SAN FRANCISCO, Dec. 6, 2021 /PRNewswire/ -- The global hospital consumables market is expected to reach USD 713.1 billion by 2028, registering a CAGR of 10.89% over the forecast period, according to a new report by Grand View Research, Inc. Hospitals, private medical practices, and patients, especially in developed nations, are gradually shifting towards utilization of disposable hospital consumables due to convenience and safety offered by these products. Therefore, the product demand is rapidly increasing across the globe, thereby driving market growth. Moreover, the increasing prevalence of Hospital-Acquired Infections (HAIs) is creating high product demand in hospitals as well as other healthcare settings.
Key Insights & Findings from the report:
- The non-woven disposable products segment held the largest revenue share in 2020 and will expand at a steady CAGR over the forecast years retaining the leading market position
- This growth is credited to the high prevalence of HAIs and subsequently rising hospital admissions for surgeries
- The market in the Asia Pacific region is expected to register the fastest CAGR from 2021 to 2028
- This growth is owing to the increasing population coupled with the rapid expansion of the medical tourism sector in the region
- Key players focus more on business strategies, such as mergers & acquisitions, partnerships, and new product launches, to strengthen their foothold in the global market
Read 90 page market research report, " Hospital Consumables Market Size, Share & Trends Analysis Report By Product (Non-woven Disposable Products, Disposable Medical Gloves), By Region (North America, APAC), And Segment Forecasts, 2021 - 2028 ", by Grand View Research
For instance, out of every 100 hospitalized patients, 7 in developed and 10 in developing countries are affected with at least one Healthcare-associated Infections (HCAIs). Several measures, including the usage of disposable & sterile products, disposable gloves, medical gauze, tapes, procedure kits & trays, and other disposable hospital consumables, are now being utilized to prevent and reduce the prevalence of HAIs. Moreover, expanding infrastructure and rising demand for maintenance & hygiene in healthcare institutes are further boosting the market growth.
Many hospitals and health care centers are considerably focusing on upgrading the quality of infrastructure, maintaining hygiene, and efficacy of operational systems, which will have a positive impact on the market growth. In addition, a large population base in developed countries, such as the U.S., is able to spend and afford better-quality healthcare. According to CMS.gov, the U.S. healthcare expenditure grew 4.6% in 2019, reaching USD 3.8 trillion or USD 11,582 per person, accounting for 17.7% of the nation's GDP. Thus, increasing healthcare expenditure is also one of the key factors stimulating market growth.
Grand View Research has segmented the global hospital consumables market on the basis of product and region:
- Hospital Consumables Product Outlook (Revenue, USD Million, 2016 - 2028)
- Disposable Medical Gloves
- IV Kits
- Medical Gauze & Tapes
- Disposable Syringes
- Sharps Disposable Containers
- Non-woven Disposable Products
- Surgical Blades
- Medicine Cups
- Glucometer Strips
- IV Solutions
- 50 ml
- 100 ml
- 250 ml
- 500 ml
- 1000 ml
- BP Monitors
- Procedure Trays
- Hospital Consumables Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
List of Key Players of Hospital Consumables Market
- McKesson Medical-Surgical Inc.
- Medline Industries, Inc.
- B. Braun Melsungen A.G.
- Terumo Medical Corporation
- Owens and Minor
- Smith And Nephew, Inc.
- Cardinal Health
- Fresenius Medical Care AG & Co. KGaA
Check out more studies related to hospital consumables, conducted by Grand View Research:
- Hospital Supplies Market - The global hospital supplies market is entitled to witness significant gains during the forecast period on account of growing awareness towards control of hospital acquired infections (HAIs). Decline in private health insurance, growing popularity of home care services, and stringent regulations led by governments are major restraints that are hampering the growth of hospital equipment and supplies market.
- Medical Disposables Market - The global medical disposables market size was valued at USD 318.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 16.7% from 2021 to 2028. The growth of the market is attributable to the increasing number of surgical procedures, rising incidence of Hospital Acquired Infections (HAIs), growing prevalence of chronic diseases leading to longer hospital admission, and the impact of COVID-19 outbreaks across the globe.
- U.S. Hospital Consumables Market - The U.S. hospital consumables market size was valued at USD 34.54 billion in 2017. It is expected to expand at a CAGR of 5.6% over the forecast period. Growing number of surgeries in the U.S. implies increased usage of hospital consumables.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.