TEXTILES.ORG
According to a recently published report by Transparency Market Research (TMR), the global market for hospital linen supply and management services is likely to rise at a compound annual growth rate (CAGR) of 2.4 percent from 2016 to 2024 and increase to $9.1 billion by the end of the forecast period. The market was valued at $7.4 billion in 2015.
Linen bed sheet/pillowcases emerged as the most valued products in 2015 with a share of 34.4 percent of the overall market, the research shows. Thanks to the growing awareness for hygiene among consumers, researchers expect the demand for linen bed sheet/pillowcases to continue to grow over the next few years.
The study also provides a regional analysis of the worldwide market; owing to the availability of advanced medical facilities, North America is the most attractive market for hospital linen supply and management services.
Expanding at CAGR of 2.2 percent between 2016 and 2024, the North American market is expected to remain dominant. The rise in the demand for hospital linens, fueled by the increasing implementation of stringent regulations to maintain hygiene in hospitals, is expected to boost the market considerably, according to the report.
The report also offers a caveat: While the growth prospects of the global hospital linen supplies and management services market looks thriving at present, the market may face obstacles due to the shortage in the supply of hospital linens. However, emerging economies are expected to present an opportunity-rich market to participants over the forecast period.