19 Jun 2020
Posted in Medical Devices
Hospital supplies market in India to witness significant growth over next few quarters, says GlobalData
Easing of lockdown measures, re-opening of outpatient services and gradual increase in the number of surgical procedures performed along with treatment of COVID-19 patients in private healthcare facilities are expected to drive the demand for hospital supplies in the coming quarters in India, says GlobalData, a leading data and analytics company.
According to GlobalData’s Medical Intelligence Database, the hospital supplies market in India was valued at about US$1bn in 2019. Disposable hospital supplies, which include gloves, gowns, procedure kits and trays, drapes and feeding tubes along with mobility aids & transportation equipment and syringes & needles accounted for about 80% of the market.
Hospital supplies market in India is fragmented with different leaders across market categories. While Cardinal Health is the leader in the disposable supplies market, B. Braun Melsungen, Lifelong Meditech Ltd and Becton Dickinson and Co are the leaders in the syringes and needles market. Paramount Bed Co Ltd, Permobil AB and Otto Bock HealthCare have strong presence in the mobility aids & transportation equipment market.
Bhaskar Vittal, Medical Devices Analyst at GlobalData, comments: “The easing of lock down measures has enabled gradual increase in surgical procedures performed especially in private healthcare facilities. Hospitals are expected to treat patients who had their surgical procedures postponed earlier. In addition, a new set of patients are expected to receive treatment on an immediate basis. This is expected to result in increased demand for hospital supplies.”
Patients skeptical of visiting doctor’s office earlier due to COVID-19 are now expected to renew consultations at a higher rate. Although digital healthcare has expanded significantly over the past few months in India, not all patients have access to it especially those in the rural areas and small cities where the percentage of population residing is quite high. This is expected to lead to increase in doctor consultations and higher number of referrals for surgical procedures.
Vittal concludes: “Another important factor that will be driving the demand for hospital supplies is the increase in the number of COVID-19 patients being treated in private healthcare facilities and make-shift hospitals due to maximum utilization of public healthcare facilities and not enough beds available for new cases. Private hospitals, which played limited role during the initial phase of COVID-19 outbreak, have started accepting patients though at a higher cost. Some states have started converting hotels into healthcare facilities to treat COVID-19 patients, creating a new market for hospital supplies.”