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Medical Furniture Market: Global Opportunity Analysis and Industry Forecast, 2020-2027

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Jun 2021 | 61 Views
 
Author(s) : Onkar Sumant
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COVID-19

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Medical Furniture Market Outlook - 2027

Medical furniture is an essential element of any healthcare infrastructure like hospitals, clinics, specialty care centers. Medical furniture is an umbrella term referring all crucial goods and materials including movable assets or stationaries used in hospitals, diagnostic labs, physicians’ offices, waiting area, and patient ward and clinics to assist patients or doctors. Bariatrics, cleanability, ergonomics and aesthetics are among the various factors that are considered by the healthcare facilities before investing into the medical furniture. The healthcare infrastructure is designed by considering various attributes such as mobility, wide applicability and interchangeability of the furniture as a precautionary to adapt in certain immediate changes of emergency. Healthcare providers and facilities prioritize firstly, patient satisfaction with respect to therapeutics; secondly, the efforts for reducing the hospital-acquired infections and lastly, selection of furniture considering the bariatric patients. The infrastructure and the architectural design of a hospital facility, including its technology and equipment have effect on patient safety and health. Cognitive psychologists have recognized the significant impact on safety and human performance due to physical environment. By emphasizing on better facility design and reduction in latent conditions and cognitive failures, patient safety will improve notably.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value (USD)

  Segments covered

Product, Distribution Channels, Manufacturing Material, End users and Region

  Geographies covered

•             North America (U.S., Canada, Mexico)

•             Europe (France, Germany, UK, Italy, Spain, Rest of Europe)

•             Asia-Pacific (Japan, China, India, Australia, South Korea, Rest          of Asia-Pacific)

•             LAMEA (Brazil, South Arabia, South Africa, Rest of LAMEA)

  Companies covered

Getinge, GE Healthcare, Hill-Rom Holdings, Invacare Corporation, Johnson & Johnson, OMRON Corporation, Philips Healthcare, Promotal, Stryker Corporation and Skytron.

 

COVID – 19 scenario analysis:  

  • The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses
  • Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth
  • Over 4 million people affected globally, with 300 thousand losing their lives due to SARS-CoV-2
  • Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers
  • Majority of the medical devices manufacturers have started mass production of ventilators in order to reduce the gap between required ventilators and available ventilators
  • Due to diversion of medical field towards treating COVID-19,the funding to R&D activities related to medical infrastructure has been reduced, manufacture of ventilators essential for COVID-19 treatment has been prioritized and as a result, this segment have to face negligence subsequently causing negative impact on medical furniture market

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Technological advancements in field of infrastructure and the architectural design of a healthcare facilities all over the globe will lead the medical furniture market. The availability of well-equipped and developed hospitals, with best in class medical furniture, even the government run as well as state hospitals are equipped with the essential and updated infrastructure and medical furniture in the well developed economies. Additionally, regulatory authorities in developing economies like China have specific rules and regulations regarding healthcare infrastructure which ultimately result in hospital infrastructure development and imparts superior quality hospital facilities to the patients. High people preference towards hospitals owing to increasing diseases fuels the demand for medical furniture thereby pushing the industry growth.

Moreover, growing patient pool due to increasing prevalence of chronic diseases would drive the global market for medical furniture. Changes in lifestyle, and increasing patterns of diseases associated with lethargic and sedentary lifestyle have amplified the risk of chronic diseases and health concerns that mandates therapeutic operatives and health surveillance. These factors create abundant opportunities for the medical furniture industry to grow exponentially and expand in coming years as it eventually fuels the demand for medical furniture like stretchers, trolleys and beds. 

However, the durability of medical furniture is between ten to twelve years (in non-mechanized products such as stretchers, trolleys and chairs). This high durability results into long term life span of the products and thus, limits the repetitive purchase causing a negative impact on the medical furniture market. In addition, high investments related to cost of motorized products such as motor driven-chairs, stretchers are the other restrains hampering the growth of medical furniture market.

The market expansion strategies in developing economies with big patient pool adopted by key industry players aiming to expand their area of operation would have immense growth avenues in this market.  

Rising number of hospitals to augment the market growth

The increasing number of hospitals, specialty clinics, diagnostic centers and other healthcare service providers coupled with increasing number of fatal injury cases owing to factors such as rising road accidents and growing prevalence of chronic disorders are the prime factors in surging the demand for hospitalization which will positively impact the medical furniture market. Additionally, the rise in cases of physically challenged individuals requiring medical assistance and treatment often is one of the major factors behind rising number of hospitals in developed nations. According to Statista, the number of hospitals in 2009 was 5,795 and show meagre decline in 2012 shrinking to 5,723 in the U.S. These hospitals would need to update their furniture as well as buy some new furniture in the near future to meat industry standards. Similarly, as per Eurostat, rising healthcare expenditures and patient pool owing to increase in diseases would cause more hospital visits by the population resulting in monetary inflow in hospitals which will enhance their buying capabilities. Thus these factors will lead to boost in the growth for medical furniture market.

North American segment to have dominance in the market with highest market share

North America is expected to have significant growth in the market and holds highest market share in the regional segments. The dominance is due to factors like rise in the global prevalence of chronic diseases and higher adoption of technology and better equipment in the region resulting for higher demand for innovative treatment is propelling the market in the United States. Drastic rise in healthcare expenditure and high strain to achieve better health outputs at lower costs, availability of a well-developed infrastructure, presence of major industry in the healthcare settings are the other factors fostering the market growth for medical furniture in the near future.

Key segments:

Segments

Sub-segments

  Product

  • Beds
  • Chairs and Tables
  • Trolleys and Stretchers
  • Cabinets and Lockers

  Distribution Channel

  • Online
  • Offline

  Manufacturing Material

  • Metal
  • Plastic
  • Wood
  • Other

  End users

  • Hospitals
  • Ambulatory Surgical Centers
  • Diagnostic Laboratories
  • Clinics
  • Specialty Healthcare Centers

  Region

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

 

Key benefits of the report:

  • This study presents the analytical depiction of the global medical furniture market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global medical furniture market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global medical furniture market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed global market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the Medical furniture Market research report:

  • What are the leading market players active in the medical furniture market?
  • What the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps
 
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