Market Trends of Asia-Pacific Hospital Supplies Industry
This section covers the major market trends shaping the APAC Hospital Supplies Market according to our research experts:
Disposable Hospital Supplies Segment Expects to Register a High CAGR During the Forecast Period
The disposable hospital supplies segment is expected to witness significant growth in the Asia-Pacific hospital supplies market owing to the factors such as the rising prevalence of communicable infections such as COVID-19, tuberculosis, and others.
The disposable hospital supplies are one-time use products, such as consumables, medical apparatus, and disposable devices, which are consumed in large figures across all hospitals. These products, such as suction catheters, bandages and wraps, exam gowns, surgical sponges, face masks, hypodermic needles, gloves, and others, are in continuous use by all hospital professionals in any domain from the cleaning to the surgical theatres, as well as administrative departments in some cases.
The rising number of infectious diseases is expected to drive market growth over the forecast period. For instance, according to the data published by the World Health Organization, as of August 2022, 166,969 number of new cases of COVID-19 were reported by China in the past seven days, followed by Japan at 1,335,047, Malaysia at 26,915, Singapore at 30,855, and Vietnam 18,999.
Additionally, the increasing number of surgeries in the region is likely to increase the demand for surgical masks, gloves, and other disposable items used during surgery, which in turn is anticipated to increase the demand for hospital supplies, thereby propelling the market growth. For instance, as per a September 2020 published article, titled "Estimation of the National Surgical Needs in India by Enumerating the Surgical Procedures in an Urban Community Under Universal Health Coverage", an estimated 5,000 surgeries are required to meet the surgical burden of diseases of 100,000 people in low- and middle-income countries (LMICs).
Furthermore, according to the data published by the India Brand Equity Foundation, in July 2022, medical device imports in India increased by a record 41% to Rs. 63,200 crores (US$ 7.91 billion) in 2021-22 from Rs. 44,708 crores (US$ 5.59 billion) in 2020-21. The rising demand for disposable hospital supplies has therefore led to increased adoption, thereby expected to drive the segment growth. Also, as per the data published by the World Health Organization, as of August 2022, 19,226,874 surgical masks, 4,697,960 pairs of gloves, and 1,083,099 medical gloves were shipped in Western Pacific Region. Similarly, as per the news published in May 2020, the Indian Government has ordered 2.22 crore of personal protective equipment (PPE), of which 1.43 crore will be made by domestic firms and the rest is imported from other countries. This is further expected to drive the growth of this segment in the hospital supplies market.
Therefore, the due to aforementioned factors the studied market is expected to increase over the forecast period.
