Global Hospital Supply Market to Top USD 45 Billion in 2023

The global hospital supply market is expected to expand by USD 10.0 billion over the next five years, fueled by global increases in hospitalizations. The total worldwide market for hospital supplies was valued at USD 35.0 billion in 2018 and is forecast to reach USD 45.0 billion in 2023 at a compound annual growth rate (CAGR) of 3.7 percent. Notable industry participants include B. Braun, Becton & Dickinson (BDX), Advanced Sterilization Products Services Inc., 3M Healthcare and Kimberly-Clark Corporation (KMB).

Research highlights:

  • Disposable hospital supplies captured the highest market share in 2017, and this trend is expected to continue through 2023. An increasing preference for single-use products to avoid hospital acquired infections (HAIs) is driving this market segment.
  • Although the third largest regional segment, the Asia-Pacific region is expected to grow at the highest CAGR (4.4 percent) through 2023.
  • A growing population of older adults is expected to increase hospitalizations and surgical procedures around the world, driving demand for related equipment and consumables.

“Unlike other medical device and pharmaceutical markets, this market is well established; it has a mixture of supplies, some of which are purely consumable in nature and some of which are capital investments,” the report notes. “The influence of local manufacturers, poor replacement rates of some equipment (like mobility equipment), sterilization and operating room equipment are major restraining factors.”

Due to high market competition, relatively modest growth projected through 2023

The hospital supply market is highly competitive, which results in price pressures and a myriad of other challenges, such as an increase in non-branded hospital supplies. Consumers are also sensitive to prices and are tending to prioritize price over product quality. With more choices at varying price levels, start-ups and new players are discouraged from entering the market.  – BCC Research

 

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