Enjoy complimentary customisation on priority with our Enterprise License!
The hospital furniture market size is forecast to increase by USD 8 billion, at a CAGR of 8.06% between 2023 and 2028. The expansion of the market hinges on various factors, including the increasing adoption of international accreditation standards by hospitals, the utilization of Internet platforms to enhance awareness of hospital infrastructure, and the rising prevalence of infectious diseases. These dynamics drive the demand for healthcare services and infrastructure, fostering growth opportunities within the healthcare sector. By adhering to global accreditation standards, hospitals can improve their reputation and attract more patients. Additionally, leveraging online platforms enables hospitals to reach a broader audience and showcase their facilities and services effectively. Moreover, the growing incidence of infectious diseases underscores the need for robust healthcare systems and facilities, further fueling market growth. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
To learn more about this report, View Report Sample
In the wake of the ongoing pandemic, hospitals and clinics face increasing demands to cater to patients with chronic diseases. As patient expectations evolve, there's a growing need for mobility equipment to address elderly illnesses and conditions like obesity and paralysis. This surge has led to a rise in demand for specialized equipment such as bariatric wheelchairs and mobility scooters. Consequently, the market, encompassing medical furniture costs and segments like beds, chairs, and instrument stands, witnesses significant growth. From ICU beds to birthing chairs, the sector must adapt to meet diverse patient needs efficiently while ensuring comfort and functionality.
The rise in international accreditation by hospitals is the key factor driving the growth of the market. Many hospitals around the world strive to develop world-class infrastructure, quality of service, and amenities to serve their patients and adhere to the standards set by the Joint Commission International (JCI) for attracting and attracting medical tourists. Currently, worldwide has over 1,000 hospitals with JCI accreditation. The number of hospitals accredited by JCI is increasing as more hospitals seek accreditation
Moreover, one of the main components of infrastructure is hospital equipment, which consists of hospital beds, bedside tables, examination tables, and chairs. Additionally, the accreditation offered on the company's website strengthens customer confidence in the hospital, helping it accept more patients in need of care. Accrediting factors will play an important role in driving the growth of the market during the forecast period.
The rising number of medical emergencies is the primary trend in the market. To provide advanced services and advanced equipment such as motorized beds and modern hospital beds, medical facilities are upgrading their emergency, critical care, acute care, and surgical facilities. These facilities are much needed for the treatment of medical emergencies. Hospitals and other emergency medical centers are taking precautions and providing the necessary equipment to deal with medical emergencies.
Furthermore, semi-automatic beds are used in acute care facilities, and manual hospital beds are required for long-term care in hospitals and home care facilities. The demand for hospital beds is increasing due to the increase in emergency rooms to deal with the increasing number of medical emergencies. Market players and manufacturers of these products are responding to this demand by increasing their production volumes, driving the growth of the global market during the forecast period.
Distribution issues faced by developing countries is a challenge that affects the growth of the market. Most product suppliers are in the US and Europe. Almost all major countries in APAC, especially China, India, and Bangladesh, impose high import tariffs on this equipment. Asian countries are subject to very high most-favored-nation duties as well as additional duties such as special taxes, landing charges, and countervailing duties, making the importation of these products very expensive.
Moreover, countries such as Qatar, Oman, Saudi Arabia, and the United Arab Emirates have no sales tax or additional tariffs other than the MFN tariff rate. However, the logistics complexity of the accessories and other consumables used in the process makes the distribution network inefficient. Therefore, such factors are expected to impede the global market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The physician furniture segment is estimated to witness significant growth during the forecast period. Physician furniture includes hospital furniture, such as examination tables and physician chairs. The adoption of automated beds in intensive care units and critical care units in hospitals will be driven by the increasing number of multispecialty and super specialty hospitals in developing countries in Asia, such as India and China.
Get a glance at the market contribution of various segments View the PDF Sample
The physician furniture segment was the largest segment and was valued at USD 6.00 billion in 2018. The rising number of acute care facilities will propel the sales of semi-automatic hospital beds and the growing trend of home healthcare is expected to increase the use of manual hospital beds in clinics. Favorable market conditions provide healthcare providers with a growth platform to expand their services. Rising healthcare spending due to stable economic conditions and increasing disposable income is expected to drive market growth in emerging markets, which in turn, will fuel the growth of the market segment during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 28% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The region has seen a rise in health spending and advanced healthcare facilities and services, for example at intensive care, acute care, critical care, and long-term care centers. In particular, increasing healthcare investment by countries like the US and Canada will be a major factor for market growth in the region. Furthermore, the growth of multi-specialty and sub-specialty hospitals is supported by rising personal healthcare spending in North America. Patients will have access to better medical facilities, as healthcare spending is higher in this region compared to other regions. This contributes to the continued demand for such as hospital beds, mobility aids, and other ancillary products. Hence, such factors will drive the growth of the regional market during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
You may also interested in below market reports:
In the realm of healthcare, the hospital furniture designs market plays a vital role in ensuring patient comfort and safety while catering to the diverse needs of hospital beds, chairs, and assistive equipment. Governments, alongside healthcare providers, focus on addressing the needs of the geriatric population and managing chronic conditions like diabetes and cardiac arrest. From beds with enhanced mobility features to smart beds equipped with wireless connectivity and Early Sense monitoring systems, innovation drives the industry forward. With a keen eye on hygiene, ergonomics, and wound care management, hospitals embrace electric and motorized beds, underscoring the importance of patient well-being in both developing economies and developed countries.
Further, the market is intricately linked to healthcare delivery and patient care, with government regulations and analyst reviews shaping its landscape. As hospital admissions rise and the prevalence of chronic diseases increases, demand for essential furniture like plain hospital beds, examination chairs, and ophthalmic chairs surges. Regulatory compliance drives innovation in hospital beds segment, ensuring safety and comfort for patients in healthcare facilities and nursing homes. Factors such as disposable income and insurance & reimbursement scenarios influence purchasing decisions, reflecting the market's responsiveness to economic and regulatory dynamics in providing essential furniture for optimal patient care.
Additionally, from therapy aids to bariatric mobility and assistive equipment, hospitals cater to diverse needs. Stretchers, scrub sinks, waste containers, and trolleys facilitate seamless operations, while various bed types, including Fowler, pediatric, and maternity beds, accommodate patient needs. Specialized chairs for dialysis, ophthalmology, ENT, and dentistry ensure patient and caregiver comfort. Additionally, patient and staff furniture, examination sofas, lights, and tables are essential for diagnostic centers and hospitals. With a focus on wound care management, electric and motorized beds with smart features enhance the patient experience, reflecting modern healthcare practices and robust healthcare infrastructure. Major players drive innovation through product launches and agreements, catering to evolving patient needs in both emerging and developed economies.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
170 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 8.06% |
|
Market growth 2024-2028 |
USD 8 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
7.1 |
|
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 28% |
|
Key countries |
US, Germany, China, Canada, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
ActiveAid LLC, Arjo AB, Baxter International Inc., Biomedical Solutions Inc., Chang Gung Medical Technology Co. Ltd., GF Health Products Inc., GPC Medical Ltd., IndoSurgicals Pvt. Ltd., Industrias H. Pardo SL, Invacare Corp., LINET Group SE, Medline Industries LP, Narang Medical Ltd., NAUSICAA MEDICAL SAS, PARAMOUNT BED HOLDINGS CO. LTD., Renray Healthcare, STERIS plc, Stryker Corp., Sunrise Medical LLC, and The Brewer Co. LLC |
|
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.