According to the report, the global hospital furniture market was valued at US$ 9.5 Bn in 2019 and is projected to expand at a 4% CAGR during the forecast period.
Hospital Furniture Market: Introduction
According to the report, the global hospital furniture market was valued at US$ 9.5 Bn in 2019 and is projected to expand at a 4% CAGR during the forecast period. The hospital furniture is the most important component in hospitals. Hospital furniture is used by patients, staff, and healthcare providers. Hospital furniture, along with medical equipment plays a crucial role in the efficient and effective treatment of patients, and provides healthcare service providers a platform to perform all clinical work smoothly and in a hassle-free manner. Hospital furniture not only helps healthcare providers to perform their day-to-day clinical work with utmost safety, but also makes the patient comfortable during and after clinical treatment.
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Hospital furniture comprises hospital beds, chairs, examination and surgery tables, wheelchairs, patient lifts, stretchers, medical carts, and other items such as I.V. poles, and ward furniture. The growth of the global hospital furniture market can be attributed to rise in prevalence of chronic disorders such as end stage renal diseases, cancer, and cardiovascular disease, rapidly aging population, and rise in global disabled population. North America dominated the global hospital furniture market in 2019 and the trend is projected to continue during the forecast period. This can be ascribed to high prevalence of chronic disorders, comparatively high cost of the product compared to other regions, well-established healthcare infrastructure, and high per capita healthcare expenditure.
Rise in Global Disabled Population to Drive Market
The significant rise in the number of people with disabilities due to various reasons such as road accidents, sports injuries, septic conditions, and aging population are factors projected to fuel the growth of the market during the forecast period. The annual report on Disability Statistics, 2014, published by the University of New Hampshire pointed out that the disability rate increases with age. According to Disabled World, in 2017, about 12.6% people in the U.S. were living with disabilities.
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People suffering from disabilities will increasingly require mobility devices to conduct their day-to-day activities, as geriatric diseases often co-exist with obesity and disability. Hence, rise in obesity and lifestyle-related disabilities among those entering old age are expected to fuel the demand for rehab as well as bariatric wheelchairs, mobility scooters, and other bariatric mobility and assistive devices. Thus, rise in global disabled population across the globe is projected to drive the hospital furniture market during the forecast period.
Increase in Geriatric Population to Propel Global Market
The geriatric population in countries such as India and China has increased considerably over the past few years. The prevalence of various chronic as well as acute disorders is higher among the geriatric population, along with other health conditions such as cancer, thyroid, obesity, and diabetes. Elderly population with these health conditions require frequent healthcare services. According to the World Health Organization, the geriatric population (people aged above 60) is expected to double by 2050, from 0.96 billion in 2017 to 2 billion in 2050. Globally, the geriatric population is increasing at a faster rate than the younger population. The geriatric population accounts for 13% of the global population, and is increasing at a considerable rate every year. Moreover, the number of persons aged 80 and above is estimated to triple by 2050, from 137 million in 2017 to 425 million by 2050.
Presently, Europe has a significantly large geriatric population. Aging is associated with declining support for long-term caregiving from families and highly expensive formal long-term caregiving services. Hence, these structural changes in society are likely to lead to a rise in demand for healthcare services and ultimately escalate the demand for hospital furniture.
Beds to Lead Global Market
In terms of product, the global hospital furniture market has been classified into beds, patient lifts, tables, chairs, medical carts, stretchers, and others. Beds is projected to be the leading segment during the forecast period. The beds segment is further sub-segmented into ICU beds, fowler beds, plain hospital beds, pediatric beds, mattresses, and others. Others comprises low beds, bariatric beds, and psychological beds. The beds segment is dominated by ICU beds. High cost and rise in demand for ICU beds and high prevalence, and increase in occurrence of chronic disorders requiring critical care services are anticipated to drive the beds segment during the forecast period. The Covid-19 pandemic across the globe has significantly driven the demand for hospital beds all over the world. Majority of leading companies have almost doubled their hospital bed production capacity in order to meet the ongoing global demand.
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Hospitals & Specialty Clinics to be Major End Users
Based on end user, the global hospital furniture market has been divided into hospitals & specialty clinics, ambulatory surgery centers, and others. The hospitals & specialty clinics segment held the largest market share in 2019 and the trend is anticipated to continue during the forecast period. The growing number of hospitals coupled with increased hospitalization for various chronic disorders and rising healthcare access in emerging countries are likely to drive the segment during the forecast period.
Hospital Furniture Market: Prominent Regions
The global hospital furniture market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global hospital furniture market in 2019, followed by Europe. Well-established healthcare infrastructure, early adoption of technologically advanced products, steep rise in hospitalization among the population in North America due to various chronic disorders, and presence of large number of domestic as well as multinational players operating in the market are responsible for the dominance of North America in the hospital furniture market. The market in Asia Pacific is projected to expand at the highest CAGR during the forecast period, owing to a large patient pool of cancer, cardiovascular diseases, and infections in India, China, Australia, and New Zealand, rise in per capita health care expenditure and increase in access to healthcare. The market in Latin America and Middle East & Africa is anticipated to grow at a moderate pace during the forecast period.
Merger and Acquisitions by Key Players to Augment Global Market
The global hospital furniture market is fragmented in terms of number of players. A large number of players account for significant share of the global market. Key players operating in the global hospital furniture market include Stryker Corporation, Hill-Rom Holdings Inc., Invacare Corporation, ARJO AB, Steris Plc., Drive DeVilbiss Healthcare, GF Health Products, Inc., Medline Industries, Inc., NAUSICAA Medical, and Sunrise Medical (US) LLC.
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