The global hospital supplies market is entitled to witness significant gains during the forecast period on account of growing awareness towards control of hospital acquired infections (HAIs). Decline in private health insurance, growing popularity of home care services, and stringent regulations led by governments are major restraints that are hampering the growth of hospital equipment and supplies market. Moreover, the concept of personalized medicines and other diagnostics options are available in the market. The market for hospital supplies is continuously growing due to the high incidence rate of inflammatory and communal diseases such as pneumococcal disease and sexually transmitted diseases. Presence of various microbes, existing in the environment is the causative agent for the communal disease. Rising aging population has resulted in an increased demand for hospital equipment & supplies, thereby contributing to the growth of hospital supplies market.
Market for hospital supplies is segmented on the basis of products such as sterilization and disinfectant equipment, mobility aids and transportation equipment, operating room equipment, disposable hospital supplies, patient examination devices, syringes, and needles. The maximum share is acquired by disposable hospital supplies market followed by syringes and needle segment. It is estimated that amongst all others safety enhanced devices and infection resistant nonwovens will see the most rapid growth in the coming years. High priority sectors for investment in medical equipment include medical lasers, dental equipment, endoscopes, and diagnostic equipment.
The major geographies covered by the hospital supplies market are North America, Asia-Pacific, Europe, Latin America, and MEA. There is rapid growth in the China hospital industry due to the steady progress health care reform and due to the continuous increase in demand stimulus. Various social capital flows to the Chinese hospital market by self-establishment, mergers and acquisitions, associates, and other forms, joint ventures are some of the major factors that have led to the expansion of private hospitals. Increasing geriatric population base at an unprecedented rate in the Asia Pacific region is the major driver for growing demand for hospital supplies. It is estimated that by 2050 one in every four people in the region will be over the 60 years of age. Moreover, the population in the Asia Pacific region would be three times between 2010 and 2050 and would reach approximately 1.3 billion people. According to reports published by advanced medical technology association in 2010, medical device spending totaled six percent of total national health expenditures.
The major competitors in the hospital supplies market are GE healthcare, Covidien, Thermo Fischer and Scientific, Boston Scientific Corporation, B. Braun Melsungen AG, 3M Health Care, Becton, Dickinson and Company, Cardinal Heath, Kimberly-Clark Corporation, Advanced Sterilization Products Services Inc., Molnlycke Health Care AB, Steris Corporation, Stryker Corporation, Terumo Corporation and Getinge AB, Johnson & Johnson and Baxter International. Key players involvement in mergers and acquisition and their geographical expansion are amongst the latest trends that have been observed in the hospital equipment and supplies market. Over the course of 22 years, from 1989 to 2010, national medical device spending has grown slightly as a percentage of National Health Expenditures, from 5.3 to 6 percent.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.