Global Hospital Furniture Market- Forecast and Analysis (2020-2027)
Global Hospital Furniture Market was valued at USD 6.29 Bn in 2019 and is expected to reach at USD 10.18 Bn by 2027 at a CAGR of 6.2% over forecast period 2020-2027.
Global Hospital Furniture Market
The report covers an in depth analysis of COVID 19 pandemic impact on Global Hospital Furniture Market by region and on the key players revenue affected till April 2020 and expected short term and long term impact on the market.
Global Hospital Furniture Market Dynamics;
Hospital furniture makes up everything other than a hospital bed or treatment table. These items help any hospital, clinic, or healthcare facility stay functional and comfortable for both patients and staff alike. Various factors such as increasing prevalence of chronic diseases worldwide, rising number of hospital admissions, growing investments in healthcare infrastructural development and increasing government support for hospitals covered under healthcare sector are mainly driving the global hospital furniture market over forecast period. Advances in healthcare infrastructure in developed as well as developing countries is expected to boost the medical furniture market growth over forecast period. Government in emerging economies such as China, South Korea and India are implementing various regulations that result in hospital infrastructure development as well as ensures availability of superior quality hospital facilities.
However, factors such as high cost of medical furniture, less awareness about healthcare in several underdeveloped countries are restraining the market growth over forecast period.
Global Hospital Furniture Market is segmented by type, by application and by end user and by Region. By Type, Hospital Beds segment dominated the industry with revenue size of USD 3.1 billion in 2019 and is expected to keep its dominance over forecast period. Factors such as growing demand of beds in hospitals as well as other healthcare institutions, increasing number of patients admitted in hospitals for surgical procedures and increased patient stays in hospitals due to slow injury healing rate are driving the market growth of this segment over forecast period. In this pandemic many manufacturers are developing bed at low cost. For instance Stryker, one of the world’s leading medical technology companies, announced today it has developed a low-cost, limited-release emergency response bed to quickly aid healthcare providers with efficient care during the COVID-19 pandemic. Aforementioned factors are expected to create lucrative opportunities for market over forecast period. By end user, Hospitals end user held 41.67% of market share in 2019 and is expected to keep its dominance over forecast period owing to increasing number of hospital admissions globally.
By geography, North America held 34.65% of market share in 2019 and is expected to keep its dominance over forecast period. In North America developed economies such as United States and Canada have well-developed hospitals. Community as well as State hospitals are equipped with best in class medical furniture. Moreover, continuous development in technology, introduction innovative furniture, favourable demographic trends such as rising geriatric population are also driving the market growth in this region. North America is followed by APAC and Europe. APAC is expected to hold xx% of market share over forecast period owing to increasing incidences of diseases and infections due to poor hygiene conditions in emerging countries such as India. Also, government in India, Australia and China is proactively ensuring availability of superior quality medical furniture in hospitals and diagnostics center.
Report covers in depth analysis of key development, marketing strategies, value chain, supply chain and company profiles of market leaders, potential players and new entrants. Key players operating in this market are adopting various organic and inorganic growth strategies such as merger& acquisitions, collaborations, strategic alliances, expansion, joint ventures, new product launches, patent and diversification to increase regional presence and business opeartions. Anetic Aid Limited (UK) is emerging as leading market player in this market. Anetic Aid is a world’s leading UK-based manufacturer, designer and supplier of high-quality hospital equipment and furniture. They have harnessed the latest advances in materials and technology to design and develop products. Since opening doors in 1977, they had a passion for creating medical equipment to the highest standards of innovation, materials and workmanship.
The objective of the report is to present a comprehensive analysis of the Global Hospital Furniture Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Hospital Furniture Market dynamics, structure by analyzing the market segments and project Global Hospital Furniture Market. Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Hospital Furniture Market make the report investor’s guide.