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Medical Furniture Market Size
Medical Furniture Market size exceeded USD 24.7 billion in 2019 and is projected to witness 6.7% CAGR from 2020 to 2026.
The furniture designers are persistently innovating to provide a safe, better and more comfortable experience for patients. From functionality to aesthetics, medical furniture has a higher impact on nearly every aspect of any healthcare facility. Rising funding for the improvement of healthcare infrastructure is further resulting in the development of well-furnished, well-equipped as well as advanced infrastructure in the hospital settings. Similarly, a continuous rise in the number of private hospitals across underdeveloped and developing economies will positively drive the market growth over the coming years.
| Report Attributes | Details |
|---|---|
| Base Year: | 2019 |
| Market Size in 2019: | 24.8 Billion (USD) |
| Forecast Period: | 2020 to 2026 |
| Forecast Period 2020 to 2026 CAGR: | 6.7% |
| 2026 Value Projection: | 38.8 Billion (USD) |
| Historical Data for: | 2015 to 2019 |
| No. of Pages: | 186 |
| Tables, Charts & Figures: | 135 |
| Segments covered: | Product, Material, End-use, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The recent outbreak of COVID-19 across the world has significantly impacted the overall medical furniture market value. The number of patients requiring advanced medical furniture and intensive care has increased tremendously. The ongoing COVID-19 outbreak has also led to a surge in the number of patients suffering from different respiratory conditions allied with other comorbidities. Therefore, to address the patient needs and comfort the demand for medical furniture has surged creating several the industry growth opportunities.
Medical Furniture Market Trends
An increasing number of hospital admissions and an escalating number of COVID-19 cases worldwide will boost the demand for medical furniture to a greater extent. Rising patient admission is particularly observed in emergency departments due to a stupendous rise in emergency visits with a higher rate of acute conditions such as heart attacks, strokes along with the current COVID-19 outburst. Medical furniture includes superior products such as beds and surgical tables that assist in the treatment as well as recovery of patients suffering from other chronic conditions. As a result, the demand for superior quality medical infrastructure is prevailing the overall industry demand. Also, with improvements in medical technology, healthcare services and survival rate it is predicted that the medical furniture business in near future will have numerous growth opportunities.
Medical Furniture Market Analysis
The beds segment in the medical furniture market will observe around 8.4% growth rate till 2026 led by the large number of patients admitted in hospital settings for surgical measures. Medical furniture including medical beds are available in a wide range including hospital beds, nursing home beds, community beds, stretchers and paediatric beds. These beds consist of unique accessories that are designed to assist and support the patient’s long hospital stay impelled by slow injury healing rate that secures the market value. Different characteristics of medical furniture including enhanced ergonomics, ease of use and effective risk management foster the overall market revenue. Moreover, the COVID-19 situation will prove beneficial for market progression as it highly requires medical beds and other medical furniture for better patient care.
The wood material segment held more than 22.5% of the medical furniture market share in 2019. Government hospitals have usage to a variety of wooden chairs, wooden compartments, beds, cabinets for efficient storage of equipment. Due to the limited number of resources in public and government hospitals, preferences for wooden furniture proves profitable for the market expansion. Wooden chairs provide patient comfort and ease of flexibility for better relaxation thereby, surging its adoption rate. However, changing climatic conditions affect the material and may result in patient discomfort that will restrict the market demand to a certain extent.
The ambulatory surgical centers end-use segment valued at USD 7.4 billion in 2019. Patients and physicians are increasingly preferring ambulatory surgical centres owing to the ability to perform complex surgeries in a limited time span. Most of the surgical procedures being carried out in ambulatory surgical centres are reimbursed. Similarly, it resolves patients concern related to affordability issues with lower or minimum income levels accelerating the market value. Furthermore, increasing cases of chronic disorders requiring critical care and effective patient management at regular intervals at ASCs will impel the industry revenue.
North America medical furniture market accounted for around 10.6% revenue share in 2019. Increasing prevalence of chronic disorders such as diabetes, obesity and others resulting in hospitalizations will surge the demand for medical furniture. The significant market share is attributed to favourable government policies such as reimbursements offered for medical furniture and other equipment. In addition, rising number of hospitals, clinics and ambulatory surgical centres in the U.S. and Canada will boost the demand for medical furniture to a greater extent.
Strong foothold of industry players such as Invacare and others proves beneficial for the market as different participants launch superior quality medical furniture products for effective patient care propelling the industry growth.
Medical Furniture Market Share
Some of the prominent companies functioning in the medical furniture market include:
- STERIS
- Skytron
- GPC Medical
- Herman Miller
- Invacare Corporation
- Kovonax
- Getinge
- Stiegelmeyer
- Met-lak
- Stryker
- Biomedical Solutions
- Promotal
- Hill-Rom Holdings
- LINET
These market leaders are adopting various growth strategies and opportunities to capture higher revenue share in medical furniture business.
Some of the recent industry developments:
- In October 2018, Invacare launched Ocean Ergo that has six latest modular shower chair commodes especially designed to enhance user independence, comfort and safety. The product launch enabled company to expand its existing medical furniture product portfolio.
- In May 2018, LINET presented its innovations at an event conducted in Hong Kong Medical Devices and Supplies that targeted the professional community. This strategy expanded company’s current offerings in medical furniture business.
The medical furniture market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:
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Market, By Product, 2015-2026 (USD Million)
- Beds
- Acute Care Beds
- Long-term Care Beds
- Psychiatric Care Beds
- Bariatric Beds
- Others
- Chairs
- Tables
- Trolleys and Stretchers
- Cabinets and Lockers
- Others
Market, By Material, 2015-2026 (USD Million)
- Wood
- Metal
- Plastics
Market, By End-use, 2015-2026 (USD Million)
- Hospitals
- Homecare
- Ambulatory Surgical Centers
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- The Netherlands
- Poland
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
- Qatar
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