Hospital equipment and supplies industry size to reach USD 95B by 2028

The global Hospital Equipment and Supplies industry size is estimated to reach USD 95.00 billion to 2028 from USD 39.54 billion in 2020, delivering a CAGR of 12.3%. The market growth is driven by a huge demand for disposable supplies from hospitals all across the globe to avoid HAIs (hospital-acquired infections) and limit their spread. The proliferation of innovative medical technologies, along with better diagnostic techniques, is also supporting the growth of the global hospital equipment and supplies industry.

The growing prevalence of infectious and chronic diseases in the world is offering lucrative revenue avenues for the market share. According to the World Health Organization, chronic disease incidence is expected to exceed 57% by the end of 2020. At the same time, the CDC estimates that hospital-acquired infections will account for nearly 1.7 million infections and approximately 99,000 deaths annually in the U.S. alone. In a bid to avoid transmission of diseases and contamination of hospital supplies, these organizations recommended the adoption of high barrier drapes, gowns, gloves, along with potent disinfectants in ambulatory operating rooms and hospitals.

The global spending on healthcare is rising steadily across the globe; It was USD 7.8 trillion in or nearly 10% of GDP in 2017. The growing incidence of diseases will further boost healthcare spending. Moreover, the recent outbreak of COVID-19 has led organizations to invest heavily in healthcare facility cleanliness and disinfection, which will further supplement hospital equipment and supplies market share over the forecast period.

Market overview:
The global Hospital Equipment and Supplies market has significantly grown over the recent past and is expected to register rapid growth over the forecast period of 2021 to 2028. The pharma and healthcare sector is rapidly evolving with innovations in technology, increasing healthcare spending and improving healthcare facilities and systems. Many hospitals, ambulatory surgical care centers and clinics across the globe are adopting advanced devices and equipment. Revenue growth of the global Hospital Equipment and Supplies market is significantly driven by factors such as increasing prevalence of chronic diseases, rapid advancements in healthcare and medical sector, high adoption of latest tools and techniques and growing funds by several public and private sectors. In addition, rising focus on drug development, increasing demand for precision medicine, high adoption of home care settings and point-of-care diagnostics, increasing investments in research and development activities are expected to drive global market revenue growth during the forecast period.

The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.

Top companies profiled in the report:
Johnson & Johnson, Medtronic, Baxter International, Boston Scientific Corporation, Smith & Nephew, GE Healthcare, Stryker Corporation, Thermo Fisher Scientific, Covidien, and B Braun.

Competitive landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.

Hospital equipment and supplies market segmentation:
Product outlook (Revenue, USD Billion; 2018-2028)

• • Disposable hospital supplies
    • Drapes
    • Gowns
    • Procedure kits and trays
  • Mobility aids and transportation equipment
    • Stretchers
    • Wheelchairs
  • Operating equipment
    • Operating room lights
    • Operating room tables
  • Patient examination devices
    • Stethoscope
    • Thermometer
  • Sterilization and disinfectant equipment
    • Chemical sterilization
    • Physical sterilization
    • Radiation sterilization
  • Syringes and needles
    • General syringes
    • Specialized syringes

Expenditure type outlook (Revenue, USD Billion; 2018-2028)

• Public hospitals
• Private-profit hospitals
• Private-non profit hospitals

Distribution channel outlook (Revenue, USD Billion; 2018-2028)

• Pharmacies
• Retail Medical Stores
• Online Retailers

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