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).
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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Overview:
The hospital furniture market is gaining momentum with the exponential growth in revamping plans for hospital infrastructure. These renovation plans are well-guided by the latest technological development. Patient comfort and for the hospital staffs, ease of functional capabilities are of prime importance; to take it to the optimal level, advancing technologies are imparting useful components to the furniture. The global hospital furniture market size can expect a hike in business by 9.7% CAGR during the forecast period (2022-2032), reveals Market Research Future (MRFR). The report further includes drivers such as the growing number of hospitals and clinics across the world, demand for greater efficiency in hospital function, and patient comfort that can impact the hospital furniture market expansion.
On the other hand, the high cost of furniture can pull back the expected growth rate of the hospital furniture market. At the same time, the demand for longer life span of these furniture just to curb the revamping cost can affect the hospital furniture market.
Segmentation:
The global hospital furniture market can be segmented by type, application, and end-users.
On the basis of type, the hospital furniture market can be segmented into bedside tables, OT table, instrument stands, stretchers, hospital beds, chairs, scrub sinks, waste container, trolley, and others.
Application-wise, the hospital furniture market includes physician furniture, patient’s furniture, and staff’s furniture. Physician furniture is sub-segmented into examination table, surgery chair, and other. Patient furniture segment can be further segmented into stretchers, bedside table, and other. Staff’s furniture segment includes stands and other.
Based on end-users, the hospital furniture market is segmented into hospital, diagnostic centers, clinics, and others.
Regional Analysis:
Analysis of the hospital furniture market trends on the basis of the region includes the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas account for the largest amount of market share. The region has superior healthcare infrastructure and invests profusely for the upkeep of the same. These factors have impacted the market growth.
Europe is also having significant change owing to similar features like that of the Americas. The APAC region is recording significant growth, and it would be the fastest during the forecast period. Emerging economies are spending heavily to boost their healthcare infrastructure and governments are also taking necessary steps to uplift the healthcare segment. Furthermore, many countries in the region are emerging as a medical hub which is giving significant traction to the market.
Competitive Analysis:
Stryker Corporation (US), Bio Medical Solutions (India), KI (US), Anetic Aid Limited (UK), DRE INC (US), Bristol Maid Hospital Metalcraft (UK), The Brewer Company (US), GPC Medical Ltd (India), Chang Gung Medical Technology (China), Hill-Rom (US), Narang Medical (India), Ocura Healthcare Furniture (UK), Moore Medical LLC (US), and others. These companies integrate merger, collaboration, product launch and other methods to keep the competition growing which also positively impacts the market growth.
Industry Updates:
Hill-Rom recently came up with Hill-Rom 405 beds for hospitals. These beds have enhanced safety features to assist patients in their recovery path. The design facilitates easy and quick cleaning of the bed that would reduce the chances of infection.
In May 2018, XinChen Caster Wheels Company announced the development of a new device, central locking casters wheels for medical and hospital furniture use. The company has developed two new types – the double central locking and the single central locking.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact Us:
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: [email protected]
Website: https://www.marketresearchfuture.com