The market is anticipated to grow with a CAGR of 5.6% from 2020-2027.
Medical Headwalls Market: Key Insights
According to The Insight Partners market research study of ‘Medical Headwalls Market to 2027 – Global Analysis and Forecasts by Product Type and Application,’ the market is anticipated to reach US$ 1,209.1millionby 2027 from US$ 787.1 million in 2019. The market is anticipated to grow with a CAGR of 5.6% from 2020-2027. The report provides trends prevailing in the global medical headwalls market and the factors driving the market along with those that act as hindrances.
The report provides trends prevailing in the global medical headwalls market and the factors driving the market along with those that act as hindrances. The market for medical headwalls is expected to grow, owing to factors such as increasing prevalence of chronic diseases, and growing hospital industry. Moreover, increasing number of super specialty and multi-specialty hospitals are likely to contribute to the growth of the market in coming years.
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Medical Headwalls Market Competitive Landscape
Class 1 Inc.; Amico Group of Companies; Hospital Systems, Inc.; Futrus, LLC; Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Schönn Medizintechnik GmbH; Drägerwerk AG & Co. KGaA; Wittrock Healthcare; Nexxspan Healthcare, LLC; Modular Services Company; and Interspec Systems are among the leading companies operating in the medical headwalls market. The market has observed some inorganic developments during recent years in the medical headwalls market. For instance, in March 2019, Atlas Copco acquired Class 1 Incorporated, a medical headwall company. This acquisition will result into further strengthening the position of both the companies in the market.
Growing Hospital Industry
The hospital industry in North America is growing. Although, the average hospital stay for a single person has been slightly decreased from 7 days to 5–6 days over the last couple of decades in the US, the total number of hospital admissions has increased to 36.5 million in 2017. An increase in the geriatric population is a major reason for driving the market in North America. For instance, according to the CDC, the total number of hospitals in 2014 was 5,627, and in 2019 the number has increased to 6,210.
The Indian hospital industry is also growing, owing to the factors such as rising investments on healthcare expenditure from government and private players, rising geriatric population, and rising number of hospitals. According to the Department of Industrial Policy and Promotion (DIPP), the hospital and diagnostic centers in India have attracted Foreign Direct Investment (FDI) of worth US$ 6 billion in the last couple of decades. Also, the Indian healthcare sector has witnessed 23 deals worth US$ 679 million until June 2018. Government initiatives have also helped drive the hospital industry in India. For instance, according to the Ministry of Health and Family Welfare, Government of India, a Memorandum of Understanding (MoU) has been signed between India and Cuba to increase cooperation in the areas of health and medicine.
Increasing number of Super Specialty and Multi-Specialty Hospitals
Multi-specialty hospitals offer more than two unique treatments in their hospitals; whereas, super specialty hospitals offer advanced subspecialties for a variety of disorders. The doctors in multi-specialty hospitals possess degrees such as MD medicine, MD Dermatology, and MS surgery. Whereas, in the super specialty hospitals, the doctors are super specialists and have degrees such as DM neurology, McH urology, DM gastroenterology, and McH neurosurgery as in super specialists— who have an education higher than an MD/MS.
Multi-specialty hospitals are the single doorway to the patients’ health care needs. They offer a wide range of treatment from newborn to the old aged population. These hospitals primarily focus on prevention, disease management, and appropriate clinical interventions.
Both multi-specialty and super specialty hospitals provide and promote quality care in health & wellness at an affordable cost to society. However, super specialty hospitals exist only in some countries and do not exist in other parts of the world. Thus, with growing healthcare needs and the rising preference for specialized treatment, the demand for medical headwalls is expected to grow during the forecast period.
Medical Headwalls Market: Segmental Overview
Based on application, the global medical headwalls market is been segmented into intensive care unit (ICU)/critical care unit (CCU), post-anaesthesia care unit (PACU), patient rooms, and other applications. In 2018, the intensive care unit (ICU)/critical care unit (CCU) segment held the largest share of the market and is expected to grow at the fastest rate during the forecast period.
Based on product, the medical headwalls market is segmented into horizontal and vertical. In 2019, the horizontal segment held a larger share of the market and is anticipated to witness a significant CAGR of 5.8% during the forecast period owing to the major applications of this product type in the hospitals.
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