Global Hospital Supply Market to Top $45 Billion in 2023
Market to See Relatively Modest Growth at 3.7% CAGR
WELLESLEY, Mass., January 29, 2019 (Newswire.com) - The global hospital supply market is expected to expand by $10.0 billion over the next five years, fueled by global increases in hospitalizations, according to the latest BCC Research report.
The total worldwide market for hospital supplies was valued at $35.0 billion in 2018 and is forecast to reach $45.0 billion in 2023 at a compound annual growth rate (CAGR) of 3.7%, as outlined in the report “Hospital Supplies: Global Markets to 2023.”
Notable industry participants mentioned in this report include B. Braun, Becton & Dickinson, Advanced Sterilization Products Services Inc., 3M Healthcare, and Kimberly-Clark Corporation.
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%) 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.
Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.
Source: BCC Research
