How rising tourism in KSA will help the Rental and Leasing Car market to double its growth in the next five years?: Ken Research

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The KSA car and rental market has witnessed consistent growth in the last few years. However, the pandemic negatively impacted the market in 2020 with lockdown and subsequent restrictive measures that included a travel ban and suspension of Hajj and Umrah pilgrims which resulted in low demand. But as the fear of the pandemic is going down, the rental and leasing car industry in KSA is ready to rebound. In this edition, we’ll uncover the major factors that will help the KSA car rental and leasing sector to double its growth rate in the next five years.

1. Kingdom of Saudi Arabia is the largest Oil-exporter of the World and Asia’s 5th Largest Country by Land Area with a GDP per capita $ 28,287.00

2. Apart from oil, the Tourism sector in KSA is also one of the key revenue contributors to the country’s economy; generated revenue of ~3000.0 Mn USD in 2022 from travel attractions

3. Rising Tourism has also fueled the growth of the car rental and leasing market in KSA which is in the growing stage with multinational companies dominating the market

4. KSA attracts peak number of tourists between March and July, during festivals such as Jenadriyah and Hajj which can send occupancy rates to anywhere between 90-100%

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5.  Increasing digitization and rising investments, mergers and acquisitions are some of the key trends of the KSA car rental and leasing market

6. Booming tourism, infrastructure projects, and diversification of the economy in non-oil sectors under Vision 2030 will help the KSA car and rental industry to double its growth in the next five years

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KSA Car Rental and Leasing Market

Related Reports By Ken Research:-

UAE Car Rental, Leasing and Limousine Market Outlook to 2025 (Second Edition)

Australia Car Leasing and Rental Market Outlook to 2023

Australia Mattress Manufacturing industry is projected to become $840 Mn in 2023. Will the Mattress market continue to grow in Australia? Ken Research

 

1. Current Retail & Commercial Mattress Industry Opportunity

                              

Also check out: Australia Hotel Market Outlook

Retail Players looking to Switch or Expand into Commercial Segment Owing to Promising Accommodation Pipeline & Slow Retail Growth

• Healthy growth of demand for bedding products in Accommodation industry spurred on by growing current & future-focused property investment (AU$ 2 Bn TV in 2019)
• Slow growth in Retail/Residential segment due to very low mattress interchange frequency, high cost consciousness & low end-user technical awareness
• Highly frequent mattress interchanges (7-8 years) in the Accommodation industry due to considerations upon guest comfort & regular maintenance
• Dominance of Retailer-based mattress manufacturers (AH Beard, Sealy etc.) in Accommodation, Retail incorporating significant presence of online Bed-in-a-Box companies
• Premium quality mattresses demanded by 5-star Hotels & Resorts while economy-priced & low to medium quality mattresses common in Retail segment
• Frequent brand switching in Retail Segment owing to low Customer Loyalty, while Long Term contracts common between accommodation brands & mattress suppliers.

2. Mature yet Resilient Market with Constant Need for Bedding Products

                              

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• Overnight Tourism Expenditure up by 11% from 2017-18 at AU$ 121.1 Bn.
• 43 Mn Chinese visitors (15% of overall) in 2018-19 up 1% from 2017-18, spending AU$ 11.9 Bn up 6% from 2017-18
• NSW, VIC and QLD making up ~83% of all Visitor nights in year ended Sep’19
• 10,000 rooms expected to be added in 2020 in addition to the 6,000 rooms added in 2019

3. Major Initiatives Aimed at Strengthening the Backbone of the Accommodation Industry, i.e., the Tourism Industry

                                  

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• New air agreements signed by the Australian Federal Government paving the way for increased tourist arrivals.
• Unrestricted airspace access agreement signed with China in Dec’16 allowed 285,000 Chinese airline seats in 2016 to grow to 1.5 Mn in 2018.
• 5,000+ member strong Australian Hotels Association (AHA )supported by a network of branches in every state and territory
• TAA maps accommodation industry performance representing close to 600+ members and 24 hotel chains.
• Tourism 2020 strategy launched in 2009 focusing on increasing tourist arrivals in the country, by doubling overnight visitor expenditure from the figure to AU$ 115-140 Bn by 2020
• Increased investment in quality accommodation properties a significant factor in achieving the goal set.
• As of June ‘19 upper bound targets of increasing room supply in the accommodation industry exceeded by 102% .

Thailand Agricultural Machinery Market Is Poised To Cross The $ 2 Bn Benchmark By 2025 Owing Government Policies & Immense Domestic Opportunity. Will The Growth Exceed Market Expectations: Ken Research?

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Factors such as Farm mechanization, increased domestic production will be inducing the market to grow at a robust rate 2020-2025 period, says a report by Ken Research.

1. ‘Agricultural Mechanization in Thailand:” Mechanization of Agricultural Procedure in Thailand is a necessity more than want.

Agricultural Machinery Trends in Thailand

Modern agricultural technologies (high yield variety seed, fertilizer, pesticide, mechanization, and other inputs) had been introduced in Thailand since 1976 or the fourth National Economic and Social Development Plan. During the same period, the expansion of other economic sectors of the country (including industrial, construction, tourism, and services) has surged to a huge extent. These draw out a magnitude of labor force from the agricultural sector, and have caused an on-farm labor shortage crisis. One of effective methods to cope with labor shortage while improving farm labor productivity is through mechanization. Mechanization in the country differs from region by region, depending on farm income. The Central Plain region is the richest and most progressive farming area in the country. Here has mechanization progressed from power-intensive operations, such as land preparation, water pumping, and threshing, to control-intensive operations, such as harvesting, seeding, and weeding. More sophisticated machines, such as combine harvesters, seed drills, and sprayers, are often seen in the Central Plain.

2. “Imports prioritized in recent past:” Lack of domestic manufacturing led to an increase in import value.

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The agricultural machinery industry in Thailand consists of only a few large companies, all of which are foreign-owned. Local manufactures are small in size, therefore not being able to produce machines with high quality. They tend to dominate the low-end machinery and parts segmentation of the market. The limited domestic supply of high-end machinery and parts has forced downstream Thai industries to rely on imports. Over the past five years, agricultural machinery imports have grown to reach an average level of almost US$500 Mn per year, with the top categories being four-wheel tractors (55% of the total import value) and equipment for harvesting and threshing (14%). Most of imported machines are from Japan, China (under Eurotract brand), USA, and Europe.

3. ‘‘Steady but long-term growth prospect:” Factors such as increase in domestic production & farm mechanization will induce a steady & long term growth.

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The market for agricultural machinery in Thailand remains small, leaving plenty of room for opportunity. The ratio of agricultural machinery use in the country is 30% compared with more than 90% in developed countries such as Japan, South Korea, USA and Europe. Factors such as labor shortage, increasing demand for food, both for domestic consumption and export are likely to boost market growth in the near future as a result of which the market is anticipated to grow at a CAGR of 4% during the forecasted period, crossing the $ 2 Bn benchmark.

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Thailand Agricultural Machinery market

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5 Major Developments has driven the Indonesian Construction Chemicals Industry close to USD 12 Mn by 2020 - How will the market fare in future? – Ken Research

 Unorganized market share is close to 20% of the overall Construction Chemicals Market as of 2020, as per a report by Ken Research.

1. Covid-19 Impact on End User Infrastructure Sector also led to a jolt on the construction chemicals Market

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• Halt in production of inputs such as cement, iron & steel lead to the increase in prices.
• Serious impact on building materials and labor force.
• Cash flow was seriously affected in the residential, hospitality and retail segments.
• Supply chain was disrupted owing to delayed construction.
• Imposition of lockdown caused job losses of around 30%.
• Indonesia had a significant dependence on China for raw material imports as observed, which was hampered due to restriction on cross border movement.

2. While the impact on real estate market in Indonesia is among the worst, various initiatives such as fiscal incentives and credit relaxation will help in the recovery.

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The government is considering for implementing fiscal incentives and credit relaxations to allow relief to the construction additives sector.

Industrial and Housing sectors still remain the major source of investments.

Government projects such as One Million Home Project still continued during pandemic providing some relief.

3. Few major recent developments in Indonesian Construction Chemical Market- Mergers, JVs and Production Capacity Expansion driving the Market

The Master X-Seed STE Admixture launched by MBS is designed to make concrete production more efficient, by promoting concrete hydration, while enhancing strength safety factor by 15%.

Indonesia Triputra Group, enters into the Dry mortar and Tile Adhesive market by establishing a plant under the brand name “Mortindo”, to ensure their share in the growing market.

According to Mike Champion, Regional Manager, Asia Pacific, SIKA, Indonesia has shown huge demand growth and thus, SIKA is planning to invest further in Indonesian market.

Evonik opened up an expanded plant in Jakarta to increase their holding and supply capacity of raw materials and admixtures. The additional capacity afforded will help Evonik assure quality standards in their products.

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Indonesia Construction Chemical Market

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How are Technological and Warehousing Developments revolutionizing the Cold Chain Market in Malaysia?: Ken Research

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Malaysia has established itself as the halal industry hub, making it one of the major trading partners of halal meat and other products. This has cushioned the growth of the cold chain market in Malaysia. Currently, the cold chain industry is at the growth stage but it is highly anticipated to enter into the Maturity Stage soon with the rising technology advancements in the industry.

With our close observations on the recent trends and developments of the Malaysian cold chain sector, here is our take on how Technological and Warehousing Developments will revolutionize the Cold Chain Market in Malaysia in the coming years.

1. The Cold Chain Industry in Malaysia is growing at a CAGR of ~7% with rising Companies Competing Intensely on Providing a Plethora of Services Under One Roof

2. Meat & Seafood, Fruits & Vegetables, Dairy Products, Bakery and Confectionery, Pharmaceuticals are the major product categories that Require Cold Storage Facilities in Malaysia

3. Growing Food Processing Industry and Shift in Consumer Pattern to Convenience Foods are Key Growth Drivers for Uptake in Demand for Cold Storage Solutions

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4. Despite Facing Limited Technology Availability, Lack of Traceability and Long Term Contracts, Malaysia Cold Chain Market Enjoys Strong Industry Performance

5. Implementation of Blockchain Technology, Customised Racking Systems, and Consolidated Shipping are some of the Solutions to Improve the Overall Efficiency in the Logistics Market

6. Also, RFID Tags, WMS, and EDI, are some of the emerging Technologies in Malaysia’s Cold Chain Market which will make the industry more Efficient

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Malaysia Cold Chain Market

Related Reports By Ken Research:-

Indonesia Cold Chain Market Outlook to 2026F

Thailand Cold Chain Market Outlook to 2026F

Singapore Cold Chain Market Outlook to 2026F

 

The Orthopedic Device Market In Asia Pacific Is Expected To Grow To 14 Bn USD In 2027. Will The Orthopedic Device Market Stand On This Projected Figure?:- Ken Research

 

1. Increasing Road Accidents in South East Asian Countries

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Rates of Road Traffic Death per 100,000 People within South-East Asia, Western Pacific and Across the World, 2013 and 2016

Road traffic injuries are the leading cause of unintentional injuries, accounting for the greatest proportion of deaths among unintentional injuries. They are the leading cause of injury-related disability-adjusted life years (The disability-adjusted life year (DALY) is a measure of overall disease burden, expressed as the number of years lost due to ill health, disability or early death).

Key highlights foe ASEAN countries include -

• 0% of road traffic accidents in the world take place in low-income countries. In particular, the number of accidents in Southeast Asian countries has been rapidly increasing in recent times.
• The penetration rate of two-wheeled vehicles (motorcycles) in Southeast Asian countries is very high in a global context.
• Since the 2000s, the number of traffic accidents in Cambodia has been rising and in particular, the number of accidents involving motorcycles driven by young people is high.

WHO reported that Thailand’s road collision-related death rate was evaluated to be 32.7 people out of every 100,000 whereas, Vietnam was second in Southeast Asia pacific with region along with a figure of 26.7. Singapore was reported to be the safest country in the region for road collision deaths, with a figure of 2.8. Thailand has seen a small dip in road deaths since 2015, and the country has in place many of the necessary laws to make its roads safer.

2. Recent Acquisitions in the Asia Pacific Orthopedic Device Market

Recent Acquisitions in the Asia Pacific Orthopedic Device Market Including Year of Acquisition, Acquirer, Deal Value, Target Company and its Country

The mergers and acquisitions is driving the orthopedics medical device sector at fast pace due to downward pressure from several factors such as reimbursement and pricing, utilization of costly procedures and rising commoditization.

The international orthopedic device companies have adopted a number of approaches to increase their presence in the APAC region and are focused towards getting approvals to establish their presence in the local market. The companies are entering into APAC region by adopting mergers and acquisitions strategies. For instance, Medtronic Inc. acquired China Kanghui in 2012; and Stryker acquired Trauson in the year 2013.

3. There is intense competition in global Orthopedic Device Market

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The industry is currently in a state of flux – intense competition between players is creating new trends, where Indian companies are looking to expand their portfolios in the lucrative joint segments through global tie-ups, and MNCs are inching in to the trauma segment through Chinese products.

Zimmer Biomet is the leader in Joint segment. The company generated 46% of its APAC revenues from Japan. Medtronic is the market leader in Japanese spinal device market

Stryker’s dominance of the fast-growing IM hip screw market and the cannulated screw market as well as its leadership of the IM nail market made it the leading competitor in the Japanese trauma device market.

International companies in the orthopedic field are using India as a manufacturing base by either setting up facilities of their own or by acquiring domestic manufacturers. Some examples include 3M's manufacturing plant in Pune, and Philips Medical Systems' acquisition of Medtronic.

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Challenges Asia Pacific Orthopedic Device Market

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Taiwan Online Retail Market Is Valued At TWD 305 Bn For The Year 2018. Will Taiwan Continue This Growth Trajectory? Ken Research

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1. Internet penetration in Taiwan is of utmost importance for the E-commerce industry

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Taiwan Online Retail market has been growing over the span of last five years owing to the growing economy of the country. The overall internet penetration rate in Taiwan accounts for 88.0% for the year 2018. This value is huge and is of utmost importance for the E-commerce industry in Taiwan. It has been observed that 82.0% of the Taiwanese population access internet through their mobile phones and 68.8% of the population use personal desktops to gain access to the internet services as of 31st December 2018. This enables the e-commerce companies to identify their target audience and reach out to them in faster and innovative ways.

2. Cross –border e-commerce grew year by year in the Taiwan Online Retail Market for the year 2017

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It was observed that the cross –border e-commerce grew by 5.4% in the Taiwan Online Retail market for the year 2017 as compared to the year 2016. The cross border online spending was valued at TWD 16,378 per person for the year 2017. Majority of the cross border online sales in Taiwan takes place with China, accounting for 69.5% of the trade as of 2017. Major commodities traded across borders include apparels, accessories, computer and electronic products, books, cosmetics and other basic necessities.

According to a 2021 survey in Taiwan, about 19 percent of the surveyed consumers said they bought items from Alibaba's shopping platforms Taobao or Tmall. In comparison, around 8.4 percent of respondents shopped on Rakuten. The outbreak of the coronavirus pandemic severely impacted the Taiwange of cross-border online shopping in Taiwan.

3. New Entrants in the Taiwan E-Commerce Market

Shopee, who belongs to the parent company Sea Ltd., had entered into the Taiwan Online Retail market in the year 2015. This is one of the most recent E-commerce entities set up in the country. The Taiwan Online Retail market had revived a little bit and witnessed a growth of 6.8% from the year 2016 to 2017 after experiencing a major decline in the growth post 2015. As of 2019, Shopee's app has recorded 200 million downloads. Gross orders also grew 92.7% to 246.3 million in Q2 2019, compared to 127.8 million a year ago. Its gross merchandise value (GMV) also surged 72.7% to US$3.8 billion in Q2 19, compared to US$2.2 billion a year ago.

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Taiwan E-commerce Logistics Market

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Global Disposable Gloves Market expected to record a CAGR of ~6% during the forecast period (2017-2028): Ken Research

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What Is The Size Of Global Disposable Gloves Industry?

Global Disposable Gloves market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 15 Bn by 2028.

The Disposable Gloves Market is largely driven by increased investment in improving the public healthcare system.

Since the disposable gloves market was boosted by the COVID-19 outbreak, it started decelerating with the fading away of the intensity of the pandemic. For ex, Top Glove, one of the major leading manufacturers of gloves in Malaysia reported sales of US$0.32 billion during the third quarter of FY22, down 64% from US$0.91 billion reported last year.  With the Covid19 pandemic slowing down, the market for gloves and protective equipment is consolidating and expected to harm the growth of the disposable gloves market.

Covid19 pandemic had a positive impact on the disposable gloves market. Rubberex, one of the key manufacturers of disposable gloves, mentioned in its annual report for FY21 that sales volume growth for nitrile disposable gloves saw an increase of 23.6% from 2020 to 2021, with approximately 1.2 billion pieces sold versus 970.5 million pieces in 2020. Also, the average glove selling price increased from US$53/1000 pieces to US$73/1000 pieces from 2020 to 2021.

Rubberex completed the acquisition of 2 parcels of leasehold land located in Perak, Malaysia, for the construction of a new nitrile disposable gloves production plant. This plant is capable of producing a combined capacity of up to approximately 7.5 billion pieces of nitrile disposable gloves per annum.

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Global Disposable Gloves Market By Product Type

The Global Disposable Gloves market is segmented by Product type into Latex, Nitrile, Vinyl, Neoprene and Polyethylene.

Nitrile holds the largest share of the Global Disposable Gloves market in 2022.

Nitrile is a synthetic rubber material that is commonly used as the base material for disposable gloves.

Nitrile gloves are in the market for a long time. Yet, declining prices and potential application in multiple new industries make it a potentially high-reward investment opportunity for the future.

Global Disposable Gloves Market By Form

The Global Disposable Gloves market is segmented by Form into Powdered and Powder-Free.

Powder-free gloves tend to be stronger than powdered gloves. Powdered gloves contain a corn-starch powder that may result in allergies or sensitivity.

Powdered-free gloves are strongly suited for manufacturing industries, food industries, chemicals, and others.

Studies show that powdered free gloves held approximately 75% of the market in 2021 and would continue to dominate the disposable gloves’ form segment.

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Global Disposable Gloves Market by Application

The Global Disposable Gloves market is segmented by Application into Medical, Surgical, Examination and Clean Room.

The surgical segment holds the largest market share by application in the Global Disposable Gloves Market as the number of surgeries is increasing worldwide in 2022.

Increasing Covid19 infections also led to a surge in surgeries. For instance, the total number of procedures done in 2020, in Germany alone, was 858,553, while in Korea 702621 surgeries were conducted.

Examination disposable gloves are expected to grow in the forecasted period, because of their growing use in various industries, including food processing, chemical, automotive, etc.

According to data provided by Lancet, nearly 313 million surgical procedures were conducted globally in 2012. The Global Surgery 2030 report, published by the Lancet Commission on Global Surgery, showed that there could be 5,000 procedures per 100,000 population in 2030, resulting in nearly 430 million surgeries worldwide.

Global Disposable Gloves Market By End-User

The Global Disposable Gloves market is segmented by End-user into Hospitals, Clinics, Surgical Centers and Non-Medical.

Medical and Healthcare industries are the foremost end users of disposable gloves. Disposable gloves are used to prevent cross-contamination between patients and doctors. Since these disposable gloves are one-time usable, they should be dumped after surgical procedures and recycled again.

Medicals remain the prominent end-user for disposable gloves and hold the major chunk of the market.

However, as the gloves are getting upgraded as per evolving market demands, it is possible that non-medical end users also become important buyers for the gloves industry.

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Key Topics Covered in the Report

• Snapshot of Global Disposable Gloves Market
• Industry Value Chain and Ecosystem Analysis
• Market size and Segmentation of the Global Disposable Gloves Market
• Historic Growth of Overall Global Disposable Gloves Market and Segments
• Competition Scenario of the Market and Key Developments of Competitors
• Porter’s 5 Forces Analysis of Global Disposable Gloves Industry
• Overview, Product Offerings, and SWOT Analysis of Key Competitors
• Covid 19 Impact on the Overall Global Disposable Gloves Market
• Future Market Forecast and Growth Rates of the Total Global Disposable Gloves Market and by Segments
• Market Size of Application / End User Segments with Historical CAGR and Future Forecasts
• Analysis of Global Disposable Gloves Market
• Major Production / Consumption Hubs in the Global Disposable Gloves
• Major Production/Supply and Consumption/Demand Hubs in Each Major Regions
• Major Region-wise Historic and Future Market Growth Rates of the Total Market and Segments
• Overview of Notable Emerging Competitor Companies within Each Major Region

Major Companies Profiled in the Report

• Ansell Ltd
• Hartalega
• Top Glove Bhd
• Rubberex
• Kossan Rubber Industries
• Cardinal Health Inc
• Sempermed
• Sri Trang Gloves
• Care Plus
• Supermax Corporation Berhad
• Synthomer Plc
• Comfort Rubber Gloves Industries

Notable Emerging Companies Mentioned in the Report

• Cullinan Gloves
• Sara Health Care Pvt Ltd.
• Amkay Products Pvt Ltd.
• Medlis Healthcare Pvt Ltd
• Anhui Tianyuan Latex Technology Co.
• Dentopia Sdn Bhd.
• American Nitriles
• LifeMedz

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

• Disposable gloves manufacturer companies
• Disposable gloves distributors
• Disposable gloves material supplier companies
• Potential investors in disposable gloves companies
• Disposable gloves association
• Utilities sector organizations
• Healthcare sector companies
• PPE manufacturing companies
• Research & development institutes
• PE and VC Firms in Healthcare
• Consulting companies in the health and hygiene sector
• Disposable gloves component providers
• Nitrile and latex gloves manufacturers
• Government and research organizations
• Investment banks & funds
• Investors and financial community professionals
• Healthcare Regulatory Authorities

Time Period Captured in the Report

• Historical Period: 2019-2021
• Forecast Period: 2022-2030F

For More Insights On Market Intelligence, Refer To The Link Below: –

Global Disposable Gloves Market

3 Key Trends are driving demand of Construction Chemicals Market– How will the Construction Chemicals Industry perform and evolve in Indonesia? - Ken Research

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Indonesian construction sector is expected to grow at a CAGR of about 10% over the period of 2022-2025, thus impacting the growth rate of construction chemical market as well, as per a report by Ken Research.

Low awareness of construction chemical is one of the major hindrances in the growth of the market in Indonesia

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• Usage of construction chemicals depend on performance of construction sector. Decline in construction activity will have negative impact on market.
• Potential Users are not aware about benefit of these products.
• Laborers don’t have technical knowledge and application know-how for usage of construction chemicals.
• The penetration of construction chemicals is low in Indonesia compared to other countries such as China and USA.

Threats faced by Global Construction Chemicals Industry 

Changing Regulatory Environment and presence of international players are some future opportunities for the Indonesian Construction Chemicals Market

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Changing Regulatory Environment: Green building code, incentivizing energy efficiency will drive the usage of safe construction chemicals.

Good Presence of International Players:  The market has a mix of MNCs and Local players, wherein MNCs are participating in the overall market, while local players are present in individual product categories and localized zones. This helps in increasing product offerings and market awareness.

 Ininititaves taken by MNCs to in construction chemical Industry

Rise of Young Middle Class, Massive Infrastructure Development Push by the government and rise in Demand for Green Solutions are poised to drive the Construction Chemicals Market in Indonesia

Nearly half of Indonesia’s population is below the age of 30, with a rising middle class segment. The result is heightened demand for housing for a mass of populace entering their adulthood, which in turn drives up construction chemical sales in Indonesia.

Government has launched numerous initiatives such as the National Strategic Program, or Making Indonesia 4.0, to spark an infrastructural revolution. Under the leadership of President Joko Widodo, Indonesia has seen an increase of nearly 45% in the allocation of  budget towards infrastructure development, especially to areas such as Kalimantan and Papua.

The demand for products with features like longer durability, environment friendly and anti-corrosion capabilities is increasing among consumers. In addition to this, stricter environmental regulations from Ministry of Public Works and Housing  is also driving the demand for greener solutions. This has enabled companies to opt for eco friendly construction chemicals.

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Indonesia Construction Chemicals Market

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Asia Pacific Orthopedic Device reached a revenue of more than 7 Bn USD in 2018. Will the market continue this growth trajectory in Asia Pacific?:- Ken Research

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1. Increasing Sedentary Lifestyle in Asian Countries

Survey Findings for Top Health Concerns of Workers in Asia- Pacific, 2016

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With rising life expectancy, increasingly sedentary lifestyles and surge in incidence of obesity, Asia pacific is witnessing a resultant rise in Orthopedic problems as natural consequence.

In Asia-Pacific Workforce, nine out of 10 workers (85%) spend at least six hours a day sitting at their desk, with five out of 10 eating lunch at their work desk two to five times per week. Indonesia had the highest number of workers eating at their desks with 71% eating lunch at their desk two to five times per week in 2016.

The 2016 survey also revealed that majority of Asia-Pacific’s workforce (83%) exercise less than three times per week, with six out of 10 getting less than 30 minutes of physical activity a day at their workplace. This situation is of greater concern in Hong Kong, where 66.0% of the local workforce engages in physical activities once a week or less, with seven out of 10 workers getting less than 30 minutes of physical activity a day thus, a significantly worrying trend in a market that has been recording rising obesity rates in recent years.

2. Increasing geriatric population in the Asia Pacific Region

Geriatric Population and Growth Rate in Major Asian Countries Including Australia, China, India and Japan, 2015-2018

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The proportion of aged people is expected to increase in Asia with Japan and Korea aging faster than other Asian nations. Laos will remain the youngest nation in Asia. In accordance with the Asia pacific News Network, Asia pacific region is on track to have the oldest population in the world in next few decades. Japan has the largest population of elderly people at approximately 27% of the entire globe, as of 2018. It is projected that the elderly population in the country in next decade will grow by 37.3% by the year ending 2030. Korea is growing old faster than any other country. The aging population is projected to grow from 18.5% to 31.4% by 2030. The country for the first time has more elder people than younger people. It reached the cusp of becoming an older society much before its neighbours. Thailand is the third rapidly aging country in Asia. Thailand’s population is projected to grow by 26.9% by 2030, which means one out of four Thais will be a senior citizen. As the elderly population grows, need for Orthopedic knee, hip, shoulder, ankle surgery increases.

3. Innovative Products and Procedures in Orthopedic Device Market Due to Increase in R&D Technology

Reduced procedure time seems to be one of the primary requirements from patients as well as healthcare professionals. Growing demand for Orthopedic procedures from geriatric population makes it essential for advanced and highly accurate products. Advanced technology makes these devices simple, user-friendly, and accurate. Rise in R&D and investments in collaborations for enhanced product portfolio can be expected in the near future.

In 2012, Hong Kong acquired the first Robotic Interactive Orthopedic (RIO) system in Asia pacific from MAKO Surgical Corporation (acquired by Stryker Corp.). The RIO system is mainly used for partial knee replacement surgeries, but can potentially be used for hip, ligament, and spinal surgeries as well. The RIO system enables the surgeon to hold and guide the robotic arm during the surgery, rather than operate it remotely on a console. Not only can surgeons perform more difficult surgeries with the RIO system, but also physicians with less experience can perform these surgeries with same ease and convenience.

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Asia Pacific Orthopedic Device Market

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