Hospital Supplies Global Market Report 2021: COVID 19 Implications and Growth to 2030

Hospital Supplies Global Market Report 2021: COVID 19 Implications and Growth to 2030

  • February 2021 •
  • 400 pages •
  • Report ID: 6027762 •
  • Format: PDF
Major companies in the hospital supplies market include GE Healthcare; Medline Industries and Cardinal Health Inc.

The global hospital supplies market is expected to grow from $40.61 billion in 2020 to $48.69 billion in 2021 at a compound annual growth rate (CAGR) of 19.9%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $67.78 billion in 2025 at a CAGR of 9%.

The hospital supplies market consists of sales of hospital supplies and related services by entities (organizations, sole traders and partnerships) that produce hospital supplies. This market is segmented into disposable hospital supplies; sterilization equipment and disinfectants; mobility aids and transportation equipment; operating room equipment.

North America was the largest region in the global hospital supplies market, accounting for 38% of the market in 2020.Western Europe was the second largest region accounting for 30% of the global hospital supplies market.

Africa was the smallest region in the global hospital supplies market.

Injection manufacturers are increasingly investing in painless injections and needle-free technology as a replacement to conventional injections for faster delivery of drugs, hormone treatments, insulin and vaccines.Painless injections include microneedle patches and laser-based devices to deliver drugs to a patient’s body.

Microneedle patches are skin-patches equipped with tiny plastic needles that dissolve within a short period and deliver vaccine painlessly in the form of pressured stream of liquid.These devices are utilized to avoid pain and manage chronic illness such as diabetes.

For instance, in 2019, Adamas Finance Asia announced plans to invest $5 million in needle-free injection technology.

The outbreak of Coronavirus disease (COVID-19) has acted as a restraint on the hospital supplies market in 2020 as supply chains were disrupted due to trade restrictions and healthcare organizations faced difficulties in acquiring new medical equipment.COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.

The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in a decline in manufacture and trade of medical equipment with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021.

However, it is expected that the hospital supplies market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The hospital supplies market is expected to benefit from the rise in precautionary measures being adopted to treat and control hospital acquired infections (HAIs).HAIs, also known as nosocomial infections, are infections that patients contract during treatment for medical or surgical conditions.

HAIs can occur in various healthcare facilities, including hospitals, surgical centers and long-term care facilities such as nursing homes and rehabilitation facilities. According to a report published by The Leapfrog Group in 2018, one out of 25 patients in the U.S. contracted a hospital-acquired infection resulting in significant healthcare expenditure and around 90,000 deaths annually. This is expected to boost the demand for hospital supplies and drive the market during the forecast period.