Published Date: 2020-05-05
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According to the Graphical Research new growth forecast report titled Asia Pacific Medical Products Market value is set to exceed USD 8.2 billion by 2026. Increasing number of road accidents owing to rising number of cars on the road is one of the significant factor contributing to the market growth across Asia Pacific region. Moreover, large proportion of older adults in this region will enhance the market growth. For instance, according to a recently published data by the Population Reference Bureau, in Japan, people with age 65 and more currently accounts for around 28% of the total population. As elderly people face challenges to control balance and stability, there is a high demand for assistive medical products. Furthermore, rising occurrence of sports and recreation related injuries will boost the product demand in the future.
Improving healthcare infrastructure in emerging economies owing to increasing investment for the healthcare sector will augment the market growth in the coming years. For instance, according to a recently published data by the Department for Promotion of Industry and Internal Trade (DPIIT), the hospital and diagnostic centers in India received Foreign Direct Investment (FDI) worth USD 6.6 billion between April 2000 and December 2019. Thus, such investments in Indian healthcare industry will contribute to the market growth. In addition to that, the launch of innovative technologies related to the assistive medical products will further fuel the medical products market growth across Asia Pacific region. However, the high cost of assistive devices is expected to restrain the growth of medical products market across the Asia Pacific region.
Medical beds segment held around 18% market share in 2019 and is anticipated to showcase high CAGR over the analysis timeframe. The medical beds includes examination beds, patient beds, gurney beds, massage beds and other beds. The growth is attributed to the rising number of beds in public as well as private hospitals and emergence of newer technologies related to medical beds. In addition to that, increasing number of hospitals across Asia Pacific region will impel the growth of medical products market. For instance, according to a recently published statistics by the Ministry of Health and Family Welfare, in 2017, there were more than 23,000 government hospitals in India. These hospitals will require medical beds to occupy large number of patients thereby, augmenting the segmental growth.
Home healthcare segment was valued at around USD 1.9 billion in 2019. Growing focus of hospitals to provide homecare facilities and presence of large patient pool suffering from disabilities are some of the factors driving the segmental growth. For instance, as per the recent news article, Apollo hospitals have extended their reach by offering home care solutions for the patients in India. This move will increase the skilled professionals to help the disabled population across the country in managing their care. In addition, rising proportion of home healthcare agencies across Asia Pacific region will positively influence the growth of medical products market in Asia Pacific.
China medical products market is estimated to witness around 8.7% CAGR during the analysis timeframe. Rising patient pool with disabilities due to high occurrence of road accidents and sports injuries will augment the market growth. For instance, the number of people with patellar dislocation due to sports injuries has increased in China and generated the needs for knee braces. Moreover, growing geriatric population across the country will stimulate the need for assistive products as they help in maintaining the stability by providing support to the body. Hence, aforementioned factors will support the market growth.
Major market players in market are Invacare Corporation, Cardinal Health, Getinge AB, GF Health Products, Intco Medical Technology, Hill-Rom Services and others. These market players have undertaken numerous strategies such as product improvisations, business acquisitions and collaborations for business expansion. For instance, in November 2019, IIT Madras in collaboration with Phoenix Medical Systems launched India’s first standing wheelchair. This product launch will help Phoenix to acquire new customers thereby, supporting the industry expansion.
Asia Pacific Medical Products Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026, for the following segments:
The above information is provided for the following region and countries:
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