Growing Healthcare Demand Influencing Hospital Equipment & Supplies Market Growth in AMEA
Arizton’s recent market research report on the hospital equipment and supplies market in AMEA provides comprehensive industry and competitive analysis and trend forecasts. The research study segments the market by product types (capital equipment, general medical devices and consumables, and implants), hospital type (public and private), and geography (APAC and MEA).
The hospital equipment and supplies market in AMEA is expected to reach $102 billion, growing at a CAGR of over 9% during 2018−2024.
The hospital equipment and supplies market in AMEA accounted for a share of over 25% in the global hospital equipment and supplies market. The rise in the aging population, an increase in the prevalence of chronic diseases, increase in healthcare expenditure and hospitalizations, and an increase in disease awareness and good health practices are driving the market in AMEA.
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APAC is likely to grow at a lucrative CAGR during the forecast period
APAC is expected to have an incremental growth in the hospital equipment and supplies market. The countries such as India, China, Malaysia, Thailand, and Singapore are enjoying strong growth prospects, spurred by aging populations, an expansion of public health insurance, a rising middle-class group, and the encouragement of private and foreign investment in the healthcare sector. The market is likely to grow at a CAGR of around 10% during the forecast period. Japan is the fourth largest market for healthcare equipment and supplies, with imports accounting for around 40−50% share. The reforms introduced by the Chinese government are expected to boost the growth of private hospitals, thereby developing more opportunities for investors in the healthcare sector and increasing demand for equipment and supplies. The hospital equipment and supplies market in Singapore is supported by strong government financial backing for the healthcare industry, new healthcare development initiatives, the presence of sophisticated healthcare infrastructure, and well-established medical tourism industry.
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Public hospitals segment to dominate hospital equipment and supplies market in AMEA
The public hospital segment accounted for a share of over 60% of the hospital equipment and supplies market in AMEA in 2018. The demand for healthcare services in public hospitals is expected to increase due to the growing infectious disease, increasing life expectancy rates, rising incidence of NCDs related to lifestyle, and increasing health insurance coverage. Several governments in AMEA are prioritizing the healthcare sector and are focusing on improving infrastructure in public hospitals as well as establishing new ones, especially in semi-urban and rural areas. The changing economic, regulatory, and consumer demands have accelerated large-scale reforms in healthcare delivery in public hospitals. In public hospitals, the capital equipment is typically procured directly from the manufacturer or importer. General medical supplies, consumables, and implants are majorly procured through a well-established network of distributors.
General supplies and consumables segment to be the largest growing segment
The general supplies and consumables segment is growing at a lucrative CAGR of over 12%. The segment accounted for a share of around 40% of the hospital equipment and supplies market in AMEA. The increasing number of patient admissions will drive the sale of medical supplies and disposables in hospitals. Medical supplies and consumable devices are majorly used for performing several diagnostic and surgical procedures as well as administering medications and fluids in hospital settings. The market is growing at a steady rate due to the rising cost of hospitalization, increasing prevalence of lifestyle diseases, and growing chemotherapy procedures requiring IV catheters for the delivery of medication, nutrition, and fluids to patients.
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AngioDynamics, AR Baltic Medical, Argon Medical Devices, ASCENSIA DIABETES CARE HOLDINGS, B. Braun Melsungen, Baxter International, bioMérieux, BIOTRONIK, Biosensors International Group, Danaher, Dentsply Sirona, Edwards Lifesciences, ENDOCOR, F. Hoffmann-La Roche, Fresenius Medical Care, Hindustan Syringes & Medical Devices, Institut Straumann, iVascular, LivaNova, Lepu Medical Technology, Merit Medical Systems, Nipro, PLANMECA OY, Smith & Nephew, Smiths Medical, Teleflex, Terumo, TTK Healthcare, QT Vascular, and Zimmer Biomet are the other prominent vendors in the hospital equipment and supplies market in AMEA.
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The complete overview of the latest market research report on the hospital equipment and supplies market in AMEA by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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