Asia Pacific Medical Products Market Share was valued at around USD 4.9 billion in 2019 and is estimated to show around 7.5% CAGR from 2020 to 2026.
Medical products include devices that assist healthcare providers in diagnosing and treating patients. These devices play an essential role in the delivery of many healthcare services. Devices such as walkers, wheelchairs assist patients facing mobility challenges.
Get more details on this report - Request Free Sample PDF
Growing geriatric population, increasing number of disabilities and rising investments in healthcare infrastructural development are some of the major factors that are boosting the regional growth. The growing geriatric population experiencing mobility issues in the region is one of the major factors propelling the demand for wheelchairs that in turn is boosting the overall market growth positively. According to the recent news article, in 2015, the graying population in the region aged at an unprecedented rate, with the number of elderly people reported to be around 535 million. Since majority of the old age people have flexibility issues therefore, the demand for wheelchairs will significantly grow in the region. Growing cases of fall-related complications are further fueling the demand for wheelchairs. Furthermore, rising prevalence of chronic diseases among geriatric population such as Alzhiemer’s disease, paralysis, schizophrenia among others are augmenting the demand for medical products such as medical beds, bathroom assistive products, walkers, etc. Thus, owing to the abovementioned factors the region will witness a substantial growth in the upcoming years.
Technological advancements in medical products have resulted in massive display of updated medical products including powered wheelchairs, walkers with sensors, smart medical beds, seated commodes, and orthopedic products. Presently medical beds are manufactured with inbuilt features including real time monitoring, advanced motion options, patient & bed history logging, and integrated accessory control and among others. A rising trend looks to modify the experience of the healthcare environment for patients with restricted mobility, by providing new means of communication at their reach. Thus, the market for hospital beds is presently competitive, broad, and has potential to grow. Hence, owing to these advancements the market will witness an upsurge in the demand for medical beds that will in turn propel the overall market growth positively across the Asia Pacific region.
Asia Pacific Market Growth, By Product
On the basis of product, the market is divided into wheelchairs, medical beds, walkers, bathroom assistive products, orthopaedics and others. Wheelchair segment held largest revenue and was valued at more than USD 1.1 billion in 2019. The high revenue was attributed to the growing elderly population coupled with rising disabilities in the region. According to the news article published in 2018, in China out of 240 million geriatric populations, around 80 million people are living with disabilities thereby, boosting the segmental growth. Furthermore, an unprecedented shift towards the powered wheelchairs in Japan wherein, the disabled population is growing considerably will further augment the market growth. Factors such as comfortability and self-reliance uplift the demand for wheelchairs among handicapped population. Hence, owing to these factors the segmental market will foresee a lucrative growth in the forecast period.
Asia Pacific Market Share, By End-use
The end-use segment is bifurcated into hospitals, ambulatory surgical centers, home healthcare and others. Home healthcare segment is projected to show around 7.9% CAGR throughout the analysis timeline. Growing incidence of handicapped population coupled with rising prevalence of chronic diseases that leads to several challenges such as mobility and flexibility are some of the factors boosting the market growth. Rising number of patients suffering from osteoporosis & arthritis, have further boost the demand for walkers and crutches that will assist them in day-to-day activities at home thereby, enhancing the market growth positively. Moreover, favourable reimbursement policies have driven adoption of these medical products, augmenting the Asia Pacific medical products market growth.
Asia Pacific Market Size, By Country
Japan medical product market is poised to exceed USD 1.8 billion by 2026 owing to growing geriatric population coupled with rising prevalence of chronic diseases in the country. Increasing number of neurological and orthopedic conditions in the past one decade have propelled the wheelchair market growth in the country. Medical emergencies, upsurge in the number of surgical operations and growing number of disabilities are some other factors that are stimulating the demand for medical mobility devices in Japan. Hence, owing to these advantages the country is projected to witness a significant market growth in the forecast period.
Competitive Market Share
Some of the major industry players involved in Asia Pacific medical products market include Cardinal Health, Getinge AB, GF Health Products Inc., Hill-Rom Services Inc., Invacare Corporation, Medline Industries Inc., among others. The companies are adopting various inorganic strategies such as collaborations and partnerships, thereby augmenting their portfolio and expansion of customer base. For instance, in March 2020, Invacare Corporation announced the launch of its power wheelchair named AVIVA in Asia Pacific region. The launch of new product was aimed at maintaining its position in Asia, European and American markets.
Medical products including wheelchair was first invented in 1595 by an unknown inventor. Various technological advancements took place in the past few centuries that assisted in moving the shift from manual wheelchairs to powered wheelchairs thereby, propelling the market growth. Large number of industry players including Invacare corporation, Cardinal Health, Hill-Rom services entered in the medical products market that subsequently increased the competitive edge between these players. Increasing elderly population coupled with growing disabilities will further augment the demand and development of Asia Pacific medical products industry in the forthcoming years. Thus, rising awareness and ongoing innovations in making comfortable and easy to use medical devices, will boost the Asia Pacific medical product market growth in the forthcoming years.