Asia Pacific Hospital Supplies Market is estimated to reach $14.23 billion by 2021
The Asia Pacific Hospital Supplies Market was worth $7.93 billion in 2016 and estimated to be growing at a CAGR of 12.40%, to reach $14.23 billion by 2021. The Hospital supplies market has been growing at a substantial rate over the past few years.
Technically advanced products are being launched by companies to assist medical professionals in managing their patients. With an extensive category of development and investment prospects for budding players seeking to be a part of the medical device market, continual growth of the hospital supplies market is expected.
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The growth of the Asia Pacific Hospital Supplies market is mainly due to factors such as rising number of hospitals, aging population, and methods such as frequent glove swapping and double gloving during procedures. Increasing geriatric population and improved economic situation in the developing countries in this region are the other major factors boosting the growth of the market.
However, factors such as advent of home care services and increasing preference towards personalized medicine are the major limitations hindering the growth of the market.
The Asia Pacific Hospital Supplies Market is segmented on the basis of product type into Operating Room Equipment, Sterilization & Disinfectant Equipment, Syringes & Needles, Patient Examination Devices, Mobility Aids & Transportation Equipment, and Disposable Hospital Supplies. Disposable hospital supplies lead the market with a market share of 46% followed by syringes and needle segment with a market share of 23%.
The Asia-Pacific region is geographically segmented into China, India, Japan, South Korea, and Australia. The Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to the unprecedented rate of population growth in this region.
There is swift growth in the China hospital industry due to the stable advancement of health care reform and due to the constant increase in demand stimulus. Indonesia, Vietnam, and Malaysia, are some of the other promising players in this market.
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The major companies dominating the market in this region are Advanced Sterilization Products Services Inc., Dickinson and Company, Cardinal Health, Inc., Kimberly-Clark Corporation, Becton, 3M Health Care, and B. Braun Melsungen AG.
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