The global hospital consumables market is expected to reach USD 713.1 billion by 2028, registering a CAGR of 10.89% over the forecast period, according to a new report by Grand View Research, Inc. Hospitals, private medical practices, and patients, especially in developed nations, are gradually shifting towards utilization of disposable hospital consumables due to convenience and safety offered by these products. Therefore, the product demand is rapidly increasing across the globe, thereby driving market growth. Moreover, the increasing prevalence of Hospital-Acquired Infections (HAIs) is creating high product demand in hospitals as well as other healthcare settings.
For instance, out of every 100 hospitalized patients, 7 in developed and 10 in developing countries are affected with at least one Healthcare-associated Infections (HCAIs). Several measures, including the usage of disposable & sterile products, disposable gloves, medical gauze, tapes, procedure kits & trays, and other disposable hospital consumables, are now being utilized to prevent and reduce the prevalence of HAIs. Moreover, expanding infrastructure and rising demand for maintenance & hygiene in healthcare institutes are further boosting the market growth.
Many hospitals and health care centers are considerably focusing on upgrading the quality of infrastructure, maintaining hygiene, and efficacy of operational systems, which will have a positive impact on the market growth. In addition, a large population base in developed countries, such as the U.S., is able to spend and afford better-quality healthcare. According to CMS.gov, the U.S. healthcare expenditure grew 4.6% in 2019, reaching USD 3.8 trillion or USD 11,582 per person, accounting for 17.7% of the nation’s GDP. Thus, increasing healthcare expenditure is also one of the key factors stimulating market growth.
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The non-woven disposable products segment held the largest revenue share in 2020 and will expand at a steady CAGR over the forecast years retaining the leading market position
This growth is credited to the high prevalence of HAIs and subsequently rising hospital admissions for surgeries
The market in the Asia Pacific region is expected to register the fastest CAGR from 2021 to 2028
This growth is owing to the increasing population coupled with the rapid expansion of the medical tourism sector in the region
Key players focus more on business strategies, such as mergers & acquisitions, partnerships, and new product launches, to strengthen their foothold in the global market
Grand View Research has segmented the global hospital consumables market on the basis of product and region:
Hospital Consumables Product Outlook (Revenue, USD Million, 2016 - 2028)
Disposable Medical Gloves
Medical Gauze & Tapes
Sharps Disposable Containers
Non-woven Disposable Products
Hospital Consumables Regional Outlook (Revenue, USD Million, 2016 - 2028)
List of Key Players of Hospital Consumables Market
McKesson Medical-Surgical Inc.
Medline Industries, Inc.
B. Braun Melsungen A.G.
Terumo Medical Corporation
Owens and Minor
Smith And Nephew, Inc.
Fresenius Medical Care AG & Co. KGaA
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