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In the era of modernization, healthcare is constantly upgrading its quality by consistently shaping the hospitals and clinics in an innovative way with furnished intensive care units, diagnostic room, operation-theater, pharmacy, etc. All of these consist of specifically designed furniture like patient waiting sofa, chairs, tables, recliner chairs, stool, stretcher, trolley etc. The designers are also improving their furniture design to provide the best comfort to the patients and their family. Moreover, in the recent days due to the pandemic situation hospitals are playing a crucial role but the beds are limited for suffering people. Hence, the demand for hospital beds along with other furniture is increasing day by day and is expected to boost the market growth of healthcare furniture during the forecast period.
Increasing prevalence of chronic diseases is resulting in the increasing number of patient admission in the hospitals and other healthcare facilities. The increasing number of inpatient admissions in the healthcare facilities is leading to rising demand for healthcare furniture including hospital/ medical beds, chairs, etc. On the other hand, market players like Stryker, are innovating various modern furniture to aid in ailment of medical treatment. Apart from this, increasing healthcare expenditure by developed as well as emerging countries on their infrastructure is fueling the demand and adoption of healthcare furniture globally.
However, increasing cost of raw material of furniture, along with long life span and multipurpose usability of furniture to limit the sales volume and subsequently, can restrain the growth of healthcare furniture market during the forecast period.
Key Market Driver -
Increasing number of admission in private and government healthcare facilities boosting the demand for healthcare furniture
Key Market Restraint -
High cost of raw material for healthcare furniture and longer shelf life
The major companies in the healthcare furniture market includes Stryker, Herman Miller, Inc., STERIS Corporation, GPC Medical Limited, Hill-Rom Services Inc., and other players.
The healthcare furniture market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America held a dominant share of the healthcare furniture market in 2020. The dominance is due to development in the healthcare infrastructure of U.S and Canada. Also, increasing number of private and government hospitals as well as rising number of different surgeries is boosting the market growth in this region. For instance, according to Definitive Healthcare data a total of 7,247 hospitals are present in the U.S. till august 2020. The market in Europe is expected to grow at a significant CAGR owing to dominance of major market players, with their advanced and diversified portfolio of healthcare furniture including beds, cabinets, etc. Asia Pacific is expected to grow at a higher CAGR during the forecast period owing to modernization of China and other countries’ healthcare infrastructure. However, the healthcare furniture market in Latin America and Middle East & Africa are expected to grow in during the forecast period, owing to increasing investments by public and private sectors for healthcare and hospital infrastructure development in countries including Saudi Arabia, U.A.E., Brazil, Argentina, among others.
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