January 25, 2011 09:08 ET
Global Hospital Supplies Market Forecast to Exceed $37 Billion by 2016
ROCKVILLE, MD--(Marketwire - January 25, 2011) - MarketResearch.com has announced the addition of GBI Research's new report "Hospital Supplies Market to 2016 - Disposable Hospital Supplies and Syringes and Needles to be the Fastest Growing Market Categories" to their collection of Disposables market reports. For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=6060625
The global hospital supplies market is forecast to exceed $37 billion by 2016 and is expected to grow with a CAGR of 11% during the period 2009-2016. The market is expected to be driven by an increasing percentage of elderly people in the population across the globe and an increased awareness about the importance of controlling Hospital Acquired Infections (HAIs). With the elderly population increasing and their active living years also being extended, there will be an increase in hospitalizations and the number of procedures carried out, which will increase the demand for hospital supplies.
Disposable hospital supplies and syringes and needles have been the key revenue generators in the global hospital supplies market in the year 2009. Disposable hospital supplies was the largest category contributing about 44% of the total revenues and was worth $7.7 billion in 2009 and is forecast to grow at a CAGR of 13% to reach $18.2bn in 2016. Syringes and needles was the second largest category and accounted for 25% of the total hospital supplies market and was worth $4.4 billion in 2009.
Cardinal health is the largest player with a 9% market share in the global hospital supplies market, followed by 3M Healthcare with 9% market share and Becton and Dickenson with 6% of market share respectively. The other significant players in this market are B Braun and Kimberly Clarke with 5% each and Molnlycke and Advanced Sterilization Products with 4%. The hospital supplies market is a fragmented market and has many players. About 45% of the total market is accounted by more than eight companies and the remaining 55% includes other companies with relatively smaller shares.
Increasing awareness about HAIs is leading to greater uptake of disposable hospital supplies as well as hospitals taking additional precautions and using protective gear through which risk of infection can be minimized. This is driving the growth of the hospital supplies market. There is a high degree of financial, physical and social cost associated with HAIs, which is driving the emphasis on the prevention of HAIs in hospitals and surgical centers. Practices such as frequent glove changing and double gloving during procedures have been found to limit the chances of infection as they reduce the number of potential exposures. Double gloving was seen to reduce the perforation rate of the inner gloves by approximately 70%. The adoption of these practices is creating an additional demand for hospital supplies, paving the way for the market's growth.
For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=6060625