Europe Hospital Supplies Market Size

Europe Hospital Supplies Market Analysis

The Europe hospital supplies market is expected to register a CAGR of 12.7% over the forecast period.

The outbreak of COVID-19 impacted the hospital supply market significantly. The demand for hospital supplies witnessed significant growth during the COVID-19 pandemic due to the increasing number of COVID-19 cases requiring continuous medical supplies. For instance, in February 2022, European Union (EU) funded an additional 180 oxygen concentrators, 2000 pulse oximeters, and other medical supplies to outpatient facilities in Georgian villages. The supplies were acquired as part of a significant EU-United Nations initiative to support rural healthcare facilities and lessen the effects of the COVID-19 outbreak in the nation. The program equipped village ambulatory units with telemedicine technology to increase access to healthcare. Such initiatives and funding by the European Union led to increased hospital supply adoption in European nations during the pandemic. However, the market gradually stabilized as COVID-19 cases declined, resulting in the return of normal demand level for the hospital supply; the market is expected to show a slight decline due to the over-purchase of hospital supply during the pandemic.

The propelling factors for the market's growth include the high demand for chronic disease, the rising geriatric population, and investment in healthcare infrastructure. For instance, according to the Organisation for Economic Co-operation and Development, August 2022, the estimated per capita healthcare expenditure in European countries such as Austria, Germany, Ireland, and Poland in 2021 were USD 5775.04 (EUR 5,488.2), USD 5785.88 (EUR 5,498.5), USD 5961.08 (EUR 5,665), and USD 4807.59 (EUR 4,568.8) respectively. Therefore, the high per capita expenditure on healthcare in European countries will lead to increased adoption of healthcare in European hospitals, thereby leading to the adoption of hospital supplies and driving market growth. Furthermore, the elderly population in both countries is expected to grow in the coming years, and this population is more prone to chronic diseases. For instance, according to the United Nations department of economics and social affairs report 2022, about 19% of the population in Europe was 65 years of age or older, making it the region with the highest percentage of older people in 2022. According to projections, one in every four people in Europe could be 65 or older by 2050. In addition, the fact that the geriatric population is more susceptible to acute and chronic diseases indicates that the increased geriatric population is also highly responsible for high hospital admission rates, thus pushing the demand in this market.

Europe has a strong healthcare system in terms of infrastructure, hospital beds, hospital supplies, equipment, etc., which has helped the overall market to account for the highest market share. Furthermore, a rise in a government project to fulfill the demand for hospital supplies is also expected to drive market growth. For instance, in January 2021, the European Union launched an imPURE project to produce medical supplies rapidly. The strategic goal of imPURE is to repurpose non-medical plastic processing industrial lines in Europe for the rapid production and broad distribution of Critical Medical Supplies (CRMs) to meet the urgent needs of societies for vital medical supplies and equipment. Therefore, the well-established infrastructure of the hospitals helps grow the European hospital supplies market.

Thus, the abovementioned factors are impacting the market growth of the Europe hospital supplies market. However, the emergence of home care services and stringent regulatory bodies are expected to restrain the market growth.