Research Support Specialist, USA
The global hospital foodservice equipment market size is expected to reach USD 10.55 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 3.8% from 2021 to 2028. The rising aging population and increasing prevalence of chronic diseases are major factors responsible for the growth of this market. Moreover, technological advancement, growing demand for hospital foodservice equipment in countries including the U.S. and Germany, and the implementation of regulatory norms are other factors driving the market.
Due to the COVID-19 pandemic, the healthcare industry is growing at a tremendous rate. Additionally, the demand for nutritional and healthy food is rising. Such equipment plays a vital role in fulfilling the dietary needs of the patients. Healthcare facilities ensure that the latest technology is incorporated in food preparation and distribution to positively impact patients' wellbeing. The other factors that affect the growth of the hospital foodservice industry are increased spending on healthcare, improved standard of living, and upgrade in the services. Usually, the patients opt for hospitals that offer all the facilities with food services. Such a trend is expected to play a key role in expanding the industry size in the near future.
The beverage dispensers segment captured the largest share of over 45.0% in 2020 due to its rising demand. Increasing spending by consumers on soft drinks has driven the segment. The installation of beverage dispensers in hospitals allows the dispense of soft drinks to the visitors and other staff members. Owing to this reason, the segment is estimated to witness growth over the forecast period.
North America dominated the market with a revenue share of more than 36.0% in 2020 due to the high product demand in the U.S. and Canada. Increasing demand for environment-friendly equipment will drive the market in this region. Moreover, the increasing purchasing power of the consumers in this region is driving the market. Asia Pacific is estimated to be the fastest-growing regional market over the forecast period due to the rising demand for hospital foodservice equipment in countries, like China and India.
The report “Hospital Foodservice Equipment Market Size, Share & Trends Analysis Report By Product (Beverage Dispensers, Refrigerated Vending Machines, Commercial Freezers, Refrigerators), By Application, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global hospital foodservice equipment market on the basis of product, application, and region: