Hospital Furniture Market Forecasts to 2028 - Global Analysis By Product, By Type, By Material, By Sector, By Zone, By End User and By Geography

According to Stratistics MRC, the Global Hospital Furniture Market is accounted for $9.11 billion in 2022 and is expected to reach $15.11 billion by 2028 growing at a CAGR of 8.8% during the forecast period. Hospital furniture is furniture designed specifically for medical facilities. It is primarily utilised in reception areas, exam rooms, waiting areas, treatment rooms, pharmacy rooms, hospital rooms, hand rooms, laboratories, nursing centres, supply centres, dirt rooms, baby-loving areas, dental departments, inspection departments, and so on. The industry is expanding as a result of an increase in hospital admissions around the world, favourable insurance and payment conditions, and government support for hospitals that fall under the healthcare sector.

According to the WHO, 167 million individuals would be less healthy by 2025 as a result of being overweight or obese.

Market Dynamics:

Driver:

Growing public-private partnerships among market players in the healthcare industry

Public-private partnerships (PPPs) in India have a tremendous amount of promise to tackle the nation's present accessibility and affordability problems. Since government spending on healthcare remains incredibly low, the private sector currently makes up around 60% of the nation's entire hospital industry and is evolving into one of the most preferred sources of healthcare investment. By combining the funding and expertise from the private sector with the subsidies and access from the public sector, the growing trend towards public-private partnerships is anticipated to strengthen and improve the healthcare sector.

Restraint:

High operating cost

For the healthcare industry, especially private hospitals, the rise in real estate, resource, and other material costs is a significant challenge. Towns and cities have higher real estate costs than rural locations. This raises a hospital's capital and other operating expenses. Spending on patient care equipment is severely influenced due to the high cost of hospital facilities and infrastructure. Patient care equipment is given the lowest priority, and its costs are reduced to the lowest standard. This is mostly because establishing a green hospital is expensive.

Opportunity:

Emergence of a large number of domestic players and introduction of products to fuel the market

To assist the government's efforts to improve the nation's healthcare infrastructure, the major market players are always working to create and introduce technologically cutting-edge hospital furniture. Also, a number of domestic companies are entering the market to improve the healthcare system and meet the population's expanding needs. Thus, the increasing number of local players and the incorporation of cutting-edge technology into the products increased consumption.

Threat:

Rising preference toward refurbished and rental hospital furniture is likely to impede the market growth

Refurbished products are increasingly in demand in India. Because of the growing emphasis on sustainability, refurbished products are leading an emerging trend in practically every industry. Similar to other industries, the healthcare sector has a preference for refurbished products. Hospitals and other healthcare institutions are unable to invest in their infrastructure due to the nation's low healthcare spending, which amounts to approximately 3.2% of GDP. Also, in order to reduce the cost of procurement, buyers are changing their preferences towards the refurbished and rental markets due to the restricted budget allotted for medical facilities and the high cost of various furniture items.

COVID-19 Impact:

The demand for medical supplies has increased as a result of the infected population. Among the most common medical devices used in first-line clinical care are respiratory support devices such as atomizers, life support machines, oxygen generators, and monitors. Moreover, COVID-19 has significantly increased the need for medical products, including personal protective equipment, which includes masks, gloves, and protective eyewear. As a result of an increase in COVID-19 instances worldwide, there is a rising need for medical supplies from both healthcare professionals and the general public for prevention methods. For a sufficient and ongoing supply of personal protective equipment on the market, manufacturers of these products can take advantage of the increasing demand for medical supplies.

The beds segment is expected to be the largest during the forecast period

As a result of the rising demand for ICU beds spurred on by the higher prevalence of chronic illnesses that necessitate critical care services, the hospital beds segment is anticipated to have the largest market share over the forecast period. Also, due to the rise in bariatric procedures and the rise in the elderly population, electrical or powered beds from private hospitals are preferred over plain beds.

The Ambulatory Surgical Centers segment is expected to have the highest CAGR during the forecast period

Because the demand for hospital furniture in ASCs is primarily driven by the increased preference for same-day surgeries due to significant cost savings, waiting-time reductions, and an increase in the number of patients needing surgical procedures, the ambulatory surgical centres segment is anticipated to experience lucrative growth during the forecast period. Also, it is anticipated that the availability of ASC reimbursement policies will support the growth of this industry.

Region with largest share:

Due to the rising prevalence of chronic health conditions like obesity, diabetes, and cardiac arrest that may require hospitalisation, the North American region held the largest share in 2022 and is anticipated to maintain that position over the forecast period. The American Heart Association continues to consider cardiac arrest a public health emergency. Every year, the majority of out-of-hospital cardiac arrests (OHCA) that take place in the U.S. require hospitalisation and are tragic. Furthermore, bariatric operations and surgery remain the most effective long-term weight loss alternatives, and their efficacy has increased significantly over the past few years.

Region with highest CAGR:

Due to the expansion of healthcare infrastructure in the Asia Pacific region, it is anticipated to grow rapidly during the projected period. Some factors that are anticipated to contribute to the market expansion in this region include the rising geriatric population and spending on healthcare services. Furthermore, the Indian government has launched a variety of initiatives to support hospitals in an effort to boost the nation's healthcare sector. The government is also emphasising the promotion of medical tourism in the region.

Key players in the market:

Some of the key players in Hospital Furniture market include: Steris Plc, Invacare Corporation, Hill - Rom Holdings, Inc, Medline Industries, Inc., Stryker, Nausicaa Medical, Getinge Ab, Drive Devilbiss Healthcare, Gpc Medical Ltd., Arjo Ab, Skytron, Llc, Herman Miller Furniture, Baxter International Inc., Pmt Healthcare, Narang Medical Limited, Midmark Corporation, Bio Medical Solutions K, Anetic Aid Ltd, Dre, Inc., The Brewer Company, Bristol Maid Hospital Metalcraf, Chang Gung Medical Technology, Beaver Healthcare Equipment, Renray Healthcare Ltd, Moore Medical Llc, United Surgical Industries, Invacare Corporation, Favero Health Projects Spa, Ocura And Schmitz U. Sohne Gmbh & Co. Kg.

Key Developments:

In July 2022, SKYTRON, LLC. partnered with Arthrex, a company focused on minimally invasive surgical technology, to offer a broad array of total room solutions designed to address the future needs and challenges of operative care facilities.

In December 2021, Baxter acquired Hillrom, a medical device company aiming to transform healthcare and advance patient care worldwide.

In May 2021, Mediland launched a novel operating table "C800 electro-hydraulic operating table", along with SunLED Series surgical light to improve the operation process.

In December 2020, Skytron Supplies, a prominent player in the market, rolled out its surgical table GS70 Salus. This table is reported to be the first table in the company's Guardian Series product line up. The table offers unique and advanced features that would not only fulfill the requirements of the surgery but also keep the users well-informed with its digital features.

In October 2018, Ocean Ergo was launched by Invacare, Inc. It has six modular shower chair commodes designed for user independence, safety, and comfort. The product launch of Ocean Ergo further helped Invacare, Inc. in the expansion of its existing medical furniture product portfolio.

In May 2018, LINET Ltd presented its innovations at Hong Kong conducted by HK Medical Devices and Supplies; this helped it target its professional community. In addition, this strategy expanded the current offerings of the company in the medical furniture business.

Products Covered:

• Tables
• Beds
• Trolleys and Stretchers
• Seating Furniture
• Cabibet and Lockers
• Chairs
• Medical Carts
• Patient Lift
• Other Products

Types Covered:

• Operation Theater (OT) Tables
• Bedside Tables
• Instrument Stands
• Hospital Beds
• Waste Container
• Scrub Sinks
• Other Types

Materials Covered:

• Metal
• Plastic
• Wood

Sectors Covered:

• Private
• Government

Zones Covered:

• South
• East
• West
• North

End Users Covered:

• Physician Furniture
• Staff Furniture
• Patient Furniture
• Homecare
• Ambulatory Surgical Centers
• Hospitals and Clinics
• Diagnostic Centers
• Medical Nursing Homes & Medical Laboratories and Research
• Outpatient Clinics
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances