Global Hospital Supplies Market Size

Hospital Supplies Market Analysis

The hospital supplies market is expected to grow at a CAGR of 11.5% over the forecast period.

The COVID-19 pandemic has had a significant impact on the market growth for hospital supplies. For instance, as per the study titled "COVID-19: Implications for Supply Chain Management" published in Frontiers of Health Services Management in the Fall of 2020, the COVID-19 epidemic disrupted both the world economy and health. The coronavirus particularly affected medical device supply chains to hospitals and other healthcare organizations. Thus, such studies highlight the substantial impact of the pandemic on the market in its initial phase. However, with the emergence of newer variants of the virus that are still being treated, hospital supply chains are working to enable the delivery of patient care in the event of a recurrence or future pandemic. A research article titled "What COVID-19 has changed for hospital supply chains" published by the Wexter Medical Center, the Ohio State University in May 2020 stated that the hospitals rallied their resources to get the PPEs and a single warehouse for all essential stock, which greatly improved responsibility, visibility, and security of the hospital devices. The COVID-19 epidemic in Ohio led to a new, improved method for monitoring and securing all medical equipment within hospitals.

Likewise, an article titled "The role of disinfectants and sanitizers during COVID-19 pandemic: advantages and deleterious effects on humans and the environment" published in the National Library of Medicine in May 2021, mentioned that the characteristics of the SARS-CoV-2 virus, the qualities of the disinfectants or sanitizers, and the environment where the virus is present or where disinfection is to be done all play a role in how successfully the virus can be eradicated. Also, the abovementioned source stated that sanitizers and disinfectants were crucial preventative measures against coronavirus infection, and thus these supplies witnessed a notable demand throughout the pandemic phase. Thus, these aforementioned factors demonstrate that the COVID-19 pandemic had a considerable impact on the market's growth and is expected to continue over the coming few years.

The factors, such as increased incidences of communicable and chronic diseases coupled with the growing public awareness about hospital-acquired infections, are contributing to the overall growth of the hospital supplies market.

Furthermore, the burden of communicable (infectious) diseases is constantly growing worldwide. Since clinical diagnostic tests represent one of the most accurate methods to identify and characterize microorganisms, so it is expected to create demand for hospital supplies for diagnosis purposes. The World Health Organization (WHO) tuberculosis (TB) data updated in September 2021 shows that globally, 10 million cases of tuberculosis (TB) were estimated in the previous year, among which 1.1 million children, 3.3 million women, and 5.6 million males were affected. TB exists in all nations and among all age groups.

Another infectious disease is influenza, which can cause severe sickness or death, mainly in high-risk patients. The article titled "The Number of Flu Cases Worldwide: A Global Perspective" published in February 2022 mentioned that worldwide, seasonal influenza is thought to affect nearly 1 billion individuals each year. Also, nearly 3-5 million of those 1 billion suffer from severe cases of the flu each year. Thus, an increase in the incidence of such infectious diseases is expected to create demand for disposable hospital supplies, driving the demand for hospital supplies.

Moreover, continuous product launches and developments coupled with strategic activities by the major players in the market are anticipated to drive market growth. For instance, in April 2022, TytoCare, one of the global market players for hospital supply units, signed a partnership with MemorialCare, an innovative non-profit health system. The integration of the TytoCare solution into MemorialCare's current telehealth appointments enables physicians to provide patients with enhanced remote care with in-depth physical examinations. These product launches are anticipated to drive market growth over the forecast period.

Therefore, the market for hospital supplies is anticipated to witness growth over the analysis period owing to the factors stated above. However, stringent regulatory frameworks and the emergence of homecare services are the factors that are predicted to hinder the market's growth during the analysis period.