The Global Hospital Supplies Market is expected to reach US$ 101.0 Mn in 2027 from US$ 37.9 Bn in 2018. The market is estimated to grow with a CAGR of 11.9% from 2019-2027.
The growth of the Hospital Supplies market is primarily attributed to the factors such as increasing prevalence of chronic diseases, rising geriatric population, rise in influence of hospital acquired infections and growing government healthcare expenditure. However, factors such as stringent regulatory criteria for approval hospital supplies are likely to pose a negative impact on the market growth. On the other hand, growth opportunities in emerging regions is likely to have a positive impact on the growth of the global hospital supplies market in the coming years. With a rise in cases of chronic illnesses such as cancer, diabetes, cardiovascular diseases and hypertension, there has been a rise in awareness regarding one’s health.
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Also, in recent days, there has been a significant rise in the number of individuals suffering from heart related disorders. These factors have led to increase in the importance of maintaining health among the population in the developed as well as the developing nations. The demand for various hospital supplies equipment and consumables for taking care of patients has increased significantly in the recent years.
Also, there has been a rising medical tourism and rise in number of specialty clinics and multi-specialty hospitals in countries such as, US, India, Canada. Asia Pacific is anticipated to offer significant growth opportunity during the forecast period, due to an increase in the disposable income as well as the growing medical tourism in the leading economies such as Japan, China and India.
Chronic diseases, including diabetes, cancer, heart disease, and obesity, are the leading causes of death in the world and account for most of the nation’s health care costs. According to the International Diabetes Federation (IDF), in 2017, number of people with diabetes in North America was approximately 46 million which is expected to grow at 62 million in 2045. The increase in the disease prevalence is around 35% during the forecast period.
According to report of CDC, in 2018, approximately more than 9% of the population has diabetes, which is the leading cause of kidney failure, lower-limb amputations in US. Moreover, the data also suggests that 1.5 million Americans are diagnosed with diabetes every year in the US. Similar trends for high presence of diabetes are prevalent around other geographies of the globe that include Asia Pacific, Europe, Middle East and Africa. For instance, according to IDF Diabetes Atlas published by the International Diabetes Federation in 2017, south-east Asia is home to approximately one-fifth (19%) of the total diabetes population worldwide.
In 2018, the Hospital Supplies with disposable hospital supplies segment held a largest market share of 48.2% of the Hospital Supplies market, by type. This segment is also expected to dominate the market in 2027 owing to the high demand for hospital disposables and growing number of multi specialty hospitals, the market for the hospital disposable supplies are likely to grow in the coming future.
The syringes market bifurcated into generalized syringes and specialized syringes. In 2018, the generalized syringes market held the largest market share.The specialized syringes market further subdivided into insulin syringes, allergy syringes, tuberculin syringes and other syringes.
Some of the major primary and secondary sources for market included in the report:
•Centers for Disease Control and Prevention (CDC)
•International Hospital Equipment (IHE)
•Journal of Patient Care
•China Food & Drug Administration
•contract research organizations
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