Expansion of healthcare infrastructure, availability of advanced hospital furniture, and rise in number of hospital admissions are the factors that drive the growth of the global hospital furniture market.
PORTLAND, Ore., Nov. 24, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Hospital Furniture Market Product Type (Hospital Beds, Hospital Chairs, Hospital Tables, Stretchers, Medical Carts, and Others), Application (Physician’s Furniture, Patient’s Furniture, and Staff’s Furniture) and Sales Channel (Offline Channel and Online Channel): Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global hospital furniture market generated $8.1 billion in 2022 and is anticipated to generate $15.5 billion by 2032, witnessing a CAGR of 6.7% from 2023 to 2032.
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Prime determinants of growth
Expansion of healthcare infrastructure, wide availability of advanced hospital furniture, and rise in number of hospital admissions are the factors that drive the growth of the global hospital furniture market. However, high cost and maintenance of hospital furniture are expected to restrict the market growth. Moreover, the growth prospects in emerging markets are expected to present new opportunities in the coming years.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$8.1 billion |
|
Market Size in 2032 |
$15.5 billion |
|
CAGR |
6.7 % |
|
No. of Pages in Report |
278 |
|
Segments covered |
Product Type, Application, Sales Channel, and Region. |
|
Drivers |
Expansion of healthcare infrastructure Availability of advanced hospital furniture Rise in number of hospital admissions |
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Opportunity |
Growth opportunities in emerging markets |
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Restraint |
High cost and maintenance of hospital furniture |
Economic Downturn Analysis: Impact of Recession in 2023 on the Hospital Furniture Market
Recessions typically lead to budget constraints in the healthcare sector as governments, hospitals, and healthcare providers face financial pressure. During economic downturns, there is a heightened focus on cost containment and efficient resource allocation. As a result, hospital administrators may postpone or reduce capital expenditures, including the purchase of hospital furniture.
However, as economies recover, along with the expansion of healthcare facilities, the demand for hospital furniture will rise. This includes products from patient beds and surgical equipment to waiting room furniture and staff workstations.
In addition, healthcare providers are increasingly focusing on improving the overall patient experience, which includes creating comfortable and supportive environments, leading to demand for advanced hospital furniture products.
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The hospital beds segment to maintain its leadership status throughout the forecast period.
Based on product type, the hospital beds segment held the largest market share in 2022, accounting for nearly half of the global hospital furniture market revenue and is estimated to register the fastest CAGR of 7.5% throughout the forecast period. This is attributed to the rising prevalence of chronic diseases and aging population, driving the need for hospital beds. In addition, increasing number of hospital admissions and expansion of healthcare infrastructure is anticipated to propel the segment growth. Moreover, the increasing adoption of advanced medical technologies and the growing focus on patient comfort and safety have led to a preference for modern, feature-rich hospital beds.
The patient’s furniture segment to maintain its leadership status throughout the forecast period.
On the basis of application, the patient’s furniture segment held the largest market share in 2022, accounting for more than three-fifths of the global hospital furniture market revenue and is estimated to register the fastest CAGR of 7.1% during the forecast period, owing to increasing prevalence of chronic diseases resulting in increasing number of long-term care patients, rise in number of hospital admissions and necessitating specialized furniture to cater to their unique needs.
The offline channel segment to maintain its lead position during the forecast period
Based on sales channel, the offline channel segment accounted for the largest share in 2022, contributing to more than two-thirds of the global hospital furniture market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to increased healthcare infrastructure development, rise in hospital admissions, advancements in medical technology, the demand for specialized hospital furniture to meet patient needs, and the expansion of healthcare services in various regions.
On the other hand, online channels are anticipated to register the fastest CAGR of 7.2% during the forecast period, owing to rise in the popularity of online mode and number of users preferring the online mode of purchasing.
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North America to maintain its dominance by 2032
Based on region, North America held the largest market share in terms of revenue in 2022, accounting for more than one-third of the global hospital furniture market revenue and is projected to dominate the market during the forecast period. This is attributed to factors such as robust healthcare infrastructure, characterized by a high number of hospitals and medical facilities, thereby driving continuous demand for hospital furniture. Additionally, the presence of advanced medical technology and a focus on patient-centered care has led to the demand for specialized furniture that can integrate seamlessly with these technologies, supporting patient comfort and efficient healthcare delivery.
However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.6% from 2023 to 2032. This is attributed to the rapidly growing population, particularly in emerging economies, leading to increased demand for healthcare services and infrastructure development, including the construction of new hospitals and clinics. In addition, rise in healthcare awareness and the adoption of modern healthcare practices are encouraging healthcare facilities to invest in advanced furniture, including specialized items that enhance patient comfort and safety.
Leading Market Players: –
Narang Medical Limited.
Baxter International Inc.
Stryker Corporation
PARAMOUNT BED CO., LTD.
GPC Medical Ltd.
LINET Group SE
Arjo AB
Stiegelmeyer GmbH and Co. KG
GF Health Products, Inc.
Amico Group of Companies
The report provides a detailed analysis of these key players in the global hospital furniture market. These players have adopted strategies such as acquisition, agreement, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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