Hospital Furniture Market Overview
The hospital furniture market is expected to exhibit a solid 9.8% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global hospital furniture market is mainly driven by the growing demand from emerging economies to develop their healthcare sector and the increasing investment in the healthcare sector by private entities, leading to a growing demand for premium, expensive hospital furniture offering the latest in ergonomics and comfort.
Impact of covid-19 on the Hospital Furniture Market
We have observed the massive impact of novel coronavirus on people’s lives over the last five months. It has also impacted various industries across the globe, eventually affecting the global economy. Some industries have experienced negative growth, whereas some industries have experienced tremendous demand and have generated massive revenues in this period. Covid 19 Impact on hospital furniture market is the one of the positive impact sector on global industry
It will be inaccurate to say that before COVID-19, all the healthcare systems across the world had adequate hospital infrastructure to support the respective patient population. However, some of the developed countries like the US, Canada, Germany, the UK, and Japan had enough resources to manage and treat the patient population.
The World Health Organization declared COVID-19 a pandemic and global emergency in March 2020. By this time, the affected population was in thousands, which led to massive shortage in hospital furniture, including hospital beds, ICU beds, stretchers, wheelchairs, sanitation tools, and emergency workstations.
None of the healthcare systems were equipped with enough resources to support such a sudden rise in the hospitalization of patients.
Even though the cumulative number about the total number of bed usage post COVID-19 is not available at the moment, it is estimated that the requirement of the hospital beds, including critical care beds and ICU beds, has increased by at least ten folds in these majorly affected countries.
Hospital Furniture Market Competitive Analysis:
Leading players in the global hospital furniture market include Beaver Healthcare Equipment, Moore Medical LLC, Renray Healthcare Ltd., Narang Medical, Hill-Rom, Chang Gung Medical Technology, GPC Medical Ltd., The Brewer Company, Bristol Maid Hospital Metalcraft, DRE Inc., Anetic Aid Limited, KI, Bio Medical Solutions, and Stryker Corporation.
In September 2019, a new super-specialty ward is expected to open in the Government Medical College and Hospital in Aurangabad, India. Redevelopment of existing medical facilities is likely to pick up speed in India in the coming years, making it a leading regional market for hospital furniture and driving the global hospital furniture market over the forecast period.
Hospital Furniture Market Segmentation:
The global hospital furniture market is segmented on the basis of type into bedside tables, OT table, instrument stands, stretchers, hospital beds, chairs, scrub sinks, waste container, trolley and others.
On the basis of application, the global hospital furniture market is segmented into physician furniture, patient’s furniture, and staff’s furniture. Physician furniture is sub-segmented into examination table, surgery chair, and others. Patient furniture is sub-segmented into stretchers, bedside table, and other, while staff’s furniture is further segmented into stands and others.
On the basis of end users, the market is segmented into hospital, diagnostic centres, clinics and others. Hospitals hold the dominant share in the global hospital furniture market of 65% and are likely to remain the leading revenue generator in the global hospital furniture market over the forecast period.
Hospital Furniture Market Regional Analysis:
The Americas is likely to be the major revenue generator in the global hospital furniture market over the forecast period due to the growing demand for advanced hospital furniture in North America, especially the U.S. The growing presence of the private healthcare sector in North America is likely to be a major driver for the hospital furniture market in the Americas region over the forecast period. Private healthcare entities make more of an effort to pick the best furniture, to woo patients and new customers, whereas state-sponsored healthcare initiatives mainly pick hospital furniture based on utility rather than design or fashion. Thus, the strong presence of the private healthcare sector in North America is likely to be a major driver for the global hospital furniture market over the forecast period.
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Europe is the second largest regional market for hospital furniture and is likely to hold on to a significant share in the global hospital furniture market over the forecast period. Europe is also home to several leading players in the healthcare sector, leading to a growing preference for expensive hospital furniture of a higher quality. The increasing efforts taken by the healthcare sector to engage and interact with patients in Europe are likely to be a key driver for the hospital furniture market in the region over the forecast period.
Asia Pacific is the third largest regional market for hospital furniture, and is expected to exhibit the fastest growth over the forecast period due to the growing demand from the increasingly well-funded healthcare sector in the region. The healthcare sector in developing APAC economies such as India and China has exhibited robust progress in the last few years due to the increasing government support and the increasing investment from private sector individuals. This is likely to result in an increasing demand for hospital furniture in the region over the forecast period, as several new hospitals are likely to be constructed in this region over the forecast period, as well as renovation and redevelopment efforts bearing fruit.