Medical Furniture Market Research Report - Forecast to 2029 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Medical Furniture Market 
Industry / Sector Trends

Medical Furniture Market size was valued at USD 6.0 billion in 2018 and is expected to witness 5.7% CAGR from 2019 to 2025.

U.S. Medical Furniture Market Size, By Product, 2018 & 2025 (USD Million)

Advances in healthcare infrastructure in developed as well as developing countries will stimulate the medical furniture market growth in forthcoming years. Government in emerging economies such as China implements certain decisions that result in hospital infrastructure development as well as ensures availability of superior quality hospital facilities. In contrast, developed economies have well-developed hospitals. Community as well as State hospitals are equipped with best in class medical furniture. People have high preference towards such hospitals that augments the industry growth substantially.

Rising prevalence of chronic diseases such as cancer and diabetes should trigger the global market growth during the analysis period. Lifestyle changes have increased the risk of acquiring diseases that requires surgical procedures and critical monitoring. This scenario proves beneficial for the industry growth as it ultimately surges demand for medical beds, stretchers and trolleys. Key industry players willing to broaden their market share have ample opportunities in developing economies with huge patient pool and high hospital admission rate. Though, medical furniture industry has several growth opportunities, its growth can be restricted due to the commendable price of medical furniture.

Market Segmentation, Outlook & Regional Insights: Medical Furniture Market

Medical Furniture Market, By Product

Beds segment dominated the industry in 2018 with revenue size USD 3.1 billion owing to its growing demand in hospitals as well as other healthcare institutions. Every year, large number of patients are admitted in hospitals for surgical procedures. Increased patient stays in hospitals due to slow injury healing rate is expected to drive the demand for long-term beds. Aforementioned factors are forecasted to escalate the segment growth over forecast timeframe.

Trolleys and stretchers segment is expected to witness 5.7% growth throughout the analysis timeframe owing to its massive usage in emergency cases. According to Beckers Hospital Review, annually, around 16 million people get hospitalized in emergency departments. Thus, growing trauma cases elevates demand for trolleys and stretchers for patient transportation that proves beneficial for the segmental growth.

Medical Furniture Market, By Material

Metal segment dominated the industry in 2018 with revenue size USD 3 billion owing to its extensive usage in manufacturing superior quality lockers, tables, chairs and beds. Metal is durable and most preferred material in manufacturing the medical furniture as it increases lifespan of the furniture utilized in hospitals and ambulatory surgical centres. Apart from the above-mentioned factors, metal medical furniture is also easy to clean that positively impacts the segmental growth.

Plastic segment is expected to have 26.6% revenue share in 2018 and is forecasted to witness similar growth trends throughout the forecast timeframe. Medical furniture such as chairs are specifically used in administrative departments. However, low preference for plastic material due to low durability as compared to metal will restrain the segment growth to some extent.

Medical Furniture Market, By End-use

Hospitals segment was valued at USD 2.8 billion in 2018 and considerable revenue size can be associated with the increasing number of hospital admissions globally. Increase in the prevalence of chronic diseases and trauma cases has surged demand for medical furniture in hospital segment. The number of hospital admissions has increased drastically in 2018. Rise in the number of hospital admissions during this span has proportionately increased the demand for acute and long-term beds. Also, reimbursement available for surgical procedures have escalated the patient inflow in hospitals thereby, propelling the segmental growth.

Ambulatory surgical centres segment will have 6.5% growth during forecast timeframe owing to the benefits associated with ambulatory surgical procedures. Most of the procedures carried out in ASCs are fairly reimbursed that resolves the affordability issues in patients with lower income levels. Additionally, reduced length of patient stay in ASCs is one of the important factors driving the segmental growth.

Germany Medical Furniture Market Size, By End-use, 2018 (USD Million)

Medical Furniture Market, By Region

North America medical furniture market accounted for 26% revenue share in 2018. Considerable revenue share can be accounted to the well-developed healthcare infrastructure. Hospitals covered under public healthcare have the privilege to utilize government funds. Medical furniture is expensive and hence, this coverage proves beneficial for the industry growth. Moreover, favourable demographic trends such as rising geriatric population that is susceptible to chronic diseases boosts the regional growth.

Asia Pacific medical furniture market is expected to grow at 8.0% throughout the analysis timeframe. Considerable regional growth is attributable to increasing incidences of diseases and infections due to poor hygiene conditions in emerging countries such as India. This has escalated the number of hospital admissions positively influencing the regional market growth. Also, government in India, Australia and China is proactive enough that ensures availability of superior quality medical furniture in hospitals and ASCs that further propels the industry growth.

Asia Pacific Medical Furniture Market Size, By Country, 2025 (USD Million)

Key Players, Recent Developments & Sector Viewpoints: Medical Furniture Market

Prominent industry players operational in medical furniture market are Philips Healthcare, Johnson & Johnson, GE Healthcare, Luxor, Invacare Corporation, OMRON Corporation, Met-lak, Kovonax, Promotal, LINET, STERIS Corporation, Skytron, Hill-Rom Holdings, Getinge and Stryker. These players implement several strategic initiatives such as new product launch, geographic expansion and acquisitions to acquire potential market share. For instance, in November 2018, LINET has developed the new Virtuoso anti-decubitus mattresses that can help prevent and treat pressure ulcers issues. Thus, introduction of new products will foster companys revenue generation.

Medical Furniture Industry Viewpoint

Medical furniture industry can be traced back to early 1800s. Bed ridden patients in England were provided with beds with adjustable siderails between 1815 and 1825. Since then, not only beds but medical furniture has undergone numerous upgradations. Regardless of its historical existence, there have been several innovations integrated within the beds and furniture utilized in hospitals and ASCs. Currently, the industry is in developing stage and has experienced introduction of modern electric and semi-electric beds that have reduced manual efforts in hospitals.

Due to development in healthcare infrastructure, there has been drastic changes in the furniture utilized for administrative purposes in hospitals. Sophisticated chairs, tables and trolleys have been catered to public as well as private hospitals. Key industry players continuously invest in creating differentiation in the product offerings that has kept the industry growing. Medical furniture industry has several growth opportunities in emerging economies that has huge geriatric population. Also, trade policies and regulatory authorities in countries such as China, Brazil and India favour development in this industry that should be considered by companies trying to grab market share

Key Insights Covered: Exhaustive Medical Furniture Market

1. Market size (sales, revenue and growth rate) of Medical Furniture industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Medical Furniture industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Medical Furniture industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Medical Furniture industry.

Research Methodology: Medical Furniture Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.