive edge to the readers. The reports were collected using primary and secondary research methodologies.
Regional analysis covers:
• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
In addition to corporate strategy, Hospital Equipment and Supplies market throws light on different properties to curb the progress of fuel or industry. The focus is more on applicable sales strategies to increase the company’s productivity to achieve higher economic performance. Research reports use effective graphical presentation techniques such as tables, charts, graphs, diagrams, and info graphics.
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Important Coverage in the Hospital Equipment and Supplies Market Report:
• Detailed analysis of Global Hospital Equipment and Supplies Market by a thorough assessment of the technology, product type, application, and other key segments of the report
• Investigative study of the market dynamics including drivers, opportunities, restraints, and limitations that can influence the market growth
• Comprehensive analysis of the regions of the Hospital Equipment and Supplies industry and their futuristic growth outlook
• Competitive landscape benchmarking with key coverage of company profiles, product portfolio, and business expansion strategies
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Finally, all aspects of the Hospital Equipment and Supplies market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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