ID: MRFR/MED/0501-HCR | February 2021 | Region: Global | 105 pages
Hospital furniture is very important for a hospital’s infrastructure. Furniture is necessary to transform a space into the place it needs to be. Hospital furniture also plays a huge role in transforming the hospital space into a patient-friendly public place. The hospital furniture market caters to the different utility needs in a hospital. Hospital staff also uses the furniture for different purposes. Hospital furniture is specialized for the convenience of medical professionals and patients. The Hospital Furniture Industry caters to different hospitals set up around the world. The hospital furniture is developed in a way that attracts potential customers or patients to the premises.
Hospital furniture is specially designed to fit the special needs of the patients and those who accompany them. Therefore, the design and creation industry behind the Hospital Furniture Market is one that is different from the general furniture market that caters to people around the world. Hospital furniture will always remain a necessity in the hospital sector. This is because people will always struggle with illnesses. The struggle with illness may not be continuous, but it can emerge from time to time. Thus, the hospitals will always receive patients. As hospitals remain a part of civic responsibility and public institutions, the Hospital Furniture Industry will continue to flourish through the years.
There are many reasons why Hospital Furniture Industry continues to see growth and profits through the years. The hospitals not only stay functional but also see upgrades in their infrastructure from time to time. This creates a window of growth and opportunity for industries that are involved in strengthening the hospital and public health sector. The Hospital Furniture Industry is one of them. The upgrade of hospitals is a reason behind the steady growth of the Hospital Furniture Market.
Global hospital furniture market is expected to grow at a CAGR of 9.8% during forecasted period.
COVID 19 Analysis
The COVID 19 pandemic was detrimental for many sectors in the global industrial scene. However, the effect is quite the opposite for the Hospital Furniture Industry. The Global Hospital Furniture Market has benefited from the COVID 19 pandemic because globally, there was a need to create more hospitals and specialized COVID 19 clinics. This meant that there is a need to furnish more hospitals and clinics on an emergency basis. The Hospital Furniture Industry thus experienced the inflow of tremendous opportunities of growth during the COVID 19 pandemic. On the other hand, the existing hospitals also tried to upgrade their infrastructure because of the heavy inflow of patients. Thus, the Hospital Furniture Industry saw multiple openings of growth and demand.
As for the general trend during the COVID 19 pandemic, it is safe to assume that during a disease outbreak, the hospital sector and, by extension, the Hospital Furniture Market also faces a high demand. Since the COVID 19 pandemic is unlike any other epidemic outbreak we have faced, the demand experienced by the Hospital Furniture Industry during these pandemic years is like never seen before. This growth of the Hospital Furniture Market during the COVID 19 pandemic is one that is seen on a global scale across different countries.
Figure 1- Global Hospital Furniture Market, by end users
Source- Annual reports, Press release, White paper, Company Presentation
The key drivers of the market
In the Hospital Furniture Market, there are many key drivers of growth. These key drivers of the market ensure that there is Healthcare Furniture Market growth in the present and future. The first reason for the market growth is the growing number of hospitals and clinics around the world. Public governments are trying to establish more and more hospitals in order to avoid a pandemic-like situation again. The need for more advanced hospitals and clinics as we move into future years is a key driver of demand in the Healthcare Furniture Market. The public governments’ effort at modernizing the infrastructure of existing hospitals is also a key driver for the Hospital Furniture Industry.
Significant opportunities of the market
The global healthcare furniture market is one that has many significant opportunities currently. For example, the Global healthcare furniture market benefits from the set up of quarantine facilities and allied medical healthcare service centers. On the other hand, the continued fight to eradicate COVID 19 and the set up of mass vaccination centers is also a very significant opportunity in the hospital medical furniture market. The market benefits from the up-gradation of medical facilities. The detection of new diseases and their treatment also is a significant opportunity for the hospital medical furniture market because it can then focus on specialized treatment clinics.
There are certain market restraints that are apparent in the Hospital Furniture Market. For example, the lack of research and development in different countries regarding hospital furniture design and creation is a restraint. While some countries are ahead of the time and are highly advanced in terms of hospital infrastructure and furnishings, some other countries lack the basic advances needed in the sector. The disparity between the nations is a global market restraint that acts as a setback to the global market valuation.
While the majority of the hospitals upgrade their infrastructure when there is a new disease breakout, there are other hospitals that do not have enough funds to make an upgrade on the hospital furnishings. Many hospitals around the world still run on outdated furnishings with no aim of refurbishing them. The COVID 19 pandemic has created a market disparity that is either great for the market in parts or completely detrimental in other parts. How to create uniform opportunities for growth is a challenge the market faces in the midst of the pandemic.
The hospital furniture market divides into different segments based on different characteristics and criteria. The segmentation of the market is a great aid in medical furniture manufacturing industry analysis. The various segments of the global medical furniture market are as follows-
The global market segments into different divisions according to the categories of type, applications, and end-users.
By type- This section of the hospital furniture industry is based on the type of furniture made by the market companies. The type segment has hospital tables, beds, OT tables, hospital furniture chairs, etc. Out of these hospital beds and hospitals, furniture chairs are the most dominant ones.
By Application- By application, the market companies develop physician’s furniture, patient’s furniture, and staff furniture. Since these are specialized furniture, the segmentation is like this.
By end users- By end users, the furniture is divided into the different places where the furniture is used. The furniture may be for hospitals, clinics, nursing homes, or even organizations with infirmaries like schools or old age homes.
By regions, the hospital furniture market disperses over major regional markets of North America, Europe, and the Asia Pacific. According to the hospital furniture Industry trends, the majority of the hospital furniture Industry size belongs to the North American region. Moreover, the healthcare furniture trends also point that the Asia Pacific region is the biggest market of growth in the forecast period. The hospital furniture manufacturers in India and China are responsible for this trend. The African and European regional markets are also emerging as major regional markets in the global hospital furniture sector.
There are many key players in the hospital furniture market that dominate the competitive landscape for the market. The key competitors are as follows:
The market report shows that the major competitors in the market are from the USA or from India. This is again the reason behind the North American region and the Asia Pacific region leading the market share in the future.
To help the hospital furniture market in growth and secure opportunities, the key players are already channeling funds into the research and development of new kinds of hospital furniture. Key players are getting into mergers and acquisitions to fuel individual and cumulative market growth. The key players are focusing on working around hospital furniture Industry challenges to strengthen hospital infrastructure.
The global hospital furniture market report or overview is as follows:
The above report on the global hospital furniture market explains the key drivers and growth indicators of the market. Secondly, it puts the hospital furniture Industry insight while predicting from 2020 to 2027, which is almost a decade. Thirdly, it also elaborates on the market characteristics of the sector in discussion. Moreover, this report also covers the basic segmentation of the hospital furniture Industry and its regional analysis. The report emphasizes the competitive landscape of the market and its recent developments. The above report is a comprehensive report that considers different associated factors before arriving at a conclusion about the market scenario.
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, End Users|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Stryker Corporation (US), Bio Medical Solutions (India), KI (US), GPC Medical (India), 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), Beaver Healthcare Equipment (UK), Renray Healthcare Ltd. (UK), Moore Medical LLC (US), Beaver Healthcare Equipment (UK)|
|Key Market Opportunities||joint ventures, strategic alliances, mergers and acquisitions, new product developments along with research and developments|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Among the end use segments of the global market, hospitals hold a dominant 65% share.
The high cost and longevity of hospital furniture are the major restraints on the market.
Growing healthcare sector and increasing efforts from hospitals to provide a sophisticate experience to patients are the major drivers for the Hospital Furniture Market.
The Americas dominates the Global Hospital Furniture Market, followed by Europe and Asia Pacific.
Leading players in the Hospital Furniture Market include GPC Medical, KI, and Bio Medical Solutions, among others.