The global medical furniture market size was valued at USD 28.0 billion in 2021 and is projected to reach around USD 45.0 billion in 2030 exhibiting a CAGR of 7.0% in the forecasted period. The rising patient pool due to growing prevalence of chronic diseases, increasing number of hospital admissions globally, favourable insurance and reimbursement scenarios are boosting the medical furniture are projected to increase the market growth. On the other hand, dearth of research and development in many nations, high durability outcomes into long term life span of the products and therefore, confines the repetitive purchase are some restraining factors limiting the growth.
The growing number of hospitals, diagnostic centers, specialty clinics, and other healthcare service providers coupled with rising number of fatal injury cases due to factors such as increasing road accidents and rising prevalence of chronic disorders are the major factors in up surging the demand for hospitalization which will positively influence the medical furniture market. Moreover, the growth in cases of physically challenged individuals demanding medical assistance and treatment often is among the major factors behind increasing number of hospitals in developed countries. As per Statista, the number of hospitals in 2009 was around 5,795 and show meagre decrease in 2012 reduction to 5,723 in the U.S. These hospitals would require to update their furniture as well as buy some new furniture in the upcoming future to meet industry standards. Additionally, as per Eurostat, increasing healthcare expenditures and patient pool due to growth in diseases would cause more hospital visits by the population resulting in monetary arrival in hospitals which will increase their buying abilities. Thus, these factors will lead to fuel the growth for medical furniture market.
The COVID-19 pandemic has appeared as a humanitarian as well as economic crisis, developing strain on the society and disturbing millions of people and industries. Business closures and people are asked to stay in their homes which caused a huge toll in terms of money and economic development. More than 4 million people affected worldwide, with 300 thousand losing their lives owing to SARS-CoV-2. Healthcare establishments were working in battle mode, organizing new plans to respond increasing COVID-19 patients, right from tracking rapid diagnosing kits to adequate PPE kits for workers. Most of the medical devices companies have started mass production of ventilators to decrease the gap between necessary ventilators and existing ventilators. Owing to diversion of medical field towards handling COVID-19, the funding to R&D events related to medical infrastructure has been decreased, manufacture of ventilators important for COVID-19 treatment has been selected and as a result, this segment have to face neglect subsequently resulting negative impact on medical furniture market.
Product Insights
The beds segment is predicted to hold maximum share by 2021. Through the forecasted period, factors such as increasing demand for beds in hospitals and other healthcare institutions, an upsurge in the number of patients admitted to hospitals for surgical processes, and enhanced patient stays in hospitals owing to slow injury healing rates will boost the market growth of this segment. Several manufacturers are manufacturing low-cost beds in response to the epidemic. Stryker, for instance, one of the world’s top medical technology companies, revealed that it has developed a low-cost, inadequate-release emergency response bed to assist healthcare practitioners provide effective care during the COVID-19 pandemic.
Material Insights
The metal segment leads the market in 2021 and hold the largest share of more than 41% of the global revenue. Rising adoption along with the growing demand for metal furniture due to their excellent durability that provides comfort to medical staff, patients, visitors, and others. Furthermore, stainless steel contains anti-microbial properties for healthcare equipment and operating room. Hence, the wide use of metal-based furniture equipment is also projected to boost the segment growth. Moreover, steel is cost-effective. Hence, the furniture is durable, inexpensive, and long-lasting.
Furthermore, the wood segment is expected to witness a higher CAGR during the forecast period owing to its wide usage. Wooden furniture is favoured owing to its inherent warmth and appeal, wood’s inherent organic qualities can offer thermal advantages and have a balancing impact on internal moisture and humidity. Wood is porous, so while the humidity is too high, it engages moisture, and when the humidity is too low, it releases moisture into the atmosphere.
Region Insights
North America is expected to have significant growth in the market and grasps highest market share in the region. The dominance is owing to factors like growth in the global prevalence of chronic diseases and greater adoption of technology and better equipment resulting for higher demand for advanced treatment is boosting the market in the US. Extreme rise in healthcare expenditure and great initiative to achieve better health outputs at lower costs, accessibility of a well-developed infrastructure, existence of major industry in the healthcare settings are the added factors development the market growth for medical furniture in the near future.
However, Asia Pacific is expected to witness the highest CAGR throughout the forecast period. Favourable government policies, such as reimbursements delivered for hospital furnishings and other equipment, are accredited for the enormous growth rate. Owing to growing rates of communicable diseases and public awareness of infectious diseases acquired in hospitals, China has the fastest growth in the Asia-Pacific area which upsurges the demand for hospital furniture, driving up prices. Japan has a robust healthcare system in terms of substructure, hospital supplies, hospital beds, and equipment, among other things, which has helped the total market to grasp a substantial market share, it leads the Asia-Pacific region.
Key Companies Insights
To stay competitive in the total market, players are using new approaches such as new product development, mergers and acquisitions, joint ventures, and geographic expansions.
Some of the key players working in the global medical furniture market include:
- Stryker
- Invacare Corporation
- ARJO AB
- Steris Plc.
- Medline Industries, Inc.
- Hill-Rom Holdings, Inc.
- Drive DeVilbiss Healthcare
- GF Health Products, Inc.
- NAUSICAA Medical
- Sunrise Medical (US) LLC
- Herman Miller Furniture
- Kovonox
- Getinge AB
- Other players
Some of the Recent Developments:
- In December 2021, Hillrom gives a range of equipment to help with patient care, including patient lifts and smart beds.
- In October 2020, Stryker launched ProCuity, the first and only completely wireless hospital bed in the market. This smart bed was made to help decline in-hospital patient falls across the board, rise nurse productivity and safety, and help in bringing down hospital expenses.
Segments
By Product
- Beds
- Chairs
- Bedside and Operating Tables
- Trolleys and Stretchers
- Cabinets and Lockers
- Others
By Material
- Wood
- Metal
- Plastics
- Others
By Distribution Channel
- Online
- Offline
By End Users
- Hospitals
- Ambulatory Surgical Centers
- Diagnostic Laboratories
- Clinics
- Specialty Healthcare Centers
By Geography
- North America
o U.S.
o Canada
o Mexico
- Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
- Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
- Latin America
o Brazil
o Argentina
o Colombia
- MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt
Analysis of the impact of COVID-19 and the Russia-Ukraine War:
The readers of this section will be better informed on the effects of the pandemic, the post-pandemic, and the Russia-Ukraine War on the global market for refrigerated freight services. The factors that have changed since the poll was done include demand, consumption, transportation, consumer behavior, and supply chain management. Industry experts have also emphasized the crucial factors that will help players identify opportunities and maintain the sector as a whole in the approaching years.
Reasons to Purchase this Report
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
- Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
- Provides insight into the market through Value Chain
- Market dynamics scenario, along with growth opportunities of the market in the years to come
- 6-month post sales analyst support
