The rise in the use of home healthcare services, as well as the availability of government reimbursements in industrialized countries such as the United States, poses a significant challenge to the hospital nutrition industry.
Fact.MR – Market Research & Competitive Intelligence Provider: According to Fact.MR’s latest analysis, the global medical supplies market will grow at a CAGR of 3% to reach US$23 billion by the end of the forecast period 2021-2031, says a recently published report Fact.MR. The growing prevalence of nosocomial infections is driving the introduction of protective equipment, which is driving market demand.
From 2016 to 2020, sales of medical supplies grew at less than 3% CAGR, reaching $18 billion by the end of the historical period. COVID-19 has spurred expansion prospects as hospitals, clinics and dispensaries use protective gear, including disposable gloves, gowns, sheets and masks.
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As the number of hospitalizations for various chronic and infectious diseases increases, the demand for protective equipment for hospitals is expected to increase many times over. An increase in the number of cases of viral, fungal and bacterial infections transmitted in hospitals encourages patients to prefer a more sterile surgical environment. According to WHO, 15% of patients in hospitals suffer from these infections. Consequently, medical professionals are focusing on ensuring safety and hygiene in hospitals, supporting demand.
Key takeaways from the market research
By product type, sales of disposable medical gloves account for 3/5 of total demand
Demand for packages of surgical procedures will grow at a CAGR of 4% until 2031
From an end-user perspective, hospitals provide the bulk of global demand, accounting for 70% of total sales.
Digital technologies are helping the healthcare industry and driving market expansion
Demand for medical products in the US accounted for 38.2% of the total share in 2020.
More than 3 out of 10 sales of medical supplies occurred in Western Europe.
In India, demand for medical supplies is expected to grow by an average of 3% amid the rapid development of healthcare infrastructure.
“Increased efforts to eradicate hospital-acquired infections are prompting healthcare providers to invest in hospital protective equipment, which is driving market growth,” says an analyst at Fact.MR.
End user
- Hospitals
- Outpatient surgical centers
- Specialized clinics
- Competitive environment
In the next decade, producers of the commercial seaweed market will focus on strategic acquisitions, collaborations and new product launches.
To eradicate COVID-19, Siemens is donating oxygen concentrators to hospitals in India. The charity Siemens Caring Hands eV is supplying 100 oxygen concentrators to hospitals in Bangalore, Goa and Chennai as part of a long-term effort to fight the pandemic in India.
Pediatric Home Service (PHS), an independent, comprehensive home care service based in Roseville, Minnesota, recently joined Alliance Medical Supply, a San Antonio, Texas-based high-tech long-term care firm that serves pediatric patients.
Allegro Medical sells a variety of medical equipment, but are particularly impressed with its orthopedic and orthopedic options, which have about 1,400 items.
Baxter
GE Healthcare Technologies
Invacare Corp.
Hill-Rom Holdings Inc.
TZ Medical
Some of the insights and assessments of the hospital supplies market that make this study unique in approach and effective in guiding stakeholders in understanding growth dynamics. The study provides:
Detailed information on the latest innovations and developments in the hospital products industry and how they are attracting customers during the forecast period.
Analysis of consumer demand for products and its likely development in the coming years.
Recent regulations enforced by government agencies and local agencies and their impact on demand in the hospital supplies market.
Understanding the introduction of new technologies and their impact on the size of the hospital supplies market.
An overview of the impact of COVID-19 on the hospital supplies market and the economic turmoil caused by the pandemic.
Estimates the post-pandemic impact on the hospital supplies market during the forecast period.
By reading the Hospital Supplies Market Report, readers will be able to:
Understand the drivers, constraints, opportunities and trends affecting sales in the market.
Analyze the key regions that account for a significant share of the total revenues of the hospital supplies market.
Explore the growth prospects of the hospital supplies market scenario including production, consumption, history and forecast.
Examine the consumption patterns and impact of each end use and supply-side analysis of the hospital supplies market.
Study the latest R&D projects carried out by each market participant and conduct a competitive analysis of the hospital supplies market participants.
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About Fact.MR
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