Increasing prevalence of chronic diseases is pushing the hospital consumables market to reach a valuation of USD 383.8 million in 2022, up from USD 346 million in 2021. This high prevalence leads to a rise in hospital admissions, which is why the market has the potential to exceed USD 1.2 billion by 2032. Hospital consumable providers can expect a CAGR of 12.5% during this period.
| Attribute | Details |
|---|---|
| Global Hospital Consumables Market (2022) | USD 383.8 billion |
| Global Hospital Consumables Market (2032) | USD 1.2 billion |
| Global Hospital Consumables Market CAGR (2022 to 2032) | 12.5% |
| The USA Hospital Consumables Market (2022) | 13.2% |
| Key Companies Profiled | McKesson Medical-Surgical Inc.; Medline Industries, Inc.; B. Braun Melsungen A.G.; Terumo Medical Corp.; Owens and Minor; Smith And Nephew, Inc.; Cardinal Health; 3M; Baxter; Fresenius Medical Care AG & Co. KGaA |
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As per the Hospital Consumables market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Hospital Consumables Markets increased at around 9.8% CAGR, wherein, the region North America held a significant share in the global market.
The dominance of chronic diseases like chronic respiratory diseases, cancer, and diabetes surges the demand for hospital consumables. The WHO estimated that by 2030 the global population aged 60 years and over will increase to 1.4 billion. The growing age of the elderly population is also a key factor in driving the market of hospital consumables. Owing to this, the Hospital Consumables market is projected to grow at a CAGR of 12.5% over the coming 10 years.
Hospitals in developed countries report 7 out of every 100 patients to be affected when at least one Healthcare-associated Infection recurs. The number edges toward 10 percent in developing countries. Several safeguards are being used to minimize the occurrence rate of healthcare-associated infections (HAIs). The use of disposable & sterile items, disposable gloves, gauze, tape, procedure kits, trays, and additional disposable hospital consumables are being encouraged and promoted.
The leading contributor to mortality, morbidity, and injury in elders is age. Surgical and diagnostic treatments may be necessary, which typically call for the use of disposable items such as gloves, guidewires, catheters, stethoscopes, and thermometers. The elderly population in the United States will gain both in number and influence the older it gets. According to results from the 2017 National Population Survey, one in four Americans will be an older adult by 2060. According to the 2030 USA Census Bureau estimates, all baby boomers will age 65.
The number of patients wishing to participate in modern medical equipment and services offered by Hospitals has risen on account of this immense increase in Hospital admissions.
Minimally Invasive Surgery (MIS) is becoming increasingly popular globally. In comparison to invasive operations like open-heart surgery, these methods inflict less trauma on patients and allow for a faster recovery. According to research provided by Ethicon Endo-Surgery, Inc., MIS is increasingly replacing open/invasive operations due to features such as improved patient satisfaction, fewer incision wounds, and fewer postsurgical problems, as well as reduced death rates.
Medical Devices and Accessories in the market for minimally invasive procedures such as guidewires, cannulas, and catheters, are commonly used to increase revenue. As a result, demand is expected to increase during the forecast period. Additionally, increasingly advanced surgical procedures are likely to be readily implemented because the industry will be driven by hospital trends. It is because of the potential for consumer medical devices.
With over 14% and 17% projected growth rates in China and Japan respectively, the Hospital Consumables market revenue is expected to grow at the fastest pace in APAC, from 2022 to 2032. Some of the key companies having manufacturing units in all major locations in APAC have started to expand their production units to different locations of APAC to increase fast distribution channels. While this implies a shift in the diversification of global locations, it promises a significant opportunity for the Hospital Consumables market.
Technology advancements, increased investment, improved reimbursement scenarios, and an increase in medical tourism are all aspects that are expected to drive market expansion in the region. Furthermore, in the approaching years, Asia Pacific's product demand is predicted to be boosted by a growing aging population combined with an increasing burden of chronic diseases. According to a UNFPA report, the aging population in the APAC area is increasing at an unprecedented rate, and by 2050, one in every four persons in the region will be over 60 years old, bringing the total population to close to 1.3 billion.
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The USA dominated the global Hospital Consumables market and is poised to reach USD 516 billion by 2032. The favorable factors in the USA are medical reimbursement and technologically advanced facilities. The growing number of hospital admission and the ease of Medicare reimbursement policy attracts a large number of people.
Increased surgical operations, advantageous reimbursement policies, favorable regulatory reforms in the healthcare sector, and well-established healthcare infrastructure have helped the companies gain market share. According to the American Hospital Association, in the United States, there were 6,090 community hospitals, 208 Federal Government hospitals, and 625 nonfederal psychiatric hospitals. The number of hospitals and hospital admissions for chronic diseases has increased significantly, raising product demand and accelerating market expansion. The presence of robust distribution channels and easy access to healthcare technologies are two other significant factors driving regional market expansion.
CVDs, diabetes, and cancer are the most common diseases in this region, according to reports. Furthermore, fast-developing medical tourism and rising demand for technologically advanced and cost-effective healthcare solutions are expected to provide considerable potential prospects for this region's industry.
The hospital consumables market in the United Kingdom is expected to reach a valuation of USD 49.5 billion by 2032. The market in the country is projected to grow at a CAGR of 11.7% from 2022 to 2032, and gross an absolute dollar opportunity of USD 33 billion.
The market in Japan is likely to cross USD 70 billion by 2032. The market in the country is expected to grow at a CAGR of 17% from 2022 to 2032 to mark an absolute dollar opportunity of nearly 58 billion.
The market in South Korea is expected to reach USD 22 billion by 2032. The market in South Korea is likely to grow at a CAGR of 11.7% from 2022 to 2032 to gross an absolute dollar opportunity of around USD 15 billion.
In 2020, the nonwoven product segment held the highest revenue share, accounting for more than 21% of total sales. Because of its expanding use during surgeries and checks, it has the highest market penetration. Nonwoven fabrics protect medical workers from hospital-acquired infections (HAIs), and their use in hospitals is projected to rise in the forthcoming years. Furthermore, the growing elderly population and the rising incidence of chronic diseases are likely to fuel demand for nonwoven disposables in hospitals around the world.
During the projection period, the IV solutions segment is expected to grow significantly. In IV therapy, IV solutions are a mix of critical nutrients used to treat electrolyte imbalances, restore fluid losses, and maintain fluid balance. People with diabetes and other conditions can also benefit from these solutions because they supply nutrients.
The incidence of CVDs, gastrointestinal illnesses, neurological diseases, cancer, and diabetes has increased. According to the World Health Organization, diarrheal disease is the second greatest cause of death among children, accounting for 0.3 million deaths in 2019. Diarrhea kills nearly half a million children under the age of five worldwide each year. In such instances, IV solutions are frequently indicated for administering intravenous therapy. During the projection period, these reasons are expected to boost the segment's growth.
Over the projected period, rising emphasis on innovations and investments among public and private entities is expected to strengthen competition in this business field. In addition, product commercialization and partnership tactics are expected to be profitable in the upcoming years.
The key vendors in the global Hospital Consumables Market are McKesson Medical-Surgical Inc., Medline Industries, B. Braun Melsungen A.G., Terumo Medical Corporation, and Owens & Minor.
The Recent Development in the Hospital Consumables market are:
The global Hospital Consumables market is worth more than USD 383.8 billion at present.
The value of the Hospital Consumables market is projected to increase at a CAGR of around 12.5% from 2022 to 2032.
The value of the Hospital Consumables market increased at a CAGR of around 9.8% from 2017 to 2021.
The top 5 countries driving demand for the Hospital Consumables market are the USA, China, Japan, the United Kingdom, and South Korea.
The value of the Hospital Consumables market is projected to increase at a CAGR of around 13.3% from 2022 to 2032 in North America.
The USA market for Hospital Consumables is projected to expand at a CAGR of around 13.2% from 2022 to 2032.
The key companies in Hospital Consumables Market are McKesson Medical-Surgical Inc., Medline Industries, B. Braun Melsungen A.G., Terumo Medical Corporation, and Owens & Minor.
| Sales Outlook for 2023 | USD 346.4 million |
|---|---|
| Demand Outlook for 2033 | USD 529.4 million |
| Sales CAGR for 2023 to 2033 | 4.30% |
| Expected Market Value (2023) | USD 8,637.6 million |
|---|---|
| Anticipated Forecast Value (2033) | USD 22,833 million |
| Projected Growth Rate (2023 to 2033) | 10.2% CAGR |
| Estimated Market Share in 2023 | USD 1,533.2 million |
|---|---|
| Forecasted Market Size by 2033 | USD 4,209.5 million |
| Projected Market Growth Rate from 2023 to 2033 | 10.6% CAGR |
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