The global Hospital Furniture Market 2020 can anticipate a hike in the market growth by 9.8% CAGR over the review period (2017-2023), reveals Market Research Future (MRFR).
An increasing number of hospitals and clinics around the globe are the major factors responsible for the growth of the global hospital furniture markets. Increasing the prevalence of various chronic diseases and increasing patient expectations towards the hospital infrastructure also contributed to market growth. Continuous technical advancement and creative launch furniture, including eye surgery chair and advance medical stretchers, have provided support for business expansion. In contrast, the high cost and need for long-life furniture have hampered market growth. The incidence of chronic diseases, including cancer and diabetes, is growing, which is likely to create an impact on global market growth during the prognosis period. Changes in lifestyle have increased the risk of disease acquisition, which involves surgical procedures and careful monitoring. This scenario is proving beneficial for the growth of the industry as it ultimately increases the demand for medical beds, stretchers, and trolleys.
Over the past five months, MRFR has observed the massive impact of novel coronavirus on the lives of people. This also impacted various sectors across the world, ultimately impacting the global economy. Some industries have experienced negative growth, while some industries have experienced tremendous demand during this period and have generated massive revenues. One such sector that has been considerably impacted is hospital furniture and appliances.
It would be misleading to assume that all healthcare facilities around the globe have sufficient medical services in order to serve the specific patient population until COVID-19. The global hospital furniture market is driven primarily by the growing demand from emerging economies to develop their healthcare sector and increased investment by private entities in the healthcare sector, leading to increased demand for premium, expensive hospital furniture offering the latest in ergonomics and comfort. Some of the established countries, such as the USA, Canada, Germany, the UK, and Japan, therefore had sufficient resources to manage and treat the patient population.
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Detailed Regional Analysis
The regional examination of the hospital furniture market is segmented into the Americas, Asia Pacific, Europe, the Middle East, and Africa. The Americas hospital furniture regional market is responsible for the principal volume of the market segment. The region has greater healthcare infrastructure and is capitalizing in it copiously for the upkeep of the same. The European regional hospital furniture market also has momentous change due to comparable characteristics like that of the Americas regional market. The APAC region is logging significant development, and it would be the speediest throughout the forecast period. The developing economies are devoting greatly to increase their healthcare organization and governments are also taking required actions to elevate the healthcare segment. Additionally, a lot of nations in the region are developing as a medical hub which is giving noteworthy traction to the hospital furniture market.
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The segmental appraisal of the hospital furniture market is conducted on the basis of type, application, end-user and region. On the basis of the end-users, the market for hospital furniture is segmented into diagnostic centres, hospital, clinics and others. On the basis of the types, the market for hospital furniture is segmented into a waste container, OT table, chairs, instrument stands, hospital beds, bedside tables, stretchers, scrub sinks, trolley and others. On the basis of applications, the market for hospital furniture is segmented into patient’s furniture, physician furniture, and staff’s furniture. The patient furniture is sub-segmented into the bedside table, stretchers, and others. The physician furniture is sub-segmented into surgery chair, examination table, and other. Based on the regions, the market for hospital furniture is segmented into the Americas, Asia Pacific, Europe, the Middle East, and Africa.
The eminent players of the global market are Narang Medical (India), Bio Medical Solutions (India), KI (US), GPC Medical (India), Chang Gung Medical Technology (China), Anetic Aid Limited (UK), DRE INC (US), The Brewer Company (US), GPC Medical Ltd (India), Hill-Rom (US), Stryker Corporation (US), Beaver Healthcare Equipment (UK), Renray Healthcare Ltd. (UK), Moore Medical LLC (US), Bristol Maid Hospital Metalcraft (UK), Beaver Healthcare Equipment (UK).
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