Hospital Consumables Market demand is rapidly increasing across the globe

Hospital Consumables Industry Overview

The global hospital consumables market size was valued at USD 308.6 billion in 2020 and is anticipated to grow at a compound annual growth rate (CAGR) of 10.89% from 2021 to 2028.

The rising number of surgeries, increasing prevalence of chronic diseases, and growing elderly population are the key factors driving the market growth. Moreover, technological advancements in surgical procedures and rising preference for minimally/non-invasive surgeries are further contributing to market growth. Furthermore, the impact of COVID-19 across the globe is accelerating market growth. Chronic diseases, including Cardiovascular Diseases (CVDs), chronic respiratory diseases, diabetes, cancer, and mental illnesses, have become a leading cause of mortality and disability worldwide.

For instance, as projected by the American Heart Association, more than 130 million adults or 45.1% of the U.S. population might suffer from some form of CVD by 2035. Likewise, according to the CDC, about 655,000 Americans die from heart disease annually, that’s 1 in every 4 deaths. Moreover, the increasing prevalence of cancer is a high-impact-rendering driver for the market. For instance, as per the CDC report, cancer is a leading cause of death across the globe and accounted for nearly 10 million deaths in 2020. Moreover, the prevalence of cancer is estimated to increase by 70.0% in the coming years.

Gather more insights about the market drivers, restrains and growth of the Global Hospital Consumables Market

Therefore, the presence of a high patient pool suffering from chronic diseases leads to an increase in the number of hospital admissions. According to the Partnership to Fight Chronic Disease, Americans suffering from chronic diseases account for 81% of hospital admissions. Hence, the frequent rising prevalence of chronic diseases coupled with increasing hospital admissions are expected to lead to the growth of the market.

Aging is considered the greatest risk factor for diseases, such as cardiovascular, urological, and neurological diseases. These diseases might require surgical/diagnostic procedures, which include medical consumables, such as gloves, guidewires catheters, stethoscopes, and thermometers. Elderly people (aged ≥65 years) are currently the fastest-growing sector of the general population in the U.S. According to the U.S. Census Bureau 2017 National Population statistics, nearly 1 in 4 U.S. citizens is likely to be an older adult by 2060. As per the same source, by 2030, all baby boomers are expected to be older than 65.

Similarly, the rising geriatric population in countries, such as Japan and China, is expected to be a high-impact rendering driver for the market growth in Asia Pacific region. For instance, according to the Japan Times, in September 2021, an estimated number of people aged 65 years or older was 36.17 million. In addition, increasing sophistication in medical procedures and improved success rate owing to the rising use of advanced consumables and availability of services provided in the hospital are expected to drive the market in Asia Pacific.

The demand for Minimally Invasive Surgeries (MIS) is increasing rapidly across the globe. These procedures cause lesser trauma to patients and facilitate quicker recovery than invasive procedures, such as open-heart surgery. Research results published by manufacturers (Ethicon Endo-Surgery, Inc.) suggest that MIS are rapidly replacing open/invasive surgeries owing to the factors, such as higher patient satisfaction owing to lesser incision wounds and lesser number of postsurgical complications lower mortality rates.

Medical consumables, such as guidewires, cannulas, and catheters, are generally used in minimally invasive procedures, thus raising demand for MIS is expected to boost the market growth during the forecast period. Moreover, these advanced surgeries are mostly performed in hospital settings, thus the increasing popularity of these surgeries and demand for consumable medical devices are expected to drive the market.

The COVID-19 outbreak and rising hospital admissions across the world have boosted product demand dramatically. Globally, as per the reports of the World Health Organization (WHO), there are around 24,55,11,935 confirmed COVID-19 cases across 195 counties, which has led to 49,80,817 deaths. As a result, hospitals have been overburdened with COVID-19 patients.

This unprecedented growth in cases has significantly increased the demand for advanced healthcare facilities and services to treat patients. According to the WHO estimates (2020), each month, a projected 89 million medical masks were required for COVID-19 response. The WHO has urged industry and governments to expand production of Personal Protective Equipment (PPE), such as medical gloves, masks, hospital gowns, goggles, face shields, respirators, and aprons, to meet the mounting global demand.

Moreover, the pandemic has created opportunities for local manufacturers. As lockdown restrictions are lifted in most of the countries, supply chains of most healthcare companies, offering consumables, are expected to work efficiently and smoothly over the forecast period. Players are adopting various plans and policies to gain a higher market share. They are partnering with relevant third-party vendors to reinforce their foothold in the market.

They have also established teams that would be working on implementing these strategies in the near future during pandemics. Companies also made provisions to increase the supply of consumables to hospitals and other healthcare facilities overburdened with COVID-19 patients. Thus, the market is expected to grow at a significant rate in the coming years.

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Hospital Consumables Market Segmentation

Grand View Research has segmented the global hospital consumables market on the basis of product and region:

Hospital Consumables Product Outlook (Revenue, USD Million, 2016 - 2028)
- Disposable Medical Gloves
- IV Kits
- Medical Gauze Tapes
- Disposable Syringes
- Sharps Disposable Containers
- Catheters
- Non-woven Disposable Products
- Surgical Blades
- Medicine Cups
- Cannula
- Guidewires
- Thermometer
- Stethoscope
- Glucometer Strips
- IV Solutions
- BP Monitors
- Procedure Trays
- Others

Hospital Consumables Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)

Market Share Insights

February 2020: Baxter launched peri-strips dry with Veritas Collagen Matrix (PSDV), a secure grip technology. The new product will help mitigate bleeding during bariatric and other procedures. The product also received the 510(k) clearance from the U.S. Food and Drug Administration (U.S. FDA).
May 2019: Braun Medical Inc., a part of the B. Braun Group of Companies, invested USD 1 billion in novel and advanced IV therapy manufacturing facilities. The aim of the strategy was to help assure a regular and reliable supply of crucial IV fluids for American health care providers, on a daily basis.

Key Companies profiled:

Some of the prominent players in the global hospital consumables market include: