Medical innovations all but hinge upon the humble looking plastics. The Indian Medicare industry is branching out on all fronts thanks to our services being more affordable, the higher level of health consciousness amongst us and the ever increasing number of medical institutions in the country. As of today, our country’s population is close to 1.15 billion. All of these need to be accommodated in the hospitals. In order to do that, we need about 2 million beds, that too, within the next decade. Our healthcare industry is worth 400 billion US dollars. A lot of which, includes deriving utility out of medical equipment. The potential here for money making is huge.
Global Surgical Equipment Market was valued at $9,783.8 million in 2016 and is expected to reach $15,737.1 million by 2023 supported by a CAGR of 7.0% during the forecast period 2017 to 2023. S
If the experts are to be believed, our healthcare sector is looking at a lot of growth in the coming years. The numbers are expected to be doubled up within the next decade. This would include diagnostics, hospital services and pharmaceuticals as well.
Money spent on various healthcare services which includes diagnostics, the occupancy at a hospital or just plain consulting is also expected to grow In the coming years.
The part of our government which presides over medicine and health are also in plans to set up a separate branch which would deal with licensing of medical devices. Our domestic market for medical devices industry is estimated to have a much increased revenue number within the next 4 years. In its entirety, the market amounts to aroung 150 billion. The demand is huge and much of it is fulfilled via imports. Many devices such as catheter and stent are imported.
Other medical accessories and stuff consumed by this sector are also growing in terms of demand as well as revenue. Disposable medical items are those which can only be used once. So, these are needed in humongous quantities. Hundreds of them are used on a regular basis. These include blood bags, injection syringes, IV fluids, gloves and many more. These are being exported to different parts of the world.
The global demand for surgical gowns continues to be on a high, owing to the increasing number of surgeries being carried out on a daily basis in hospitals across the globe.
Other non-premium medical equipment and disposables are in the firm hands of domestic manufacturers itself. On the other hand, good which are high tech and high end are being majorly produced by foreign manufacturers, or Indian manufactures who have a little bit of foreign stake in them. These companies include GE, Toshiba, Boston Scientific and Siemens.
Major players in this are including Philips, Larsen and Tourbo etc are huge contributors to the totality of healthcare equipment industry. Besides the large ones, there are many small and medium enterprise owners as well, who are contributing a lot into the total production.
Despite the extensive R&D efforts and the sheer amount of capital that has been put into this sector, the world of medical equipment and disposables remains largely untapped. There is a lot that can be done in this field. It will require a lot of innovation, some insight and capital. But anyone wanting to venture into this field can be rest assured, that the yield will be great.
The major factors that drive the market growth are increase in demand for disposable medical supplies to avoid contamination and hospital-acquired infections, and rise in incidence of diseases worldwide.
Surgical equipment are tools that are designed to view internal body organs or modify biological tissues. They are used for various surgical procedures such as neurosurgery, urology, laparoscopic, plastic surgery, cardiovascular, and others. Surge in prevalence of chronic disorders among geriatric population, increase in number of surgical procedures, and increase in demand for surgical procedures such as minimally invasive surgeries and laparoscopic surgeries act as the major drivers of the global surgical equipment market. However, uncertainty in reimbursements and highly competitive environment regarding price of surgical equipment restrict the market growth.
Disposable medical supplies are medical consumables such as gloves, hypodermic needles, syringes, and applicators among others, which are discarded or disposed of after every use. These medical supplies are essential in reducing the chances of hospital-acquired infections, needle stick injuries, and other communicable diseases. These supplies are prescribed or ordered by a physician and are primarily used to serve a medical purpose in healthcare settings as well as used by patients at home-care.
Competitive landscape and key vendors
The medical disposables market is highly fragmented due to the presence of large, medium, and small-sized companies. These vendors compete against each other based on factors such as aggressive pricing, product differentiation, capital support for product upgrading, and distribution partnerships. The advancement in technology and product up-gradation will strengthen the competitive environment of the market.
Key vendors in this market are –
- Johnson & Johnson
- Smith & Nephew
Other prominent vendors in the market include Acelity, Adenna, ADVENTA Health, Ahlstrom, Alpha Healthcare and Equipment, AMMEX, Ansell, Aspen Medical, Attends Healthcare Products, B. Braun, BD, Biovotec, BELDICO, Boston Scientific, Careplus, ConvaTec, Cardinal Health, Changzhou Hekang Medical Instruments, Cypress Medical Products, Dash Medical Gloves, Devon Medical, Daio Paper, Dispotech, DSG International, DUKAL, Drylock Technologies, Dynarex, Finesse Medical, Galaxy Medical Products, HARTMANN, Hangzhou Jinlin Medical Appliances, 365 Healthcare, Halyard Health, Hygeia Medical, INTCOMEDICAL, ISCON SURGICALS, Kao, Kirwan Surgical Products, Kossan Rubber Industries, 4L Health, Laboratoires URGO, Lifeline Services, Lille Healthcare, Lushan Win Tone Machinery Manufacture, Med-Con, Mellon Medical, MedGyn Products, Medtronic, Mölnlycke Health Car, Narang Medical, Ningbo Greetmed Medical Instruments, Nu-Life Medical, Ontex, Principle Business Enterprises, Polymer Group, Professional Medical Fulfillment, Procter and Gamble, QuickMedical, Raaj Medisafe, ROCAMED, Bristol Group, Sempermed, Shanghai Neo-Medical, Simavita, Sterling Medical Products, STERIS, surgirnedcorp, Svenska Cellulosa Aktiebolaget, Teleflex, Tranquility Products, TekMed, Terumo Medical, Tiger Surgical Disposable, Tissuemed, and Zhejiang Gongdong Medical Technology.
Segmentation by product and analysis of the medical disposables market
- Surgical and non-woven disposables
- Wound disposables
- Incontinence disposables
- Laboratory disposables
- Respiratory disposables
The surgical and non-woven disposables include surgical disposables such as disposable syringes, catheters, infusion pumps, blood transfusion sets, disposable gloves, scissors, surgical suture, forceps, gowns, drapes, patient bed sheets, and surgical caps. This segment accounted for the majority market shares during 2016 due to the growing trend for minimally invasive (MI) surgeries which encourages manufacturers to come up with new product launches.
Strong brand image and robust product portfolio positions international players as key participants in the medical disposables market
On the basis of product type, medical disposable market is segmented into
- Drug Delivery Disposables
- Contact lens
- Wound management supplies
- Non-woven medical disposables
- Surgical masks
- Surgical drapes
- Surgical caps
- Surgical gowns
- Shoe covers
- Sterile nonwoven swabs
Key Findings of the Disposable Medical Supplies Market:
- The infusion products segment accounted for about one-sixth share of the total market in 2016, and is expected to register a high CAGR of 9.0% from 2017 to 2023.
- The gynecology segment accounted for one-sixth share of the total market and is expected to grow at a CAGR of 7.5%.
- U.S. dominated the North American disposable medical supplies market and is projected to grow at a CAGR of 6.0%.
- India is the fastest growing country in the Asia-Pacific disposable medical supplies market during the forecast period, registering a CAGR of 9.4%.
- Ambulatory surgery centers accounted for one-fourth market share in 2016, and are expected to grow at a CAGR of 7.4%.
Asia-Pacific is expected to witness highest growth rate throughout the forecast period, and is expected to continue this trend, owing to high population density in countries such as India and China. In addition, rapid growth in geriatric population and increase in number of chronic diseases in the developing economies boost the market growth.