HOSPITAL SUPPLIES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Hospital Supplies Market Size and Trends

The Global Hospital Supplies Market is estimated to be valued at USD 31.50 Bn in 2024 and is expected to reach USD 52.65 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031. The market is driven by rising number of hospitals across the globe and increasing cases of chronic diseases leading to hospitalization of more patients.

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Aging Population and Need for Improved Healthcare

As life expectancy increases globally, the aging population is on a rise. According to the WHO, the number of people aged 60 years and older is expected to become more than double from 12% to 22% between 2015 and 2050. The needs of older population are quite different from others as aging can make them more prone to illnesses like cardiovascular diseases, diabetes, respiratory diseases, and various kinds of cancers. With aging tissues and organs, regular checkups and medical supplies become crucial. Moreover, older population requires more non-communicable disease management which drives the need for large quantities of disposable hospital supplies like syringes, intravenous solution bags and sets, catheters, wound care consumables, and other devices. All these promote steady growth of the global hospital supplies market.

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Increased Healthcare Awareness and Spending

As incomes rise globally and people's priority towards health and well-being increases, there is growing awareness about preventive healthcare and accessing quality medical facilities. This has led to increased healthcare spending globally. Both private and public healthcare sectors are investing more in improving basic healthcare infrastructure as well as advanced medical technologies. Setting up new hospitals, upgradation of existing hospitals, and higher footfalls are increasing the demand for a wide variety of hospital supplies that are crucial for smooth functioning of medical facilities. Also, growing health insurance penetration is encouraging more people to seek medical help without worrying about costs. This favorable rise in access and affordability of healthcare has a positive impact on the supplies sector catering to hospitals globally.