The telehealth market in APAC is expected to grow at a rate of more than 25% by revenue in 2024
Arizton’s recent market research report on the AMEA hospital equipment and supplies market identifies Abbott, Boston Scientific, BD, Cardinal Health, GE Healthcare, Johnson & Johnson, Koninklijke Philips, Medtronic, Siemens Healthineers, and Stryker as the leading vendors in the market. This research report provides a comprehensive industry study, competitive analysis, and trend forecasts. The research study segments the market by product types (capital equipment, general medical devices and consumables, and implants), hospital types (public and private hospitals), and geography (APAC and MEA).
The AMEA medical supplies market is likely to reach revenues of over $102 billion, growing at a CAGR of over 9% during 2018−2024.
The start-up ecosystem in the market is capitalizing on technological shifts such as artificial intelligence, digital health, augmented reality, and analytics to develop innovative products and services, increase the efficiency of devices, enhance the patient experience, and improve clinical workflow. The global R&D expenditure in the medical devices industry is expected to grow at a CAGR of around 6% by 2021.
The leading three drivers and trends driving the AMEA medical supplies market are discussed below:
Increase in Prevalence of Chronic Diseases along with Aging Population
The demand for hospital healthcare services in AMEA is increasing at a significant rate, driven by rapid urbanization, rising obesity levels, growing aging population, sedentary lifestyles, growing population rates, and rising number of chronic diseases. It is predicted that more than 1.3 billion people in APAC will be considered as elderly by 2050. In Japan and South Korea, about 30% and 17% of respective populations will be considered as elderly or above the age of 65 by 2028. Around half of the total deaths can be attributed to CVD, diabetes, hypertension, and obesity. Cardiovascular diseases (CVDs) are also widely prevalent both in the APAC and MEA regions due to rising tobacco usage, and growing hypertension and obesity levels. China has a prevalence rate of around 11% diabetic rates. The prevalence of chronic diseases increases the demand for healthcare durable equipment, general supplies, consumables, and implants, which, in turn, is driving the growth of AMEA medical supplies market.
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Technological Advancements/Improvements in Medical Supplies Market
The demand for durable medical equipment, consumables, and implants/prosthetics is growing at a significant rate. Vendors are focusing on developing innovative devices, incorporating new technological platforms, and improving existing ones to enhance treatment outcomes of several diseases. Obtaining real-time information, identifying potential health challenges, tracking past health records, and devising a treatment plan are all signs of the gradual shift from traditional healthcare models toward patient-centric care delivery. The medical supplies market space is driven by innovation, and the development of state-of-the-art technologies and medical devices has shown unparalleled growth and advancements in the hospital healthcare services industry recently. Further, manufacturers are also offering a wide range of advanced and innovative blood glucose monitoring devices with features such as inbuilt alert systems, wireless connectivity, data storage, and messaging options to evaluate the patient’s blood glucose levels on the regular basis. For instance, the Guardian Connect CGM system by Medtronic is the world’s first smart CGM system featuring breakthrough tools to monitor both BG levels and fluctuations in the real-time.
High Growth Potential of Telehealth in APAC and MEA Regions
Telehealth is one of the most advanced forms of healthcare service offered by healthcare providers to patients. The concept of telehealth was introduced to make medical assistance accessible to the patients in remote locations. Telehealth uses ICTs (Information and Communication Technology) to minimize geographical barriers and increase access to various healthcare services. The telehealth market in APAC is expected to grow at a rate of more than 25% by revenue in 2024. With increasing advancements in mobile technology and growing improvements in telecommunication infrastructure, healthcare providers can use telehealth by integrating IT with existing healthcare infrastructure. Middle Eastern countries are contributing more toward the overall growth of the telehealth market in MEA than African countries. Increasing telehealth practices are aiding the growth of the AMEA medical supplies market.
The complete overview of the latest market research report on the AMEA Equipment and supplies market 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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