Global Hospital Furniture Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research
The Global Hospital Furniture Market was valued at ~US$ 7 billion in 2017. It is estimated to be ~US$ 11 billion by 2022 and is expected to reach a market size of ~US$ 20 billion by 2028, growing with a CAGR of 10%. This growth is due to the rise in the number of hospital admissions globally, and the increasing prevalence of different chronic diseases.
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Key Growth Drivers
- The increasing number of hospitals and clinics, the popularity of medical tourism and the prevalence of different chronic diseases, and patient expectations towards the hospital infrastructure are driving the growth of the Hospital Furniture Market.
- Chronic diseases such as cancer, cardiovascular diseases, chronic lung disease, stroke, Alzheimer’s, diabetes, and chronic kidney diseases are on the rise all over the world, which is driving the growth of the Hospital Furniture Market. The demand for better hospital infrastructure due to rising medical tourism has also boosted the Hospital Furniture Market. Moreover, the rise in the geriatric population is increasing the number of diseases associated with age-related factors, hence increasing the number of patients visiting hospitals.
- High costs attributable to hospital furniture, lack of design and creation, and patient-centered care issues pose challenges to the growth of the Hospital Furniture Market.
- Hospital furniture such as operating tables and other examination tables have a higher cost as compared to hospital beds and chairs, which limits their adoption. The rising cost of medical furniture hinders the growth of the Hospital Furniture Market.
- The COVID-19 pandemic boosted the Global Hospital Furniture Market. Since the outbreak of COVID-19, several people were admitted to hospitals for treatment and cure. Many governments opened up extensions with bed facilities, for a larger chunk of people to get treatment simultaneously. This led to an increase in demand for medical supplies to take care of the infected people. The increased demand for stretchers and hospital beds to provide adequate healthcare support to the people through hospitals and other temporary expansion sites propelled the growth of the Hospital Furniture Market during the pandemic.
Key Trends by Market Segment
By Product Type: Hospital bed segment held the largest market share in 2021 of the Global Hospital Furniture Market.
A hospital bed is a part of patient care as it helps in the process of recovery by ensuring proper recovery time and comfort of the patients. It is not a simple bed but multifunctional and designed under the guidance of medical experts. Some of these beds include OT beds, examination beds, ICU beds, and pediatric beds.
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By Manufacturing Material: The metal segment held the largest market share in 2021 in the Global Hospital Furniture Market.
- The metal hospital furniture has more agility, durability, and affordability and is compatible with integrating advanced systems to provide comfort and support towards patient recovery. Unlike wooden structures, metal does not require frequent maintenance and lasts longer.
- The metal hospital beds enable the patient to make adjustments according to the situation, hosting functions such as hydraulics that enable them to evenly distribute the weight on the bed.
By Application: The patient furniture segment held the largest market share in 2021 in the Global Hospital Furniture Market.
- The hospital furniture is primarily designed for patient diagnosis and treatment and with the rise in illness and other chronic diseases, the number of patients visiting the hospital has increased resulting in the growth of the patient furniture segment.
- The requirement of hospital furniture is not only seen for the in-patient but the outpatient department also requires furniture such as chairs and tables based on durability and space consideration.
By End User: The hospitals & clinics segment held the largest market share in 2021 in the Global Hospital Furniture Market.
An increased number of hospital admission, growing medical tourism, and escalating number of illnesses worldwide is boosting the demand for better hospital infrastructure and thus, hospital furniture. In addition, the rising patient admission in hospitals with higher rates of acute conditions such as heart attacks, and strokes are driving the growth of the hospital segment.
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By Geography: North America is expected to account for the largest share among all regions within the Global Hospital Furniture Market, during the forecasted period 2022-2028.
- The growth is primarily attributed to the rise in the adoption of advanced techniques and systems for the manufacturing of hospital furniture. Countries such as USA and Canada in the region host several multi-specialty hospitals with a benchmarked infrastructure. Such hospitals also tend to increase their capacity to deal with the rising number of illness treatment cases.
- Furthermore, the rising number of chronic disease cases in the region is expected to fuel the growth Hospital Furniture Market.
Competitive Landscape
According to Ken Research Study, it is estimated that the Global Hospital Furniture Market is highly fragmented among the global, regional, and country niche players. It is estimated that the market comprises nearly ~500 players across four major regions. Although the global players comprise ~5% of the competitors, they hold the second largest revenue share following country-niche players with ~40% dominance. Some of the major players in the market include Stryker Corporation, Invacare Corporation, Kovonax, LINET, J&J Medical Specialities, Skytron Supplies, Getinge, Herman Miller, Met-lak, Promotal, STERIS Corporation, GPC Medical Limited among others.
Recent Developments Related to Major Players
- In May 2022, Invacare Corporation, a manufacturer and distributor of medical equipment launched its Birdie Evo XPLUS, a patient lift in USA for post-acute care settings. It uses technology that helps maximize comfort and security when lifting or transferring a patient to or from a bed, chair, or floor.
- In May 2022, LINET, a supplier of health and nursing care products, launched the premium emergency and transportation stretcher, Sprint 200, a part of the new generation of stretchers taking patient transportation and patient care to the next level with its innovative solutions.
- In July 2021, HermanMiller, acquired Knoll, Inc. The combined company comprises 19 leading brands, a presence across over 100 countries worldwide, a global dealer network, 64 showrooms globally, more than 50 physical retail locations, and global multi-channel eCommerce capabilities.
Conclusion
The Global Hospital Furniture Market is forecasted to continue positive growth primarily driven by the increasing number of hospital admissions globally. The market size is estimated to be ~US$ 11 billion by 2022 and is expected to reach a market size of ~US$ 20 billion by 2028 growing with a CAGR of 10%. The Hospital Furniture Market is growing due to the increasing prevalence of chronic diseases and rising medical tourism. North America is the dominating region, owing to the rise in the adoption of advanced techniques for manufacturing hospital furniture.
Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for pre-booking clients, and the report delivered within a maximum of two working weeks.
Ken Research has recently published report titled, Global Hospital Furniture Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. In addition, the report also covers market size and forecasts for each of the four regions’ Hospital Furniture Market. The revenue used to size and forecast the market for each segment is US$ billion.
Market Taxonomy
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