Hospital Furniture Market: Overview
The global hospital furniture market was valued at US$ 9.5 Bn in 2019 and is projected to expand at a high CAGR from 2022-2031. Significant prevalence and increase in incidence rate of chronic diseases, rise in global geriatric population, and growth in disabled population across the globe are anticipated to fuel the expansion of the global hospital furniture market.
Hospital furniture is an integral part of any healthcare facility, and it comprises a wide range of furniture ranging from examination tables to surgery tables, patient beds, chairs, and patient waiting room furniture
Hospital furniture aids healthcare facilities to provide the best possible healthcare services with utmost safety and comfort to both healthcare staff as well as patients
Technological advancements coupled with integrated hospital furniture and medical devices have led to the development of advanced healthcare furniture to cater to the specific needs of patient groups
Key hospital furniture comprises hospital beds, patient lifts, chairs, stretchers, tables, and medical carts.
The global hospital furniture market is expected to be driven by high prevalence and increase in incidence rate of chronic diseases, and rapidly increasing geriatric population across the globe
The number of people with chronic diseases continues to surge across the world. This escalates the need for safe patient handling equipment, from stretcher chairs to perform medical procedures in emergency, to medical beds for after-care of procedures or long-term care. Cardiovascular disease is the leading cause of deaths globally. The population afflicted with heart ailments increases every year. In 2016, data from the CDC indicated that around 26.7 million, or 11.5% adults in the U.S. were diagnosed with heart disease.
Increase in trauma and accident cases across the globe is another driver for the stretcher chairs segment. According to the World Health Organization (WHO), around 1.25 million people are killed in road accidents across the globe every year.
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Hospital Furniture Market: Segmentation
The global hospital furniture market has been segmented based on product, end user, and region
In terms of product, the global hospital furniture market has been categorized into beds, patient lifts, tables, chairs, medical carts, stretchers, and others. The beds segment is projected to lead the global hospital furniture market during the forecast period. The segment has been classified into ICU beds, fowler beds, plain hospital beds, pediatric beds, mattress, and others.
The patient lifts segment has been further classified into manual lifts, power lifts, stand up lifts, heavy duty lifts, and overhead track lifts. The tables segment has been sub-segmented into examination tables, obstetric tables, surgical tables, and others.
Based on end user, the global hospital furniture market has been divided into hospitals & specialty clinics, ambulatory surgery centers, and others. The hospitals & specialty clinics segment dominated the global hospital furniture market in 2019 and the trend is expected to continue from 2020 to 2030.
Hospital Furniture Market: Regional Segmentation
In terms of region, the global hospital furniture market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America dominated the global hospital furniture market in 2019 and is likely to lose market share by the end of 2030. Dominance of North America can be attributed to well-established healthcare infrastructure, early adoption of technologically advanced products, steep rise in hospitalization among population in North America due to various chronic disorders, and presence of large number of domestic as well as multinational players operating in the market.
Asia Pacific is projected to be the fastest growing market for hospital furniture during the forecast period. Japan dominated the market in the region in 2019. The hospital furniture market in India is anticipated to expand at a high CAGR during the forecast period.
The hospital furniture market in Latin America and Middle East & Africa is expected to expand at a high CAGR from 2020 to 2030
Hospital Furniture Market: Major Players
Key players operating in the global hospital furniture market are
- Stryker Corporation
- Hill-Rom Holdings Inc.
- Invacare Corporation
- ARJO AB
- Steris Plc.
- Drive DeVilbiss Healthcare
- GF Health Products, Inc.
- Medline Industries, Inc.
- NAUSICAA Medical
- Sunrise Medical (US) LLC
These players focus on adopting organic and inorganic growth strategies to expand their facility footprint. They have adopted strategies such as collaborations & acquisitions, expansion of geographic footprint, and investment in facility infrastructure in order to be competitive in the global hospital furniture market.
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Hospital Furniture Market – Scope of the Report
The report on the global hospital furniture market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2030. The report provides the value and volume of the global hospital furniture market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) of the global hospital furniture market for the forecast period.
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