Market Trends of India Hospital Supplies Industry
This section covers the major market trends shaping the India Hospital Supplies Market according to our research experts:
Disposable Hospital Supplies Segment is Expected to Hold a Significant Share in the Market Over the Forecast Period
The disposable hospital supplies segment is expected to hold a significant market share due to its rising demand and importance in hospitals. The disposable hospital supplies are one-time-use products, such as consumables, medical apparatus, and disposable devices, consumed in large amounts across all hospitals. These products, such as suction catheters, bandages and wraps, examination gowns, surgical sponges, face masks, hypodermic needles, gloves, and others, are in continuous use by all hospital professionals in any domain from cleaning to the surgical theaters, as well as administrative departments in some cases.
According to a news published in December 2021, India imported USD 6.24 billion medical devices in 2020-21, an increase of roughly 7% compared to the prior two years. Among the imported medical devices in 2020-21, consumables and disposables accounted for a significant share of USD 1.5 billion. The rising demand for disposable hospital supplies has led to increased adoption, thereby driving the growth of this segment in the Indian hospital supplies market.
Moreover, COVID-19 also significantly impacted this segment's growth in the India hospital supplies market. The disposable syringes used for the COVID-19 vaccination propelled the segment's growth. For instance, according to a Down to Earth article published in December 2021, most developing countries, including India, used auto-disable syringes, as directed by the WHO for COVID-19 vaccination. By 2022 and 2023, the whole world's population should have two doses of vaccine, according to the United Nations, which also forecasts a scarcity of one billion syringes in the near future. This is further expected to drive the growth of this segment in the India hospital supplies market.
Thus, continuous growth has been observed in adopting these devices, owing to the growing number of hospitalization rates, rising concern of safety and cleanliness against hospital-acquired infections, and maintaining hygiene across the hospitals, thereby driving the market growth.
Strategic Initiatives Undertaken by Government and Market Players in India is Also Contributing to the Market Growth
The rising government initiatives and product launches by the key players are estimated to boost market growth during the forecast period.
The local market players are investing heavily in product development and launches to boost medical device manufacturing in India, which is projected to expand the country's hospital supplies market. For Instance, in April 2022, Wipro GE Healthcare, a global medical technology and digital solutions innovator, launched its next-generation Revolution Aspire CT (Computed Tomography) scanner. Revolution Aspire is designed and manufactured end-to-end in India, at the newly launched Wipro GE Medical Devices Manufacturing plant, in line with the 'Atma NirbharBharat' initiative. The indigenous developments in the country are projected to be a cheaper option for hospitals and thereby anticipated to fuel market growth in India.
Investments in medical devices are increasing in India, which is anticipated to create opportunities for market growth. The India Brand Equity Foundation December 2021 update reported that the Indian medical device market growth is mainly driven by 75-80% imports from the countries such as the United States, China, and Germany. In addition, in recent times, exports have seen a surge in demand. The 'Atma Nirbhar' Bharat mission is providing momentum to India's vision of becoming a global manufacturing hub for medical devices. This is expected to fuel the hospital supplies market growth in India since medical devices are widely used in hospitals for various treatment and diagnostic procedures.
