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Medical Furniture Market Size

Report ID: GMI3121
Published Date: Dec 2020
Report Format: PDF

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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.

Medical Furniture Market

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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.

Medical Furniture Market Report Attributes
Report Attribute	Details
Base Year:	2019
Medical Furniture 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:	Increasing prevalence of chronic diseases worldwide Rising number of hospital admissions globally Growing investments in healthcare infrastructural development in developing regions Increasing government support for hospitals covered under healthcare sector
Pitfalls & Challenges:	High cost of medical furniture

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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.

Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

Medical furniture industry share was valued at over USD 24.7 billion in 2019 and is poised to grow at a CAGR of around 6.7% through 2026.

The beds segment is likely to expand at nearly 8.4% rate through 2026 owing to the increasing number of patients admitted to hospitals for surgical procedures.

The wood segment accounted for over 22.5% of medical furniture industry share in 2019 and is set to witness exponential growth due to the comfort and flexibility provided by the material.

The ambulatory surgical centers segment registered USD 7.4 billion revenue in 2019 and is anticipated to grow appreciably as physicians can perform complex surgeries in limited time.

North America captured nearly 10.6% of medical furniture industry share in 2019 and is likely to grow significantly owing to the rising prevalence of chronic disorders, further resulting in hospitalizations.