Hospital Supplies Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Competitive Market Growth & Forecast, 2021 – 2027
Report ID: GMI1655
Hospital Supplies Market is set to experience tremendous growth over the forecast period 2021-2027 driven by the increasing occurrence of numerous chronic, lifestyle associated diseases, a massive geriatric population base, and growing awareness regarding hospital acquired infections (HAIs). The recent COVID-19 pandemic has provided the industry with a significant reality check throughout 2020 due to rising hospital admissions and the shortage of medical supplies and equipment.
Hospital supplies include medical devices and equipment supplied to hospitals, medical centers, and medical institutions for their daily operation. The demand for these supplies is on the rise owing to increasing healthcare expenditure and ongoing government efforts to expand healthcare services. Technological innovations by notable healthcare device manufacturers and the introduction of novel products and solutions that comply with the latest industry standards will bolster the market growth.
Disposable hospital supplies market are expected to capture a substantial market share by the end of 2027. The use of disposable supplies such as face masks, gloves, exam gowns, bandages and wraps, catheters, and needles has increased significantly in 2020 led by the COVID-19 pandemic. Increased risk of HAIs in hospital environments, especially during the global public health emergency, has augmented the demand for these supplies. Considering the sustained nature of the pandemic, these trends are likely to continue for quite some time, further amplifying the product demand.
North America is estimated to be a highly lucrative hospital supplies market over 2021-2027. The regional growth trends can be associated with government and regulatory efforts to provide innovative and cost-effective healthcare services to everyone. Additionally, an ageing population, wide occurrence of lifestyle diseases such as cardiovascular disorders, hypertension, and diabetes, and increased concerns regarding HAIs will positively impact the market expansion in North America.
3M Company, Baxter, Stryker, Medtronic (Covidine), Boston Scientific, Becton, Dickinson and Company, Abbott, Smiths Group, Ansell, Lohmann & Rauscher, Novartis, Terumo Corporation, Smith & Nephew, B. Braun, Fresenius, Johnson & Johnson, and Shandong Weigao are among the leading providers of hospital supplies market globally.
These brands are constantly focusing on manufacturing novel solutions that meet the latest regulatory standards. For instance, in February 2021, B. Braun Medical Inc. had received U.S. FDA approval for the industry’s first and only acetaminophen injection available in multiple doses, offering healthcare providers a safe, effective, and affordable solution.
Numerous manufacturers are also looking to drive production capacity to help bridge the demand-supply gap for hospital supplies related to COVID-19. In January 2021, for example, Novartis had announced that it plans to deploy its manufacturing network across the U.S. to boost production of COVID-19 supplies, includes vaccine, testing equipment, and other products.
Assessing hospital supplies market trends amid the global COVID-19 pandemic
The COVID-19 pandemic has had a positive impact on the industry. Rapid spread of the coronavirus and exponentially surging COVID-19 cases in developed economies has led to a massive rise in hospitalization rates as healthcare facilities witnessed the influx new patients on a daily. This in turn had created a massive shortage of medical supplies including face masks, face shields, gloves, and other PPE along with needles and syringes, IV bags, and others.
In August 2020, the U.S. FDA had created a list of all medical supplies and equipment facing shortage following which the Trump Administration announced that it has tripled the production of N95 masks, medical gowns, and nearly quadrupled ventilator production. Similar trends in the coming years will certainly fuel market forecast through 2027.
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