New York, April 27, 2020 (GLOBE NEWSWIRE) -- The global Hospital Equipment and Supplies market is forecast to reach USD 84.60 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand owing to the rising prevalence of lifestyle diseases, and an increase in the number of hospitals. Moreover, the rising trend of telemedicine and growing awareness for better healthcare is fostering the market's demand. However, the burgeoning prevalence of home care services are hampering the market's demand.
Rapid urbanization has changed the lifestyle of the people and, in turn, has increased the prevalence of lifestyle diseases, thus, augmenting the demand for the market product. The advent of the concept of personalized medicines and other available diagnostics options in the market are restraining the demand for hospital equipment and supplies. In addition, the decline in private health insurance and stringent regulations by the government are hindering the growth of the market.
The advent of government-funded urban healthcare schemes in nations such as Saudi Arabia and India are creating a demand for the latest and additional equipment and supplies. Moreover, the enhancement of these schemes in China, Japan, Thailand, and Singapore has the potential to increase expenditure in the healthcare sector. The Asia Pacific region is forecasted to grow with the highest growth rate owing to the increase in construction of hospitals and rise in the number of people opting for advanced therapies.
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The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly changing their practice and purchasing priorities to meet the required demand of a pandemic. Over the couple of months, there will be a series of both positive and negative shocks, as medical device OEMs and their suppliers respond to providers’ changing needs. The medical vendors will be the beneficiaries of the pandemic as they meet the growing demand for beds and basic hospital supplies. Several of these products will be low-margin disposables, including masks, wipes, disposable hospital room products, and standard examination supplies. The demand for these products should increase markedly for a few weeks, but a robust supplier base will be able to ramp to meet demand rapidly. Also benefiting from demand but more constrained in capacity will be manufacturers of diagnostic consumables and imaging suppliers as more patients are tested for coronavirus, and those diagnosed are tracked for respiratory issues.
Further key findings from the report suggest
- The public hospitals are growing at a higher CAGR of 12.8% owing to the initiatives taken by the government in developing nations to upscale the healthcare facilities. Government in Asia Pacific and MEA countries are focusing on proper medical supplies and equipment and enhancing the infrastructure of the public hospitals.
- The increase in the number of surgical operations, is driving the demand for the sterilization and disinfectant equipment. Strict legislative guidelines, such as the Affordable Care Act, have forced hospitals administrative to maintain clean facilities. The recent outbreak of COVID-19 has led organizations to understand the necessity for healthcare facility cleanliness and disinfection. The global spending on healthcare is rising steadily. It was USD 7.8 trillion in 2017 or about 10% of GDP and USD 1,080 per capita.
- Pharmacies led the market of hospital equipment and supplies. This distribution channel provides personalized services at an affordable price. They are wholesale suppliers to hospitals and have a contract to provide optimal quality medical supplies.
- North America dominated the market for hospital equipment and supplies. The consistent focus of the region on cost-effective and innovative procedures adopted in the region are driving the market. According to the Centre for Disease Control and Prevention (CDC), in 2017, durable medical equipment in the U.S. was USD 54.4 billion, structures and equipment were USD 116.9 billion, while government administration (which included medical supplies among other things) was USD 45 billion.
- In Singapore, there were 10,340 acute hospitals in 2017, 10,826 in 2018 and 11,321 in 2019. The country is consistently investing in healthcare to enhance its medical facilities to offer world class treatment. The country dazzled as the world leader in medical manufacturing in 2018.
- Key participants include Johnson & Johnson, Baxter International, Medtronic, Boston Scientific Corporation, GE Healthcare, Smith & Nephew, Stryker Corporation, B Braun, Thermo Fisher Scientific, and Covidien, among others.
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For the purpose of this report, Reports and Data have segmented into the global Hospital Equipment and Supplies market on the basis of product, expenditure type, distribution channel, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Disposable Hospital Supplies
- Drapes
- Gloves
- 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; 2017-2027)
- Public Hospitals
- Private-Profit Hospitals
- Private-Non Profit Hospitals
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Pharmacies
- Retail Medical Stores
- Online Retailers
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/hospital-equipment-and-supplies-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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