Paradigm Shift to One-time Use Product to Help Improve Sales of Hospital Supplies Market, Finds Fact.MR
Companies operating in the global hospital supplies market are rapidly shifting from manufacturing non-disposable to disposable one-time-use products. This is due to the significant level of protection these disposable products possess against microorganisms over non-disposable products. New disposable products are manufactured by companies based on key inputs given by healthcare professionals. According to a report published in NCBI, out of total surgical gowns consumed in Latin American countries, more than 80% are disposable ones. Globally, share of disposable hospital supplies such as surgical gowns, surgical gloves, and surgical drapes is increasing.
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Leading Players Focusing on Expanding to New Product Lines
These companies are concentrating on expansion of product lines in the hospital supplies sector owing to growing demand for surgical gowns, surgical gloves, drapes, surgical packs, and other products. Key market stakeholders are adopting acquisitions and merger strategies for expansion of production capabilities. For instance, in April 2016, Cardinal Health Inc acquired Medtronic’s deep vein thrombosis, patient care and nutritional insufficiency business for $6.1 billion which included 23 product categories across multiple market for care. “Many companies are also focusing on establishing partnerships and collaborations with existing market players in order to enhance their product sales. Mölnlycke HealthCare AB and Zuellig Pharma strengthened their partnership for advanced wound care solutions in South East Asia,” states Fact.MR
The hospital supplies market is focusing on developing innovative hospital supplies products used to treat patients. Medical devices companies are investing significantly for research & development of new products, globally. Moreover, growing awareness about different types of fabrics and their properties has encouraged manufacturers to develop surgical gowns, gloves, and drapes with different types of fabrics having unique specifications.
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Rising Number of Surgical Procedures Pushing Market Growth
“Increase in number of surgical procedures has boosted the hospital supplies expenditure, globally. According to WHO, the percentage revenue increase in global spending on healthcare is greater than % increase in GDP year-on-year, especially in low- and middle-income economies,” expects Fact.MR This is due to increasing per capita income globally and people’s spending ability to receive better healthcare facilities. For instance, the number of annual surgical procedures for hip and knee arthroplasty performed by AJRR hospital in the U.S. has increased from 45,609 in 2012 to 2,69,960 in 2016.
Rise in number of surgical procedures is pointing to significant growth opportunities for the hospital supplies market. Hospital supplies products such as surgical packs, gowns, drapes, gloves, feeding tubes are majorly consumed in hospitals. Out of these hospital supplies products, surgical packs are mostly used in general, cardiovascular, orthopedic, gynecology, dental, plastic, ENT, ophthalmic, and, neuro surgeries. Increase in number of surgical procedures owing to increase in medical tourism has led to voluminous sales. The aforementioned factors will bolster the growth of the hospital supplies market which is poised to account for an incremental dollar opportunity of US$3Bn by the end of the forecast period.
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