SEOUL-- April 19, 2022 -- According to the latest Fact.MR analysis, the global hospital supplies market is predicted to grow at a CAGR of over 3%, reaching US$ 23 Bn by the end of the 2021-2031 forecast period, concludes Fact.MR’s recently published report. The rising prevalence of hospital-acquired infections is spurring the adoption of protective gear, thus stimulating market demand.

From 2016 to 2020, sales of hospital supplies expanded at under 3% CAGR, reaching US$ 18 Bn by the end of the historical period. COVID-19 has fueled expansion prospects, with hospitals, clinics, and dispensaries deploying protective gear, including disposable gloves, gowns, drapes, and masks.

Healthcare Digitization Increasing The Need For Healthcare supplies

Digital technology is supporting the healthcare business and growing demand for hospital supplies as hospitals shift to a new patient-centered care model and develop smart health approaches to improve access, improve quality, increase affordability, and cut expenses.

Since the release of COVID-19, the use of digital technologies such as AI, telemedicine platforms, virtual services, and home diagnostics has exploded. As a result, demand for sophisticated monitors, servers, and other hospital-grade smart devices has grown, paving the way for future expansion.