An increasing number of hospitals & clinics around the globe are the major factors responsible for the growth of the hospital furniture markets share.
Market Overview
The hospital furniture market was valued at USD 7.8 billion in 2021 and is expected to expand from USD 8.5 billion in 2022 to USD 18.9 billion by 2032, with a compound yearly growth rate (CAGR) of 9.7% over the forecast period (2022-2032).
An increasing number of hospitals and clinics around the globe are the major factors responsible for the growth of the global hospital furniture markets share. Increasing the prevalence of various chronic diseases and increasing patient expectations towards the hospital infrastructure also contributed to market growth.
In contrast, the high cost and need for long-life furniture have hampered market growth. The incidence of chronic diseases, including cancer and diabetes, is growing, which is likely to create an impact on global market growth during the prognosis period.
Over the past five months, MRFR has observed the massive impact of novel coronavirus on the lives of people. This also impacted various sectors across the world, ultimately impacting the global economy. Some industries have experienced negative growth, while some industries have experienced tremendous demand during this period and have generated massive revenues.
It would be misleading to assume that all healthcare facilities around the globe have sufficient medical services in order to serve the specific patient population until COVID-19. The global hospital furniture market research is driven primarily by the growing demand from emerging economies to develop their healthcare sector and increased investment by private entities in the healthcare sector, leading to increased demand for premium, expensive hospital furniture offering the latest in ergonomics and comfort.
Segmentation
The global hospital furniture market is segmented on the basis of type, into hospital beds, bedside tables, OT tables, instrument stands, stretchers, chairs, trolley, scrub sinks, waste containers, and others. The hospitable bed segment is projected to lead the global hospital furniture market during the forecast period.
On the basis of application, the global market has been segmented into the patient’s furniture and staff’s physician furniture, furniture.
Based on end-users, the market is segmented into hospitals, diagnostic centers, clinics, and others. The segment of hospitals dominated the world market for hospital furniture, and the trend is expected to continue over the review period.
Regional analysis
The region-based hospital furniture industry research includes the Americas, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA).
The Americas holds the largest volume of market share. The country has excellent healthcare services and is investing extensively in preserving the same. These factors have impacted growth in the market.
Europe is now experiencing a major transition due to characteristics similar to those of the Americas. The APAC region is registering significant growth, and during the forecast period, it would be the fastest. Emerging countries and states are investing aggressively on improving their health care system are also taking the requisite steps to improve the healthcare section. In addition, several countries in the area are emerging as a medical hub which gives the market considerable traction.
Competitive Dashboard
The eminent players of the global market are Narang Medical (India), Bio Medical Solutions (India), KI (US), GPC Medical (India), Chang Gung Medical Technology (China), Anetic Aid Limited (UK), DRE INC (US), The Brewer Company (US), GPC Medical Ltd (India), Hill-Rom (US), Stryker Corporation (US), Beaver Healthcare Equipment (UK), Renray Healthcare Ltd. (UK), Moore Medical LLC (US), Bristol Maid Hospital Metalcraft (UK), Beaver Healthcare Equipment (UK).
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