Investments towards automation of supply management systems for forecasting demand with contingency plans will remain key to growth strategies in terms of sales.
Investments towards automation of supply management systems for forecasting demand with contingency plans will remain key to growth strategies in terms of sales.
Fact.MR, Rockville MD: An ongoing report on the hospital supplies market by market research firm Fact.MR has projected positive sales prospects through 2021 and the foreseeable future. The covid-19 pandemic has resulted in an unprecedented increase in demand for hospital supplies with an emphasis on disposable product offerings. Developing flexible, robust supply chains are key strategies for hospitals to operate in the post-pandemic period. Growing cases of chronic ailments and hospitalization are major factors that will support demand in the years to come.
According to SelectUSA, the US medical device industry will surpass US$ 200 billion by 2023. Tech developments in terms of telecommunications, microelectronics, biotechnology, instrumentation, and software development have played key roles in the developments of implantable devices, neuro-stimulators, biomarkers, and stent technologies among others.
Developing countries continue to struggle to keep up with the requirements for hospital supplies. For instance, according to a report by the World Health Organization, more than 40 countries are not equipped with a tomography device per million individuals. However, increased government investments reflect strong potential for growth in the coming years.
“The hospital supplies market is displaying continuous growth owing to the high incidence rate of infectious communal diseases and STDs. The presence of various microbes, and rising geriatric population has resulted in an increased demand for hospital supplies, thereby contributing to long-term developments in the industry,” comments a Fact.MR analyst.
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Key Takeaways from Fact.MR’s Hospital Supplies Market
- Catheter sales are likely to gain impetus driven by widespread incidences of respiratory disease.
- Waste disposal and surgical equipment to display relatively higher demand, owing to incidences of associated diseases in emerging economies.
- Disposable supplies will remain popular owing to reduced risk of disease transmission between patients.
- Robust supply chains and presence of major manufacturers are essential to growth opportunities in the United States.
- China will strongly drive demand to owing to a vast population base, government initiatives towards healthcare reform.
- Government funding for public and private healthcare sector operations drive growth in Brazil.
Hospital Supplies Market – Prominent Drivers
- Growing awareness about hospital-acquired infections is a key contributor to demand in the market.
- Investments by hospitals towards the acquisition of new technologies and equipment creates opportunities in the industry.
- Widespread incidences of inflammatory and communal ailments and STDs are driving support for sales prospects.
Hospital supplies Market – Key Restraints
- Declining consumer confidence in private health insurance, the popularity of home care services is hurting demand.
- Strict regulations associated with hospital supplies and rising preference for personalized healthcare is limiting adoption.
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Competitive Landscape
Major players in the hospital supplies market include but are not limited to Cardinal Health Inc., Paul Hartmann AG, Molnlycke Healthcare AB, Vygon SA, Medline Industries Inc., 3M Healthcare Ltd., Falcon Technologies International LLC, Ansell Healthcare LLC, McKesson Corp., B. Braun Melsungen AG, and Ansell Healthcare LLC.
Following the pandemic, hospital supplies manufacturers are focusing on expansion of production facilities to keep up with the unprecedented surge in demand during the crisis. In March 2020, revealed intentions to add production sites in India as the pressure for supplies reduces after the pandemic.
Major players in the hospital supplies market are also engaging in strategic mergers and acquisitions to consolidate market position. DCC’s healthcare division announced the acquisition of Germany-based Worner for a value of 80 million euros.
More Insights on the Hospital Supplies Market
In its latest report, Fact.MR offers unbiased analysis of the global hospital supplies market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (surgical gowns, surgical drapes, surgical gloves, surgical packs, feeding tubes) and end user (hospitals, ambulatory surgical centers, and specialty clinics) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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