Hospital Supplies Market Is Witness High Growth Owing To Rising Healthcare Expenditure

The Hospital Supplies Market is estimated to be valued at US$ 31.50 Bn or Billion in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights’Rising healthcare expenditure driven by economic growth and increasing aging population is a key driver for the hospital supplies market. Overall healthcare spending is on the rise globally due to growth in the number of chronic and acute diseases. Additionally, advancement in healthcare infrastructure and medical facilities demand continuous supplies of medical devices, disposables and equipment. Growing awareness about hygiene and infection control has also fueled the demand for hospital supplies.

Key Market Trends: Growing preference for single-use disposable products is a major trend in the hospital supplies market. Single-use equipment and disposables ensure the highest level of sterility and reduce the risk of healthcare associated infections (HAIs). They are also more convenient as it reduces cleaning and sterilization efforts. Furthermore, technological advancements are allowing development of innovative products catering to specialized needs of different therapies and treatments. Wearable and remote monitoring devices are gaining traction allowing continuous monitoring of patients.

Hospital Supplies Market Opportunity –The surgical supplies segment accounts for over 30% of the total hospital supplies market share. Surgical procedures have increased multifold over the years owing to the rising prevalence of chronic diseases and the growing geriatric population globally. Surgical supplies such as surgical drapes, gowns, gloves and surgical instruments are crucial for performing surgeries safely and effectively. With the increasing surgical volumes, the demand for surgical supplies is expected to rise significantly during the forecast period. The surgical supplies segment is anticipated to witness a CAGR of over 8% between 2024-2031.

The diagnostic supplies segment has shown promising growth over the last few years. Diagnostic supplies such as imaging supplies, laboratory supplies and sample collection kits help in the diagnosis and monitoring of various medical conditions. With the advancement of diagnostic technology and growing emphasis on early detection of diseases, the demand for diagnostic supplies has surged. Moreover, point-of-care testing has further boosted the use of diagnostic supplies in outpatient settings. The diagnostic supplies segment is estimated to capture over 25% revenue share of the overall hospital supplies market by 2031.

Key Market Takeaways: The global hospital supplies market size was valued at USD 31.50 billion in 2024 and is anticipated to witness a CAGR of 7.6% during the forecast period 2024-2031. Factors such as increasing healthcare expenditure, growing prevalence of chronic diseases and rising medical tourism are expected to drive the market over the next few years.

By product type, diagnostic supplies segment is expected to hold a dominant position owing to rising focus on early diagnosis and introduction of advanced diagnostics. Surgical supplies segment will also showcase notable growth rate due to increasing surgical procedures worldwide.

On the basis of end user, hospitals segment captured over 70% market share in 2024 due to bulk procurement of various medical supplies for inpatient and outpatient care. Outpatient centers are also emerging as high growth end users.

North America dominated the global market in 2024 and is expected to maintain its lead position during the forecast period. This can be attributed to high healthcare spending and presence of advanced healthcare infrastructure in the region.

Competitor Insights: Some of the prominent players operating in the hospital supplies market include Medtronic PLC, Johnson and Johnson, Cardinal Health, Becton, Dickinson and Company, and B. Braun Melsungen AG. These players are focusing on new product launches and partnerships for sustainability and growth in the dynamic market.

Recent Developments: In June, medical supplies giant Medline partnered with IoT startup Anthropic to develop next-generation connected medical devices and supplies. Through this partnership, they aim to integrate AI-capabilities into existing Medline product lines. Their first product launch under this partnership is expected to be a smart IV bag that can monitor and track vital IV fluid details in real-time. This will help reduce errors and enhance workflow efficiency in hospitals. The companies plan to raise $50 million in funding to accelerate their joint R&D efforts. More information in full report.