The Europe hospital supplies market is expected to register a CAGR of 12.4% during the forecast period. The propelling factors for the growth of the market include the high demand, owing to increasing chronic diseases and rising geriatric population, and the investment in healthcare infrastructure.
- There is a growing concern about chronic diseases, which affect one-third of the European population aged 15 and above. This rising awareness is increasing the hospital admission rates, which in turn, is fueling the overall market growth in Europe. According to the World Population Ageing 2019 report, in the Netherlands, the population aged 65 years or over in 2019 was 3.352 million (19.6%), and this number is projected to reach 4.295 million (24.6) in 2030. In the same way, it is expected to increase in Greece from 2.298 million (21.9%) to 2.630 million (26.5%).
- The elderly population is expected to grow in the coming years in both countries, and this population is more prone to chronic diseases. In addition, the fact that the geriatric population is more susceptible to acute and chronic diseases indicates that the increased geriatric population is also highly responsible for high hospital admission rates, thus pushing the demand in this market.
- Europe has a strong healthcare system, in terms of the infrastructure, hospital beds, hospital supplies, and equipment, etc., that has helped the overall market to account among the highest market share. Therefore, the well-established infrastructure of the hospitals helps in the growth of the European hospital supplies market.
- On the other side, the preference of home care is also rising as the home is a place of emotional and physical associations, memories, and comfort and it also keeps families together, which is particularly important during long-term illnesses. Therefore, the rising usage of home care consequently restrains the hospital admission rates and further impedes the growth of the studied market.
Key Market Trends
The Operating Room Equipment Segment is Expected to Create Lucrative Growth Opportunities
- With the growing immigration from African countries and other Mediterranean countries to the European countries, the surgical procedures have significantly increased, further demanding the technological advancement in operating room equipment. Therefore, several companies are looking toward the development of state-of-the-art operating rooms, which are creating lucrative growth opportunities.
- As per the Germany Federal Statistical Office 2020 report, currently, there about 83 million people in Germany, of these 16.2 million are above 67 years of age, and this number is projected to reach 21.4 million in 2040.
- As the elderly population is expected to grow in the near future, it is likely to have a positive impact on the market. Additionally, there is an increasing number of super-specialty hospitals that help in the overall growth of the market.
The European hospital supplies market is fragmented competitive. There are several key players involved in mergers and acquisitions and their geographical expansions are among the latest trends observed in the European hospital equipment and supplies market. Some of the companies currently dominating the market are Medtronic PLC, Baxter International Inc., Cardinal Health Inc., Becton, Dickinson and Company, Boston Scientific Group, Ethicon (Johnson & Johnson), 3M Company, B. Braun Melsungen AG, and Thermo Fisher Scientific Inc.
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