Hospital Renovation Projects to aid in Expansion of the Global Hospital Furniture Market
The Global hospital furniture market has been witnessing upswings in the recent years and presents a positive outlook for the forthcoming years. According to Market Research Future (MRFR)'s analysis, the Global Hospital Furniture Market Size is poised to register a CAGR of 9.8% over the forecast period of 2017-2023. With the rapid increase in a number of hospitals and healthcare centers around the world, and emphasis being laid to provide improved facilities is the primary driving force behind the growth of the market. The government in various developing countries is encouraging new hospitals in the private sector in order to increase treatment facilities in accordance with the latest developments. Increasing patient expectations towards better hospital infrastructure also have a catalyzing effect on the growth of the global hospital furniture market.
In the midst of the urban environment, various old hospitals and healthcare institutions are renovating their outdated hospital furniture. Thus, renovation of hospitals also spurs the market growth. Other driving factors for the growth of the market include increasing healthcare expenditure, persistent development in technology and innovations in hospital furniture. Whereas, long life of furniture and the substantial cost associated with them are the most prominent hurdles to the growth of the global hospital furniture market.
Competitive Landscape
The prominent players operating in the global hospital furniture market include KI (US), GPC Medical (India), Stryker Corporation (US), Beaver Healthcare Equipment (UK), The Brewer Company (US), Beaver Healthcare Equipment (UK), DRE INC (US), Renray Healthcare Ltd. (UK), Moore Medical LLC (US), Bio Medical Solutions (India), GPC Medical Ltd (India), Anetic Aid Limited (UK), Hill-Rom (US), Chang Gung Medical Technology (China), Narang Medical (India), Bristol Maid Hospital Metalcraft (UK).
In the midst of the urban environment, various old hospitals and healthcare institutions are renovating their outdated hospital furniture. Thus, renovation of hospitals also spurs the market growth. Other driving factors for the growth of the market include increasing healthcare expenditure, persistent development in technology and innovations in hospital furniture. Whereas, long life of furniture and the substantial cost associated with them are the most prominent hurdles to the growth of the global hospital furniture market.
Segmentation
The global hospital furniture market has been segmented based on type, application, and end users. By type, the hospital furniture market has been segmented into bedside tables, OT table, instrument stands, stretchers, hospital beds, chairs, scrub sinks, waste container, trolley, and others. By application, the hospital furniture market has been segmented into physician furniture, patient’s furniture, and staff’s furniture. The physician furniture segment has been segmented into examination table, surgery chair and other. The patient furniture segment has been further segmented into stretchers, bedside table, and others, while the staff's furniture segment has been further segmented into stands and other. By end users, the hospital furniture market has been segmented into hospital, diagnostic centers, clinics, and others.
Regional Analysis
The global hospital furniture market spans across the regions of the Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas has commanded the dominant position in the global hospital furniture market. High healthcare spends, and soaring demand for better infrastructure and medical facilities have accelerated the market in the Americas. Europe and Asia Pacific account for nearly same share of the global hospital furniture market, but Asia Pacific market is expected to expand at a relatively faster rate than other markets. Growing burden of various diseases has resulted in higher demand for healthcare centers which has contributed to the growth of the market. Moreover, rapid development in the healthcare sector and rising healthcare expenditure in the developing economies of the region aid the expansion of the market. The presence of key players in the region and high investment in healthcare sector substantiates the growth of the Europe market. The Middle East & Africa market account for the least share of the market due to low expenditure on healthcare.
