The Global Hospital Supplies Market was worth $28.17 billion in 2016 and estimated to be growing at a CAGR of 11.80%, to reach $49.21 billion by 2021. Hospital medical equipment and supplies denote the various devices, instruments and medical consumables that are utilized in hospitals and healthcare institutions. This market has been growing at a significant rate over the past few years.
Top players in the global hospital supplies market are launching technically innovative hospital supplies to help doctors better manage their patients. With an extensive category of development and investment prospects for budding players seeking to be a part of the medical device market, continual growth of the global hospital supplies market is expected.
The growth of the Global Hospital Supplies Market is majorly driven by factors such as growing awareness about HAIs (hospital acquired infections), rising number of hospitals, aging population, increasing occurrences of communal diseases, methods such as frequent glove swapping and double gloving during procedures. Improved economic situation in the developing countries is another major factor boosting the growth of the market. However, advent of home care services, strict regulatory structure, advance of personalized medicine and drop in private health insurance are the major restraints hindering the growth of the market.
Based on product type, the Global Hospital Supplies Market is segmented into Operating Room Equipment, Sterilization & Disinfectant Equipment, Syringes & Needles, Patient Examination Devices, Mobility Aids & Transportation Equipment, and Disposable Hospital Supplies. Disposable hospital supplies lead the market with a market share of 46% followed by syringes and needle segment with a market share of 23%.
The market has also been geographically segmented into North America, Europe, Asia-Pacific and the Rest of the World. North America is the leading player in the global Hospital Supplies market followed by Asia-Pacific and Europe. However, the Asia-Pacific region, which comprises of countries such as China and India is projected to grow at the highest CAGR during the forecast period due to the unprecedented rate of population growth in this region.
The major companies dominating this market are Advanced Sterilization Products Services Inc., Dickinson and Company, Cardinal Health, Inc., Kimberly-Clark Corporation, Becton, 3M Health Care, and B. Braun Melsungen AG. The top players in the global hospital supplies market are likely to face an intense competition from some of the budding companies in the coming years, exemplifying the open nature of this market.
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