Market Overview: In 2020, the global hospital furniture market exhibited significant strength, and a steady revenue Compound Annual Growth Rate (CAGR) is anticipated throughout the forecast period. The increased funding for healthcare infrastructure development is contributing to the growth of well-furnished and innovative hospital settings. Moreover, the rising number of private hospitals in underdeveloped and developing nations is expected to further propel market growth.
Hospitals’ most crucial aspect is their furniture, encompassing features utilized by doctors, patients, and hospital staff. Many hospitals design unique furniture to attract patients, and the increasing number of hospitals worldwide is a key driver for the global hospital furniture market. The prevalence of chronic and acute diseases and heightened patient expectations for hospital infrastructure are additional factors fueling market expansion.
Major Factors Driving Growth of the Global Hospital Furniture Market: The demand for medical furniture is anticipated to surge as hospital admissions increase and the number of Covid-19 cases rises globally. Emergency department visits are on the rise due to increased emergencies and a higher risk of acute conditions, necessitating efficient and high-quality medical infrastructure. Consequently, the demand for quality medical furniture is surpassing other sectors.
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Factors Restraining Growth of the Global Hospital Furniture Market: Several unfavorable factors, such as the rising cost of medical furniture, are hindering the substantial growth of the global hospital furniture market. The high cost of medical furnishings and a lack of understanding about healthcare in certain developing nations are limiting market expansion over the forecast period.
Opportunities for Players in the Global Hospital Furniture Market: The Covid-19 pandemic has significantly impacted the global medical furniture sector, with an increased need for advanced medical equipment and critical care. The surge in patients with respiratory illnesses and other comorbidities has created growth opportunities for medical furniture to meet the demands and comfort of patients.
Global Hospital Furniture Market Revenue Led by Material Type Segment: The wood segment is expected to dominate the market due to its widespread use in government hospitals for efficient equipment storage. Wooden furniture is preferred in public and government hospitals due to its advantages in patient comfort and flexibility, leading to higher adoption rates.
Global Hospital Furniture Market Leading End-Use Segment: Ambulatory surgical centers are projected to dominate the market, driven by their ability to execute complex surgeries quickly, insurance coverage for most surgeries, and the alleviation of affordability concerns for patients at lower income levels. The growing number of chronic illnesses requiring critical care in ambulatory surgery centers is expected to boost industry income.
North America Accounts for Largest Revenue Share in the Global Hospital Furniture Market: North America is expected to dominate the market due to the rising prevalence of chronic diseases, government measures like reimbursements for medical furniture, and the increasing number of hospitals, clinics, and ambulatory surgical centers.
Asia Pacific Continues to Lead in Terms of Revenue CAGR: The Asia Pacific market is forecasted to experience the fastest growth in CAGR, driven by rapidly growing economies, technological advancements, favorable demographic trends, and government initiatives in India and China to ensure top-quality medical furniture in hospitals and diagnostic centers.
Major Companies Profiled in the Report: Leading companies such as Hill-Rom, Paramount Bed, StrykerLinet Group, Stiegelmeyer, ArjoHuntleigh, Pardo, France Bed, Bazhou Greatwall, Malvestio, Winco, Silentia, Merivaara, KC-Harvest, Haelvoet, Mespa, EME Furniture, and others are contributing to the industry’s robust growth.
Strategies and Objectives of Major Companies: Companies like Invacare and LINET are adopting strategies to enhance their product portfolios, with Invacare launching the Ocean Ergo to broaden its medical furniture product assortment, and LINET showcasing advancements to the professional community in Hong Kong to expand its existing medical furniture products.
Detailed Segmentation in Our Report: The global Hospital Furniture Market is segmented based on product type, material type, application/end-use, and region.
Product Type Outlook:
- Hospital Bed
- Hospital Chair & Bench
- Hospital Cabinets
- Hospital Screen
- Hospital Trolley & Cart
- Others
Material Type Outlook:
- Wood
- Metal
- Plastic
- Others
Application/End-use Outlook:
- Hospital
- Clinic
- Ambulatory Surgical Centres
- Others
Region Outlook:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
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