Rapid adoption of disposable supplies, rising incidences of hospital-acquired infections (HAI), and technological advancements in medical technologies are some key factors driving market growth
New York, October 16, 2021 – Reports and Data has published its latest report titled “Hospital Equipment and Supplies Market Size, Share, Demand By Product, By Expenditure Type (Public Hospitals, Private Hospitals), And By Distribution Channel (Pharmacies, Retail Medical Stores, Online Retailers), Forecasts To 2028”
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According to Reports and Data, the global hospital equipment and supplies market size is expected to reach USD 95.00 billion in 2028 from USD 39.54 billion in 2020 and is expected to register a revenue CAGR of 12.3% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities
The rising global prevalence of infectious and chronic diseases is a major factor expected to positively impact revenue growth of the market over the forecast period. Chronic disease incidence is predicted to reach 57 percent by the end of 2020, according to the World Health Organization. At the same time, the CDC predicts that hospital-acquired illnesses would cause almost 1.7 million infections and 99,000 deaths in the United States alone each year. These organizations suggested the use of high barrier drapes, gowns, gloves, and strong disinfectants in ambulatory operating rooms and hospitals to prevent disease transmission and contamination of hospital supplies.
In addition, innovative medical technologies, increase in surgical procedures, rising prevalence of lifestyle diseases and increasing government investments for advanced healthcare infrastructure are other factors contributing to the revenue growth of the market. Further, rising popularity of home care services, stringent government regulations and introduction of personalized medicines are some factors expected to restrain market globally.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Disposable Hospital Supplies Segment to Dominate Other Product Segment:
Disposable hospital supplies segment is expected to dominate other product segment over the forecast period attributed to increasing patient awareness regarding hospital-acquired infections, rapid increase in regular checkups and government policies to prevent infection in hospitals across several countries.
North America to Account for a Significantly Large Revenue Share:
North America is expected to account for a significantly large revenue share over the forecast period owing to ongoing technological advancements in healthcare care sector, increasing geriatric population and rise in prevalence for lifestyle diseases such as diabetes, hypertension, cardiovascular diseases, and obesity in the region.
Asia Pacific to Lead in Terms of Revenue CAGR:
Asia Pacific market revenue is expected to expand at a robust revenue CAGR over the forecast period attributed to rapid urbanization, increasing in number of patient suffering from chronic diseases and rising awareness among people regarding regular health checkups. In addition, technological advancements and rapid growth of healthcare industry during Covid 19 pandemic in emerging economies such as India, drive revenue growth of the APAC market.
Major Companies in the Market Include:
- Johnson & Johnson
- Baxter International
- Boston Scientific Corporation
- GE Healthcare
- Smith & Nephew
- Stryker Corporation
- B Braun
- Thermo Fisher Scientific
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For the purpose of this report, Reports and Data has segmented the global hospital equipment and supplies market on the product, expenditure type, distribution channel, and region:
Product Outlook (Revenue in Billion USD; 2018–2028)
- Disposable Hospital Supplies
- Procedure Kits and Trays
- Mobility Aids and Transportation Equipment
- Operating Equipment
- Operating Room Lights
- Operating Room Tables
- Patient Examination Devices
- Sterilization and Disinfectant Equipment
- Chemical Sterilization
- Physical Sterilization
- Radiation Sterilization
- Syringes and Needles
- General Syringes
- Specialized Syringes
Expenditure Type Outlook (Revenue in Billion USD; 2018–2028)
- Public Hospitals
- Private-Profit Hospitals
- Private-Non Profit Hospitals
Distribution Channel Outlook (Revenue in Billion USD; 2018–2028)
- Retail Medical Stores
- Online Retailers
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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