Hospital Consumables Industry Overview
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.
Hospital Consumables Market Segmentation
Grand View Research has segmented the global hospital consumables market on the basis of product and region:
Based on the Product Insights, the market is segmented into Disposable Medical Gloves, IV Kits, Medical Gauze Tapes, Disposable Syringes, Sharps Disposable Containers, Catheters, Non-woven Disposable Products, Surgical Blades, Medicine Cups, Cannula, Guidewires, Thermometer, Stethoscope, Glucometer Strips, IV Solutions, BP Monitors, Procedure Trays, Others.
- The non-woven product segment accounted for the largest revenue share of more than 21% in 2020. The highest market penetration is owing to its increasing adoption during surgeries and checkups. Non-woven fabrics protect medical professionals from Hospital-acquired Infections (HAIs), which is expected to increase their demand in hospitals over the forecast period.
- Furthermore, the increasing incidence of chronic diseases and the growing geriatric population are among the factors expected to drive the demand for nonwoven disposables in hospitals across the globe.
- The IV solutions segment is expected to grow at a CAGR of 11.2% during the forecast period. IV solutions are a mixture of vital nutrients that are used to treat electrolyte imbalances, restore fluid losses, and preserve fluid balance in IV therapy. These solutions also provide nutrition to people suffering from diabetes and other diseases.
- In recent years, there has been an increase in the incidence of CVDs, gastrointestinal diseases, neurological diseases, cancer, and diabetes. For instance, according to the WHO, diarrheal illness is the second leading cause of death in children; it was responsible for the death of 370,000 children in 2019.
Hospital Consumables Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
Key Companies Profile Market Share Insights
Key players are involved in adopting strategies, such as mergers acquisitions, partnerships, and new product launches, to strengthen their foothold in the market. For instance, in February 2020, Baxter launched peri-strips dry with Veritas Collagen Matrix (PSDV), a secure grip technology. The new product will help mitigate bleeding during bariatric and other procedures.
Some prominent players in the global hospital consumables market include
- McKesson Medical-Surgical Inc.
- Medline Industries, Inc.
- B. Braun Melsungen A.G.
- Terumo Medical Corporation
- Owens and Minor
- Smith And Nephew, Inc.
- Cardinal Health
- 3M
- Baxter
- Fresenius Medical Care AG Co. KGaA
Order a free sample PDF of the Hospital Consumables Market Intelligence Study, published by Grand View Research.
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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