Medical equipment market includes various segments such as orthopaedic implants and prosthetics, cardiovascular devices, neurovascular devices, general equipment & supplies, patient monitoring equipment, ophthalmic devices, in vitro diagnostics equipment and others. Hospital equipments and supplies refer to the medical devices that are used in hospitals. Hospital equipment and supplies market is growing at a significant rate due to increase in the hospital number, rise in aging population and growing awareness about hospital acquired infections (HAIs). Hospital equipment and supplies market can be categorized into various categories. For instance, mobility aids and transportation equipment, operating room equipment, sterilization and disinfectant equipment, disposable hospital supplies, syringes and needles and patient examination devices.
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Disposable hospital supplies segment, followed by syringes and needles segment, is the largest segment in global hospital equipment and supplies market. North America dominates the global market for hospital equipment and supplies due to aging population and increasing prevalence for lifestyle diseases such as cardiovascular diseases, diabetes, hypertension, and obesity in the region. Asia, followed by the Europe, is expected to experience high growth rate in the next few years in hospital equipment and supplies market. This is due to large population base and high unmet medical needs in the region. Countries such as Brazil, Russia, China and India are expected to be the fastest growing hospital equipment and supplies markets. Some of the key driving forces for hospital equipment and supplies market in emerging countries are high economic growth, changing lifestyles, rising standards of healthcare and increasing government initiatives in these areas.
Factors such as growing number of hospitals, increasing prevalence of lifestyle diseases and aging population are driving the global hospital equipment and supplies market. In addition, spread of telemedicines and improvement in healthcare facilities is driving the global hospital equipment and supplies market. However, growing popularity of home care services, decline in private health insurance and stringent regulations led by government are restraining the growth of hospital equipment and supplies market. In addition, introduction of personalized medicines concept and other diagnostics options available in the market are restraining the hospital equipment and supplies market.
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Emerging markets hold a huge potential for growth of hospital equipment and supplies market. Some of the latest trends that have been observed in the hospital equipment and supplies market include the companies involved in mergers and acquisitions and their geographical expansion. Some of the major companies dealing in hospital equipment and supplies market are Baxter International, Johnson & Johnson, Medtronic, Smith & Nephew, B Braun and Stryker Corporation. Other major companies having significant presence in hospital equipment and supplies market are Boston Scientific Corporation, Thermo Fisher Scientific, GE Healthcare and Covidien.
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