Market Size of India Hospital Supplies Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 11.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
India Hospital Supplies Market Analysis
The Indian hospital supplies market is expected to register a CAGR of 11.6% during the forecast period.
The impact of COVID-19 was significant on the market studied owing to the increased demand for hospital supplies. For instance, in April 2021, The WHO and UNICEF acquired equipment and supplies such as 7,000 oxygen concentrators and 500 nasal oxygen devices, oxygen-generating plants, COVID-19 testing machines, and personal protective equipment to supply in India. WHO assisted India in increasing hospital beds by acquiring mobile field hospitals to be put up in the most impacted districts. Therefore, COVID-19 significantly impacted the Indian hospital supplies market due to the rise in the adoption of hospital equipment in India. Delayed elective procedures, including surgical procedures, transplants, and non-essential treatments, rose over the last two years. Therefore, hospital supplies continued to rise ever since the outbreak.
The India hospital supplies market is primarily driven by factors such as the rising burden of chronic diseases and the growing demand for hospital supplies in the country.
The demand for hospital supplies is on the rise in developing countries such as India. Steady growth in initiatives taken by the Government of India to improve the healthcare system has also been observed. For instance, in July 2021, a scheme on India Covid-19 Emergency Response and Health Systems Preparedness Package-Phase-II (ECRP-Phase-II) was approved by the Cabinet for an amount of USD 3,100.6 million (INR 23,123 crores), which was implemented in 9 months from July, 2021 to March, 2022. Under the scheme, all the States and UTs were provided with necessary financial support and the supply of essential materials such as PPEs, N95 masks, ventilators. A growing healthcare infrastructure and rising government initiatives to enhance and expand health care facilities are augmenting the demand for hospital supplies, which is expected to boost the market in India.
Additionally, according to the Elderly in India 2021 report, around 137.9 million people over the age of 60 years were living in India. The numbers are projected to rise to 193.8 million by 2031. Around 23% of the elderly population have multi-morbidities, with elderly women being more likely to have such disorders. Also, according to IDF 2021 report, 1 in 12 adults in India is affected by diabetes in the current year. More than half (53.1%) of people living with diabetes in India are undiagnosed. The rise in chronic illness and comorbidities in elderly population in India is expected to drive the growth of India hospital supplies market during the forecast period.
Furthermore, in December 2021, according to the India Brand Equity Foundation, imports from nations like the United States, Germany, and China accounted for 75% - 80% of the Indian medical device market. According to the same source, medical devices were a lucrative market for American companies. The rising demand for medical devices in India is therefore expected to propel the market growth.
Therefore, owing to the aforementioned factors the market studied is anticipated to witness growth over the analysis period. However, the emergence of home care services may impede market growth.
