Market Trends and Insights
Growing number of hospitals and clinics across the globe are the key factors responsible for the growth of the global hospital furniture industry. Increased prevalence of various chronic diseases and increasing patient preferences for hospital infrastructure have also led to the expansion of the sector. Continuous technological developments and the launch of innovative furniture, such as eye surgery chairs and specialized hospital stretchers, has provided support for the growth of the industry. However, high prices and the need for long-term furniture have hindered the growth of the market.
Hospital furniture is the most critical component of a hospital. This covers all the essential elements used in the hospital, whether by the doctors, the staff, or the patient. Many hospitals are now developing their furniture to attract patients.
Market Research Future (MRFR) report on the global hospital furniture market (2017-2023) offers a detailed overview of COVID-19 impact on current and future market situations. The report analyzes key players, including a five-year global trend analysis that highlights market growth. The study also provides a forecast focusing on market opportunities for each region over the next five years.
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Covid-19 Analysis /Covid-19 Impact on the Global Hospital Furniture Market
COVID-19 impacted the world massively over the last five months. It has also influenced various sectors across the world, ultimately affecting the global economy. Some industries have experienced negative growth, while some have experienced considerable demand and have produced significant revenues at this time. Hospital furniture and equipment is one such field that has had a positive impact.
It will be inaccurate to assume that all healthcare systems around the world had sufficient hospital facilities to serve the respective patient population before COVID-19. However, some of the developed countries, such as the United States, Canada, Germany, the United Kingdom, and Japan, have had ample resources to handle and treat the patient population.
The World Health Organization announced a COVID-19 pandemic and global emergency in March 2020. At the time, thousands of people were affected, leading to a severe shortage of hospital furniture, including hospital beds, ICU beds, stretchers, wheelchairs, sanitation tools, and emergency work stations.
None of the healthcare systems have been prepared with adequate resources to accommodate such a rapid spike in patient hospitalization.
While the total amount of post-COVID-19 bed use is not currently available, it is estimated that hospital beds, including critical care beds and ICU beds, have risen by at least ten times in the countries most affected.
As per the National Health Profile (NHP) data,
- Throughout India, public health institutions had around 700,000 hospital beds.
- In both government and private hospitals, India has roughly 1.9 million hospital beds, 95 thousand ICU beds, and 48 thousand ventilators.
- Critical care beds make up 5–8% of the total hospital beds in India’s major medical facilities.
- ICU beds account for around 5% of hospital beds in both public and private hospitals in India.
- Approximately 50% of the ICU beds are equipped with ventilators.
The global hospital furniture market is segmented based on type, application, and end-users.
Based on type, the market for hospital furniture is segmented into bedside tables, OT table, instrument stands, stretchers, hospital beds, chairs, scrub sinks, waste container, trolley, and others.
Based on the application, the market for hospital furniture is segmented into physician furniture, patient’s furniture, and staff’s furniture. Physician furniture is divided into an examination table, a surgery chair, and others. Patient furniture is divided into stretchers, bedside tables, and others, and staff furniture is further classified into stands and others.
Based on end-users, the market is segmented into hospitals, diagnostic centers, clinics, and others.
Region-wise, the global hospital furniture market has been segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa.
Due to the availability and awareness of improved healthcare facilities, North America dominated the global market for hospital furniture. In addition, factors such as an increase in the number of specialty surgical procedures like orthopedic surgeries, neurology surgeries, and other specialty surgeries performed each year are increasing the demand for a new and advanced hospital furniture market in North America.
Europe and the Asia Pacific have almost the same market share, but Asia Pacific is projected to rise at the fastest CAGR. The growth of the Asia Pacific market is attributed to the emergence of rapidly developing economies.
Whereas, the Middle East and Africa have the lowest hospital furniture demand.
The key players in the global hospital furniture market are KI (US), Stryker Corporation (US), BioMedical Solutions (India), GPC Medical (India), Anetic Aid Limited (UK), Bristol Maid Hospital Metalcraft (UK), DRE INC (US), The Brewer Company (US), GPC Medical Ltd (India), Narang Medical (India), Chang Gung Medical Technology (China), Hill-Rom (US), Moore Medical LLC (US), Beaver Healthcare Equipment (UK), Renray Healthcare Ltd. (UK), Beaver Healthcare Equipment (UK).
On 5th May, IT giant Wipro revealed that it had signed a memorandum of understanding with Maharashtra (India) government to repurpose its Pune IT facility to the 450-bed COVID-19 hospital.
Huge sports complexes and stadiums such as the Arthur Ashes Stadium (New York) and its training center, comprising of 12 outdoor tennis courts, have been transformed into a 350-bed facility.
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The Telangana (India) government has converted the 14-story sports tower at Gachibowli Stadium into a 1,500-bed facility.
Iran had built a temporary 2,000-bed hospital for COVID-19 patients within Tehran ‘s International Exhibition Centre.
Ikea US donated USD 1.6 million-plus for goods and services to COVID-19 for relief efforts.
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