Indian medical consumables market holds huge growth potential
Medical consumables market in India is at a growth stage and has significant potential to grow in the country. The country’s medical consumables market revenues are further estimated to grow in terms of revenue. The increasing manufacturing of medical consumables in country would lead to a massive growth in the volume of medical consumables which would result in the downfall of the value in the market, according to a new research report on "India Medical Consumables Market Outlook to 2023”, by Ken Research.
Aging population along with increase in number of hospitals and clinics, increase in total healthcare expenditure by the government and increase in medical tourism in the country are going to impact the demand for medical consumables in the positive manner. Additionally, setting up of research and development centres and potential medical educational universities is expected to boost demand for medical devices in the country, the report points out. The market encompasses several products from basic cotton gauze to complex collagen-based dressings, sutures, catheters and others. The country’s medical consumables market revenues were observed to grow during the review period 2013-2018. Incline in incidences of accidents and diseases in the country coupled with rise in number of cosmetic surgeries and surgical births aided towards the growth of medical consumables market in the last few years. The market is highly dependent on the local production and the market continues to expand at a steady pace. The market is price sensitive, which explains the growing presence of local manufacturers of medical consumables. Major factors impacting demand are population growth, steady economic growth and hospital expansion and upgrading. The Indian market is a mix of both imported and domestically manufactured medical consumables. The local production dominated the medical consumables market in India. The international companies such as Triage Meditech Pvt. Ltd, B Braun Medical Pvt. Ltd and others have established their manufacturing unit in India owing to the low medical consumables manufacturing. Distributor mediated sales have accounted for the largest share of revenue in India medical consumables market in 2018. The medical consumable companies including both the international and domestic choose a distributor mediated network so as to spread the business in different regions of the country. Direct sales are low owing to the lack of awareness about the medical consumables companies. Wound care products were observed to dominate the medical consumable product category segment in 2018 owing to the increasing number of accidents and surgeries in India. Also, the wound care products are in demand both by the hospitals, other health care centres and general public for their first aid owing to which the market generates the highest revenue share in the medical consumables industry in India. The market is followed by syringes, sutures, catheters, IV cannula, IV sets, blood bags, ostomy, needles and others which include consumables such as HME filters, endotracheal tubes and tracheostomy tubes. Urinary and PIV catheters have accounted for the highest revenue share in India medical consumables market in 2018. The rising diseases such as bladder obstruction, urinary retention, urinary incontinence, and bladder cancers in India are leading to the growth of this market. The market was followed by cardiovascular in 2018, owing to the high number of cardiac diseases in the country followed by haemodialysis catheter and other catheters. Traditional wound care is the primary treatment approach in India. Owing to perception of high cost-low benefit for advanced wound care products, the use of traditional products has been rampant. The segment has witnessed huge demand for products such as cotton, gauge, dressings and bandages. These products are affordable by everyone and enjoy high adoption in medical institutions, clinics and end consumers. Among the traditional wound care products in India, Gauze contributed the highest revenue share whereas in the advanced wound care market dressing was the market dominator. Advanced silver dressings were the most widely used product in the advanced wound care dressings segment. Better healing and anti-microbial properties of advanced dressings has witnessed adoption in the country and was observed to occupy massive revenue share in the market. Advanced silver dressing was followed by foam, collagen, hydrocolloid, and alginate products in the advanced wound care dressing product segment in 2018 respectively. Negative Pressure Wound Therapy (NPWT) is the most popular device used in advanced wound management and comprised for the largest market share in 2018. Effectiveness of negative pressure wound therapy in treating acute and chronic wounds such as leg ulcers, decubitus ulcers, skin grafts, vascular surgery wounds, burns and several others has been key factor driving its adoption across hospitals, clinics, and homecare settings. NPWT was followed by pressure relief devices and hyperbaric oxygen therapy devices. Absorbable sutures are the most commonly used sutures in India and increasing awareness about these absorbable sutures among the general public has also resulted in the growth of absorbable sutures leading to the highest revenue share in the sutures segment of medical consumables in 2018 followed by non-absorbable sutures. In the absorbable sutures category, synthetic sutures dominated the market followed by catgut suture. Multiple blood bags were the most widely used in the blood bags segment owing to the increasing surgeries and blood donations in the country where these bags are widely used. The multiple blood bags dominated the blood bag market in terms of revenue share in 2018. Multiple blood bags were followed by Single blood bag and Inline filter blood bag. In the multiple blood bags segment, Triple blood bag has highest share followed by double blood bag and Quadruple bags. Hospitals both public and private are the major end users of medical consumables and have witnessed the highest revenue share in India medical consumables market in 2018. The increasing number of hospitals and the adoption of the advanced facilities at these hospitals are leading to the growth of this end user segment in the country. |
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