North America Hospital Supplies Market Size

North America Hospital Supplies Market Analysis

The North America Hospital Supplies Market size is estimated at USD 62 billion in 2024, and is expected to reach USD 106.85 billion by 2029, growing at a CAGR of 11.60% during the forecast period (2024-2029).

• The high prevalence of COVID-19 infections in North American countries resulted in an increased demand for hospital supplies, sterilization and disinfection equipment, syringes, and needles, among others. For instance, according to an article published by PubMed Central in July 2021, during the early COVID19 pandemic, a shortage of hospital supplies such as gowns, gloves, surgical masks, and respirators was observed in various countries around the world, including the United States. Thus, the COVID-19 pandemic had a significant impact on hospital supplies initially.
• However, the usage and demand of hospital supplies increased as the pandemic progressed, and as the pandemic subsided, the usage of hospital supplies went back to the pre-pandemic level, so the studied market is expected to have normal growth during the forecast period of the study.
• The major factors driving the growth of the studied market include the increasing spending on healthcare and the increasing prevalence of infectious diseases in the region.
• The increasing prevalence of infectious diseases in the region is a major factor driving the market growth, as infectious diseases are often associated with hospitalizations, which are expected to increase the usage of hospital supplies. For instance, according to the data published by the Pan American Health Organization (PAHO) in October 2022, a total of 29,829 Zika virus infection cases have been reported in the Region of the Americas in 13 out of 52 countries and territories. The 29,829 cases represented a cumulative incidence of 3.02 cases per 100,000 population in the Americas.
• Furthermore, according to the same source, a total of 2,32,204 chikungunya infection cases were reported in 12 of the 52 countries and territories in the Americas, out of which 1,10,805 were confirmed and it constituted about 47.7% of the total cases. The regional cumulative incidence of chikungunya in 2022 was 23.50 cases per 100,000 population in the Americas. Thus, the high prevalence of infectious diseases in the region is expected to increase the usage of hospital supplies for the treatment of patients infected with those diseases.
• Furthermore, according to the data updated by the Government of Canada in November 2022, overall influenza activity was increasing and above expected levels. An estimated 2,234 detections were made, with an 11.7% positivity rate. Influenza activity was above the seasonal threshold of 5% of tests positive, which indicated the beginning of the influenza epidemic at the national level. Thus, the rising prevalence of infectious diseases is expected to increase the hospitalization rate in the region, which will boost the usage of hospital supplies during the forecast period of the study.
• Moreover, the rising healthcare spending in the region is also expected to boost market growth. For instance, according to the data published by the Canadian Institute of Health Information in November 2022, it was estimated that the total health spending in Canada would reach USD 331 billion or USD 8,563 per Canadian in 2022. It was also anticipated that health expenditure will represent 12.2% of Canada's gross domestic product (GDP) in 2022. The rising healthcare expenditure in the region is expected to enhance the usage of hospital supplies as well in various healthcare facilities.
• Thus, the aforementioned factors, such as the rising prevalence of infectious diseases and increasing healthcare spending, are expected to boost the market growth. However, the emergence of home care services and the drop in private health insurance are expected to hinder the market growth.