Hospital Furniture Market size is set to grow by USD 8 billion from 2024-2028, Rise in international accreditation by hospitals boost the market, Technavio

NEW YORK, Aug. 6, 2024 /PRNewswire/ -- The global hospital furniture market size is estimated to grow by USD 8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.06% during the forecast period. Rise in international accreditation by hospitals is driving market growth, with a trend towards growing geriatric population. However, limited sustainability of smaller vendors in global hospital furniture market poses a challenge. Key market players include ActiveAid LLC, Arjo AB, Baxter International Inc., Biomedical Solutions Inc., Chang Gung Medical Technology Co. Ltd., GF Health Products Inc., GPC Medical Ltd., IndoSurgicals Pvt. Ltd., Industrias H. Pardo SL, Invacare Corp., LINET Group SE, Medline Industries LP, Narang Medical Ltd., NAUSICAA MEDICAL SAS, PARAMOUNT BED HOLDINGS CO. LTD., Renray Healthcare, STERIS plc, Stryker Corp., Sunrise Medical LLC, and The Brewer Co. LLC.

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Market Driver

The global population of older adults, defined as individuals aged 65 years and above, is growing at an accelerated rate. According to The World Bank Group, approximately 8.87% of the world's population falls into this category. This demographic trend is driven by increasing life expectancy and declining fertility rates. In developed and developing countries alike, older adults constitute a significant portion of the population. For instance, Japan and Germany each have over 30% and 22% of their populations aged 65 and above, respectively. The older population's increased dependency on healthcare services is a key driver for the hospital furniture market. Chronic conditions such as diabetes, arthritis, cancer, obesity, heart diseases, and asthma are prevalent among this demographic. As the immune system weakens with age, older adults are more susceptible to these diseases. Consequently, there is a growing demand for better healthcare services and hospital furniture, particularly beds, to cater to this population segment. In developing and underdeveloped nations, manual beds are the preferred choice due to their affordability. Older adults, who often require long-term care and home care, opt for manual beds over expensive automated hospital beds. However, the increasing disposable income and the rise of sophisticated healthcare facilities have made semi-automated hospital beds more accessible to consumers. As the consumption of all types of hospital beds increases with the growing older population, the global hospital furniture market is poised for substantial growth during the forecast period. The older population's health issues include arthritis, vision and eye diseases, body aches and muscle pain, Alzheimer's disease and dementia, and heart diseases. During hospitalization, patients require beds depending on the type of medical services, such as critical or intensive care, acute care, or long-term care. The rising older population across the world will drive the demand for home healthcare solutions, leading to increased sales of healthcare support products like beds. 

The Hospital Furniture Market is witnessing significant growth, with key products including Stretchers, Hospital Beds, Chairs, Scrub Sinks, Waste Containers, and Trolleys. The Beds segment is further segmented into ICU Beds, Fowler Beds, Ordinary Hospital Beds, Pediatric Beds, Maternity Beds, and more. The Chairs sector includes Birthing Chairs, Dialysis Chairs, Ophthalmology Chairs, ENT Chairs, Dentistry Chairs, Pediatric Chairs, Bariatric Chairs, and Geriatric Chairs. End users include Hospitals, Diagnostic Centers, and Clinics. Physician's Furniture includes Examination Stools, Lights, and Drawers, while Patient's Furniture includes Examination Sofas, Over-bed Tables, and Benches. Staff's Furniture includes Surgical Chairs and Examining Tables. This market caters to various end-users and applications, especially for those with chronic conditions like diabetes and cardiac arrest. Additionally, Wheelchairs and Walkers are essential mobility aids for patients. 

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Market Challenges

• The global hospital furniture market is a competitive industry, with major players like Arjo, Invacare Corporation, and Stryker holding significant market share. New entrants face challenges due to the high manufacturing costs for small and medium players, limiting their ability to produce in large quantities. Established players, such as Arjo and Invacare Corporation, are expanding their manufacturing facilities globally, particularly in developing countries. Inorganic growth strategies, including mergers and acquisitions, collaborations, and partnerships, are common for market leaders to broaden their product offerings and increase revenue. These factors create a challenging environment for new vendors, potentially leading to market consolidation and increased competition.
• The Hospital Furniture Market faces several challenges in catering to the unique needs of various healthcare settings. Chronic wounds such as diabetic foot ulcers, venous leg ulcers, and pressure ulcers require specialized wound care devices. Meeting these requirements calls for advanced medical technology and robust healthcare infrastructure. Medical carts, powdered beds, manual beds, electric beds, and semi-electric beds are essential for patient-centered care in acute and long-term care settings. Major industry players focus on addressing challenges like mobility, seating, transfer, and transport in bariatric beds, mobility equipment, and home care solutions. Elderly illnesses, obesity, paralysis, and therapy add to the complexity. Government initiatives and hospital and clinic investments in modern healthcare practices further influence market growth. Medical facilities prioritize patient expectations, hospital infrastructure, and costs, which include medical furniture like examination tables, operational tables, obstetric tables, and bedside tables, as well as instrument stands. Overall, the market demands innovative, cost-effective, and adaptable solutions for diverse patient needs.

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Segment Overview 

This hospital furniture market report extensively covers market segmentation by

1. Application 
• 1.1 Physician furniture
• 1.2 Patient furniture
• 1.3 Staff furniture
2. Product 
• 2.1 Hospital beds
• 2.2 Specialty medical chairs and tables
• 2.3 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Physician furniture- The Hospital Furniture Market is experiencing steady growth due to increasing healthcare infrastructure investments. Hospitals are focusing on providing comfortable and functional spaces for patients and staff. Key players in this market include Steelcase Health, INA International, and Herman Miller. They offer a range of products like beds, chairs, and storage solutions, designed to enhance the healthcare experience. Market trends include the use of antimicrobial materials and adjustable furniture for patient comfort and ease of use for healthcare staff.

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Learn and explore more about Technavio's in-depth research reports

The global Refurbished Medical Imaging Equipment market is experiencing robust growth due to cost-efficiency and technological advancements. Key drivers include increasing healthcare demands and budget constraints.

In contrast, the global Wooden Furniture is driven by rising consumer preferences for sustainable and aesthetically pleasing home furnishings.

Research Analysis

The Hospital Furniture Market has experienced significant growth due to the increasing prevalence of chronic diseases and the rising patient expectations for comfortable and high-quality healthcare environments. According to an Analyst Review, the market is expected to expand at a steady pace, driven by the need for hospital infrastructure upgrades and the impact of the pandemic on healthcare delivery. Elderly illnesses, obesity, and hospital admissions are key factors fueling the demand for mobility equipment and specialized furniture for hospitals and clinics. Regulatory compliance and insurance & reimbursement scenarios also play a crucial role in the market's dynamics. Hospital furniture designs continue to evolve, with a focus on patient care and comfort, including plain hospital beds, examination chairs, ophthalmic chairs, dental chairs, physician furniture, staff furniture, and examination couches. Developing economies and healthcare facilities such as nursing homes and medical centers are also significant contributors to the market's growth. The Hospital Beds segment is expected to dominate the market due to the increasing number of hospitalizations. Disposable income and the aging population further boost the demand for hospital furniture in both developed and developing economies.

Market Research Overview

The Hospital Furniture Market is witnessing significant growth due to the increasing prevalence of chronic diseases such as diabetes, cardiac arrest, and obesity, leading to an increase in hospital admissions. Patient expectations for comfort and mobility, especially for elderly illnesses and paralysis, are driving the demand for mobility equipment like bariatric wheelchairs and mobility scooters. Hospital infrastructure development and government initiatives are also contributing to market growth. The beds segment, including ICU beds, Fowler beds, ordinary hospital beds, pediatric beds, maternity beds, and bariatric beds, is a major application area for hospital furniture. The hospital chairs sector includes various types of chairs for specific medical applications such as birthing chairs, dialysis chairs, ophthalmology chairs, ENT chairs, dentistry chairs, pediatric chairs, bariatric chairs, and geriatric chairs. Hospital furniture is used for both patients and staff, including examination sofas, examination lights, drawers, benches, over-bed tables, physician's furniture, and examining tables. Surgical chairs, end users such as Hospitals, Diagnostic Centers, and Clinics, and insurance & reimbursement scenarios also influence market trends. Hospital furniture designs are evolving to include smart beds with advanced features and regulatory compliance. The market includes offline and online sales channels, and materials used include metal and wood. Bariatric surgery, patient lifts, and smart beds are other key applications.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Physician Furniture
• Patient Furniture
• Staff Furniture
• Product
• Hospital Beds
• Specialty Medical Chairs And Tables
• Others
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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