Hospital supplies market are launching technically innovative hospital supplies to help doctors better manage their patients. With a particular category of development and investment prospects for budding players seeking to be a part of the medical device market, the constant growth of the global hospital supplies market is expected. The Global Hospital Supplies Market was worth $35.21 billion in 2018 and anticipated to be growing at a CAGR of 11.80%, to reach $61.5 billion by 2023. Hospital medical equipment and supplies denote the various devices, instruments and medical consumables that are utilized in hospitals and healthcare institutions. This market has been growing at a significant rate over the past few years.
Market Drivers and Restraints:
The development of the Global Hospital Supplies Market is majorly driven by factors such as growing awareness about HAIs (hospital-acquired infections), rising number of hospitals, aging population, increasing occurrences of common diseases, methods such as often glove swapping and double gloving during procedures. The improved economic situation in developing countries is another major factor in boosting the growth of the market. Nevertheless, the advent of home care services, strict regulatory structure, the advance of personalized medicine and drop in private health insurance are the major restraints hindering the growth of the market. Many of the healthcare organizations are now partnering with the traditional home healthcare services, or are setting up their home healthcare services to reduce the procedure and post-procedure costs for the patients. The increase in the usage of home healthcare services, and availability of reimbursement by federal agencies in developed countries, like the United States, are acting as a huge barrier for the hospital supplies market.
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The market has also been geographically segregated into North America, Europe, Asia-Pacific and the Rest of the World. North America is the leading player in the global Hospital Supplies market followed by Asia-Pacific and Europe. However, the Asia-Pacific region, which comprises of countries such as China and India are anticipated to grow at the highest CAGR during the forecast period due to the unprecedented rate of population growth in this region.
Important Market Players:
The major companies dominating this market are Advanced Sterilization Products Services Inc., Dickinson and Company, Cardinal Health, Inc., Kimberly-Clark Corporation, Becton, 3M Health Care, and B. Braun Melsungen AG. The top players in the global hospital supplies market are likely to face intense competition from some of the young companies in the coming years, exemplifying the open nature of this market.
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