The market for hospital supplies is continuously growing due to high incidence rate of inflammatory and communal diseases such as pneumococcal disease and sexually transmitted diseases. Presence of various microbes existing in the environment is the causative agent for the communal disease. Increasing aging population has also resulted in the growth of hospital supplies market. Growing awareness towards control of Hospital Acquired Infections (HAIs) is also a major contributor for the hospital supplies market. Decline in private health insurance, growing popularity of home care services and stringent regulations led by government are major restraints that are hampering the growth of hospital equipment and supplies market. Moreover, introduction of personalized medicines concept and other diagnostics options available in the market are further expected to restrain the hospital equipment and supplies market.
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The invention of new products by the company for previous health issues that remained unsolved will bolster the industry revenue. It is estimated that amongst all others safety enhanced devices and infection resistant nonwovens are expected to witness the most rapid growth in the coming years. There is rapid growth in the China hospital industry due to the steady progress health care reform and continuous increase in demand stimulus. Various social capital flows to the Chinese hospital market by self-establishment, mergers and acquisitions, joint ventures associates and other forms are some of the major factors that has led to the expansion of private hospitals. According to reports published by advanced medical technology association in 2010, medical device spending totalled to six percent of total national health expenditures.
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The major competitors in the market for hospital supplies are Thermo Fischer and Scientific, Boston Scientific Corporation, B. Braun Melsungen AC, 3M Health Care, Becton, Dickinson and Company, Cardinal Heath, Kimberly-Clark Corporation, Advanced Sterilization Products Services Inc., Molnlycke Health Care AB, Steris Corporation, Stryker Corporation, Terumo Corporation and Getinge AB, Johnson & Johnson, Baxter International, GE Healthcare and Covidien. Mergers and acquisitions are amongst the latest trends that have been observed in the hospital equipment and supplies market. Over the course of 22 years, from 1989 to 2010, national medical device spending has grown slightly as a percentage of National Health Expenditures, from 5.3 to 6 percent.
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