Hospital Furniture is one of the crucial parts the hospitals, comprising all the essential aspects used in the hospital either by physician, staff or patient. Hospitals try to avail the best of the furniture in their facilities to improve the patients’ experience during their hospital stay. With the increasing numbers of hospitals, the market for Hospital Furniture is growing pervasively over the last few years.
Acknowledging the exponential growth, the market perceives currently and gauging the potential the market holds to grow in the future; Market Research Future (MRFR), in its recently published market forecast asserts that the global Hospital Furniture market will grow exponentially by 2023, registering more than 9% CAGR throughout the forecast period (2017 – 2023).
Increasing prevalence of different chronic diseases increasing the demand for the therapies, surgeries, and hospitalization, accounts for one of the key growth propellers. Increasing patents’ expectations and demand for more advanced hospital infrastructure is also one of the factors contributing to the market growth. Furthermore, technological advancements transpired the manufacturing processes for furnishings, bettering the techniques further provide significant impetus to the market growth.
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Increasing population and improving economic conditions that increase access to the quality, improving the quality life of people, foster the marker growth exponentially. On the other hand, the high cost of these furniture items slows the market growth especially in some of the low-income regions, making unaffordable to the hospitals with the limited budget allocated for healthcare. Nevertheless, favorable loan programs along with the funding from the public and private sectors are projected to increase the growth of the Hospital Furniture market throughout the forecast period.
Global Hospital Furniture Market – Key Players
The key players that are involved in Global Hospital Furniture market are Stryker (US), Bio Medical Solutions (India), KI (US), GPC Medical (India), Chang Gung Medical Technology (China), Hill-Rom (US), Narang Medical (India), Beaver Healthcare Equipment (UK), Renray Healthcare (UK), Bristol Maid Hospital Metalcraft (UK), The Brewer Company (US).
Industry/Innovation/ Related News:
June 4, 2018 – Cytecare Hospitals Pvt. Ltd (India), an Oncology firm dedicated to highly specialized, modern diagnostic services, treatment and care for Cancer announced that it has raised US$ 31 Mn. in a Series A round of funding led by global investment bank Goldman Sachs.
June 10, 2018 – Lutheran Health Network (US) one of the largest healthcare provider in the northeast region of Indiana announced receiving of US$ 500 Mn. capital investment from the Community Health Systems to upgrade hospital facilities including furniture.
In May 2018, XinChen Caster Wheels Company announced the development of Central Locking Casters Wheels for Medical and Hospital Furniture Use. Two new types of central locking caster wheels have been developed – the double central locking casters wheel and the single central locking casters wheels.
In August 2018, LKL International Bhd, a hospital furniture manufacturer received a contract worth RM 6.19 Million to supply beds and medical equipment to be constructed in Rawang.
Global Hospital Furniture Market – Segments
MRFR has segmented the report into four key dynamics for an easy grasp and enhanced understanding: –
By Types: Comprises Bed-side Tables, OT Tables, Instrument Stands, Stretchers, Hospital Beds, Chairs, Scrub Sinks, Waste Containers, and Trolley, among others.
By Applications: Physician Furniture, Patient’s Furniture and Staff’s Furniture among others.
By End-Users: Hospitals, Diagnostic Centers, and Clinics among others.
By Regions: North America, Europe, APAC and Rest of the World.
Global Hospital Furniture Market – Geographical Analysis
Globally North America leads the Hospital Furniture market with the significant market share. The Market is expected to grow phenomenally during 2017 to 2023. Attributing to the high healthcare expenditure and increasing demand for better infrastructure and furniture, the market is expected to perceive a healthy growth. Another important driver for the regional market growth is the rapid uptake of new technologies in the US.
Europe emerging as a lucrative market for Hospital Furniture will grow at a phenomenal CAGR. The resurging economy in the region is expected to foster the regional market growth.
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Asia Pacific market for the Hospital Furniture is expected to perceive the fastest growth by 2023 at a modest CAGR during 2017 to 2023. India and China backed by the huge population and the growing focus on improving the healthcare facilities.
Moreover, the fastest growing healthcare sector will provide impetus to the market growth. Vietnam, Thailand, and Malaysia among other South East Asian countries are projected to contribute significantly to the regional market growth. Besides the growing penetration of healthcare insurance is expected to drive the Hospital Furniture market in the in the Asia Pacific region.
Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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