Hospital Furniture Market
Hospital Furniture Market (Product: Beds, Patient Lifts, Tables, Chairs, Medical Carts, Stretchers, and Others; and End User: Hospitals & Specialty Clinics, Ambulatory Surgery Centers, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Bamboo Furniture Solves Issue of Scarcity of Beds during COVID-19 Pandemic
The coronavirus (COVID-19) pandemic has exposed the vulnerability of hospitals worldwide. This has caused a scarcity in resources such as hospital furniture and PPE (Personal Protective Equipment). Hence, research teams and product designers in the hospital furniture market are putting their creative minds in action to innovate in beds and wheelchair. For instance, Ravi Mokashi Punekar- a professor and product designer at IIT-Guwahati’s Department of Design, has constructed beds, examination tables for patients, and IV (Intravenous) fluid stands from bamboo, owing to its sustainability. Thus, manufacturers in the hospital furniture market should take cues from such innovators to boost their credibility during the ongoing COVID-19 era.
Hospitals in India are suffering from a major shortage for beds and other equipment. In such cases, sustainable innovations are receiving their fair share of limelight, where beds and computer tables made from bamboo can be used in isolation wards and quarantine centers to house large number of patients.
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Coronavirus Pandemic Fuels Demand for Easy-to-Manage Quarantine Beds
As the COVID-19 cases continue to escalate in India, manufacturers are capitalizing on the unprecedented demand for beds and partitions. For instance, Nilkamal-an India-based furniture brand has introduced exclusive products such as the COVID Quarantine Bed, VirusGUARD partition, and the 7 position isolation bed to meet urgent requirements of hospitals. Due to the overwhelming number of COVID-19 cases, hospitals are cash-strapped. Hence, manufacturers are introducing beds that are economical and only take minutes to assemble.
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Manufacturers are scurrying to increase their production capacities to meet the emerging need gap caused by the coronavirus pandemic. This has helped manufacturers to secure loyal business relations with hospitals and will help manufacturers to have long-term contractual deals with hospitals in the future. Companies have been working round-the-clock to devise unique hospital furniture solutions that are an outcome of rigorous R&D. They are developing innovative COVID quarantine beds that are easy to store, use, and transport.
Ergonomically-sound Furniture Adapt to Ever-evolving Patient Requirements
The hospital furniture market was valued at US$ 9.5 Bn in 2019 and is projected to reach a value of US$ 16.1 Bn by the end of 2030. As such, the Indian healthcare sector is advancing at a brisk pace, since stakeholders are increasing their expenditure capacities and bettering the healthcare settings in tier 1 & tier 2 cities. However, most hospital furniture and equipment are often incompatible to the changing needs of patients and emerging as a challenge for furniture manufacturers. Hence, manufacturers in the hospital furniture market are increasing their focus in ergonomically-sound furniture to suit the needs of patients. For instance, in August 2019, the Godrej Interio Healthcare Experience Center was launched in India where the two-in-one manual and motorized bed was highly publicized at the event.
State-of-the-art healthcare centers are being launched in India to improve patient outcomes.
High Ratio of Patients to Available Facilities Creates Revenue Opportunities in India
Providing utmost patient comfort and safety are key takeaways that manufacturers in the hospital furniture market have focused their innovations on. Companies, such as Inspace Healthcare Furniture-a hospital furniture manufacturer in Chennai, India, are increasing their production capabilities to deliver hassle-free availability of furniture and equipment even at a short notice. Quality assurance in furniture is another key aspect, which is helping manufacturers gain regional and global recognition.
Companies in the hospital furniture market are tapping into value-grab opportunities in developing economies such as India, since the ratio of patients to the facilities available is significantly low. Hence, manufacturers are capitalizing on this opportunity and are innovating in cutting-edge furniture that enhances the healing environment in hospitals. They are increasing awareness about preventive maintenance practices to extend the lifespan of hospital furniture.
Complete Interior Concepts Crucial in Designing High-end Care Beds for Patients
Emerging players in the hospital furniture market are increasing their focus in both sleeping and sitting furniture. For instance, high-end healthcare furniture provider Moments Furniture is acquiring proficiency in functional designs for products to manifest comfort for hospital patients. Such innovations are bolstering growth for the hospital furniture market, which is slated to register a high CAGR during the assessment period. As such, hospital furniture manufacturers are broadening their portfolio in complete interior concepts made, especially for the care sector whilst keeping the ergonomics and comfort in mind.
Manufacturers are collaborating with experts in the field of hospital furniture in order to gain a competitive edge over other market players. They are setting their collaboration wheels in motion to partner with specialists in high-end care beds integrated with the cutting-edge technology.
High Obese Population in U.S. Fuels Innovations in Hospital Furniture
The trend of contract production is becoming increasingly commonplace in the hospital furniture market. The concept of personalized furniture is growing popular in the market landscape, with larger emphasis on the quality and refined finish of products. Manufacturers are adopting well thought-out concepts that revolve around the look, comfort, and hospitality of end users. High-performing hospital furniture is helping manufacturers gain global recognition. Washington-based manufacturer, Everett Office Furniture, is increasing its R&D efforts to develop high-performing hospital furniture since a significant percentage of the U.S. population is obese.
Traditional hospital furniture has disadvantages of causing skin ulcers to patients who are overweight, owing to extra furniture pressure on the already fragile skin. Hence, companies are increasing efforts to improve the functionality and aesthetics of healthcare furniture for obese. This bodes well with hospitals who are investing in furniture that accommodates several hundred pounds of patient weight.
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Leading furniture groups in India are earmarking funds for community support and relief initiatives amidst the coronavirus pandemic to focus on the betterment of public health and essential supplies in hospitals. In order to enhance the interiors of hospitals, end users are investing in visually appealing hospital furniture, which is replacing monotone furniture. As such, conventional hospital furniture for the obese is prone to risks of breaking underneath due to excessive weight of patients. Hence, companies should develop high-performing bariatric healthcare furniture, which is capable of withstanding heavy weight. Manufacturers should focus on sustainable designs for furniture to reduce VOC (Volatile Organic Compounds) emission from non-sustainable materials.
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 2020 to 2030. 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.
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.
Hospital Furniture Market – Scope of the Report
TMR’s 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.
The report has been prepared after primary and secondary researches. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global hospital furniture market.
Secondary research also includes Internet sources, statistical data from government agencies, websites, and trade associations. Analysts have also employed a combination of top-down and bottom-up approaches to study various phenomena in the global hospital furniture market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Additionally, the report sheds light on changing competitive dynamics in the global hospital furniture market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the global hospital furniture market. The next section of the global hospital furniture market report highlights the USPs, which include list of distributors, pricing analysis, top players operating in the market, epidemiology of chronic diseases, by key countries/region and COVID-19 pandemic impact on industry (value chain and short/mid/long-term impact).
The report also delves into the competition landscape of the global hospital furniture market. Key players operating in the global hospital furniture treatment market have been identified, and each one of these has been profiled for their distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global hospital furniture treatment market report.
Key Questions Answered in Global Hospital Furniture Market Report
- What is the sales/revenue generated by different hospital furniture across all the regions during the forecast period?
- What is the volume (Units) of different hospital furniture across all regions during the forecast period?
- Which is the most attractive market, in terms of product and end user from 2020 to 2030?
- What is the impact of COVID-19 pandemic on the global hospital furniture market?
- What are the major drivers, restraints, and opportunities in the global market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which segment will have the highest revenue globally in 2030 and which segment will expand at the fastest CAGR during the forecast period?
Hospital Furniture Market – Research Objectives and Approach
The comprehensive report on the global hospital furniture market begins with an overview of the market, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives of the study and healthcare compliances laid down by accredited agencies in the purview of research in the global hospital furniture market. It is followed by market introduction, market dynamics, and an overview of the global hospital furniture market, which includes TMR analysis of market drivers, restraints, and trends affecting the growth of the market. Furthermore, Y-o-Y analysis with elaborate insights has been provided to understand the Y-o-Y trends of the hospital furniture market. The next section of the global hospital furniture market report highlights the USPs, including list of distributors, pricing analysis, top players operating in the market, epidemiology of chronic diseases, by key countries/region, and COVID-19 pandemic impact on the industry.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller ones. The entire report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the entire compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
The report analyzes the global hospital furniture market in terms of product, end user, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2030 has been provided. These valuable insights would help market stakeholders in making informed business decisions for investments in the hospital furniture market.
Hospital Furniture Market – Segmentation