|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The medical furniture market is projected to register a CAGR of 5.6% during the forecast period (2022 - 2027).
The healthcare system has witnessed enormous challenges as a result of the COVID-19 pandemic. All outpatient treatments were postponed or restricted during the COVID-19 pandemic to reduce the risk of viral transmission, as most chronic pain therapies were regarded as non-urgent. There was a huge barrier for people with disabilities in accessing health care services and information. Also, they had a higher risk of suffering from depression because of the social distancing and associated isolation protocols. According to the World Health Organisation’s report on “Hospital Beds, Stretchers, and Mattresses During the COVID-19 Pandemic,” published in October 2020, there might have been an increase in demand for medical furniture such as hospital beds, stretchers, and mattresses, to provide adequate healthcare support to the people through hospitals and other temporary expansion sites. Such large-scale expansions called for an influx of medical furniture, which positively impacted the growth of the medical furniture market.
The major chronic diseases such as cancer, cardiovascular diseases, chronic lung disease, stroke, Alzheimer’s, diabetes, and chronic kidney disease are on the rise all over the world, which is adding to the growth of the medical furniture market. According to the GLOBOCAN 2020 report, the total number of people in the world affected by cancer in 2020 accounts for around 19,292,789 cases. The number is estimated to rise to 28,887,940 cases by 2040. According to the International Diabetes Federation (IDF) Diabetes Atlas Tenth edition 2021, in 2021, around 537 million adults all over the world were found to have diabetes, with the numbers projected to grow to 643 million by 2030 and 783 million by 2045. The large population affected by chronic diseases and the increase in the necessity of medical furniture for the ease of diagnosis and treatment of such diseases is expected to propel the growth of the medical furniture market.
As per the data from the World Bank, data updated in April 2021, the number of people above the age of 65 is 723.18 million as of 2020. The rise in the geriatric population and the increase in the number of diseases associated with age-related factors, thereby increasing the number of patients visiting the hospitals, is expected to improve the growth of the market. Also, as per the World Health Organisation’s Key facts on Road Traffic Injuries published in June 2021, around 1.2 million people all over the world die as a result of road traffic crashes. Around 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability as a result of their injury. The rise in the number of road traffic accident cases all over the world is increasing the number of admissions to hospitals and healthcare settings, which is likely to boost the growth of the medical furniture market in the forecast period.
Scope of the Report
As per the scope of this report, medical furniture includes all types of chairs, beds, and other furniture which are used in a hospital or in a healthcare setting. Medical furniture is usually purchased based on its feasibility, durability, ergonomics, and aesthetics. The medical furniture market is segmented by product (beds, cabinets, chairs, lockers, and others), manufacturing material (metal, plastics, and wood), end user (hospitals, ambulatory surgical centers, and others), and geography(North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends of 17 countries across major regions globally. The report offers values (in USD million) for the above-mentioned segments.
|By Manufacturing Material|
|By End User|
|Ambulatory Surgical Centers|
Key Market Trends
The Medical Beds Segment is Expected to Hold a Major Market Share in the Medical Furniture Market.
Medical beds hold the major segment in the medical furniture market. A hospital bed is an important part of patient care as it may either help or affect the recovery process by ensuring the sleep quality of the patients. An article published in the Journal of Surgical Research in November 2020 titled “A Closer Look Into Global Hospital Beds Capacity and Resource Shortages During the COVID-19 Pandemic” studied the global hospital bed (HB), acute care bed (ACB), and intensive care unit (ICU) bed capacity. The article showed that the global COVID-19 mortality rates are likely to be affected by a wide range of factors, including hospital resources, personnel, and bed capacity. Thus, the necessity for an adequate number of beds in the hospitals is expected to propel the growth of the bed segment in the studied market over the forecast period.
Another article titled “State-wise estimates of current hospital beds, intensive care unit (ICU) beds and ventilators in India: Are we prepared for a surge in COVID-19 hospitalizations?” was presented in the journal of Center for Disease Dynamics, Economics & Policy in June 2020, evaluated the healthcare infrastructure of India to treat the COVID-19 cases. The article showed that the total number of hospital beds in India was 1.9 million, and the total number of ICU beds was around 95,000, while the nation needed around 270,000 ICU beds, which is over 2.8 times more than the number of ICU beds present, for the proper treatment of the affected people.
The United Kingdom National Health Services in September 2021 also indicated an increase in the number of critical care beds in the UK over the years. The number had risen from around 5,400 in the year 2011/12 to 5,900 by the year 2019/20. The COVID-19 pandemic also rapidly increased the demand for adult critical care beds, leaping from around 4,000 before the pandemic to almost 6,000 at the peaks of the pandemic. Thus, the rising need for hospital beds is expected to boost the growth of the medical furniture market in the forecast period.
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North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period.
The rise in the adoption of highly advanced techniques and systems in the manufacturing of medical furniture and the technological advancements made in the wheelchair segment is expected to boost the growth of the market in North America. The high awareness among the population of the availability of novel medical furniture models in the market contributes to the high market growth in the region.
The rising number of chronic disease cases in the North American region is adding to the growth of the medical furniture market. According to the GLOBOCAN 2020 report, the total number of people in the United States affected by cancer in 2020 accounts for around 2,281,658 cases. The number is estimated to rise to 3,123,452 cases by 2040. According to the National Diabetes Statistics Report updated in January 2022, around 37.3 million people have diabetes (11.3% of the United States population). Additionally, 96 million people aged 18 years or older have prediabetes (38.0% of the adult United States population). The National Kidney Foundation updates from July 2022, estimated that about 36 million adults in the United States had chronic kidney diseases in 2020. A report by the Center for Disease Prevention and Control in 2020 showed that around 15.7 million Americans are affected by Chronic lower respiratory Disease. The large population affected by chronic diseases and the increase in the necessity of medical furniture for the ease of diagnosis and treatment of such diseases is expected to propel the growth of the medical furniture market.
Also, the increasing prevalence of the geriatric population in the United States is expected to drive the demand for the Medical Furniture Market in this region. According to the World Bank data updated in June 2021, in 2020, about 16.9 percent of the American population was 65 years old or over; a figure which is expected to reach 22% by 2050. This is a significant increase from 1950, when only eight percent of the population was 65 or over. The rapid progression in the old age population in the region and the age-associated illness requiring hospitalization is expected to advance the expansion of the medical furniture market in North America.
Thus, the increasing necessity for medical furniture coupled with increasing investment in the health care department is known to propel the growth of the market in this region.
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The medical furniture market is fragmented, competitive, and consists of several major players. In terms of market share, a few major players are currently dominating the market. Some of the companies which are currently dominating the market are Biomedical Solutions, Getinge, GPC Medical Limited, Herman Miller, Hill-Rom Holdings, Invacare Corporation, J&J Medical Specialties LLC, Kovonax, LINET, Met-lak, Promotal, Skytron, STERIS Corporation, Stiegelmeyer, Stryker Corporation, and others.
- In May 2022, Invacare Corporation announced the US introduction of its Birdie Evo XPLUS, an innovative patient lift solution for the post-acute care setting.
- In May 2022, LINET announced the launch of the premium emergency and transportation stretcher Sprint 200, a part of the new generation of stretchers taking patient transportation and patient care to the next level with its innovative solutions.
Table of Contents
1.1 Study Assumptions and market definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Chronic Diseases Resulting in Increase in Hospital Admissions
4.2.2 Increase in the Number of Injuries
4.2.3 Rising Number of Hospitals and Healthcare Facilities
4.3 Market Restraints
4.3.1 Increasing Cost of Raw Materials and Increasing Use of Multipurpose Furniture
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD million)
5.1 By Product
5.2 By Manufacturing Material
5.3 By End User
5.3.2 Ambulatory Surgical Centers
5.4.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
5.4.5 South America
184.108.40.206 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Biomedical Solutions
6.1.3 GPC Medical Limited
6.1.4 Herman Miller
6.1.5 Hill-Rom Holdings
6.1.6 Invacare Corporation
6.1.7 J&J Medical Specialties LLC
6.1.13 STERIS Corporation
6.1.15 Stryker Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Medical Furniture Market market is studied from 2019 - 2027.
What is the growth rate of Global Medical Furniture Market?
The Global Medical Furniture Market is growing at a CAGR of 5.6% over the next 5 years.
Which region has highest growth rate in Global Medical Furniture Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Medical Furniture Market?
North America holds highest share in 2021.
Who are the key players in Global Medical Furniture Market?
Getinge , Hill-Rom Holdings , Kovonax , Stryker Corporation , Herman Miller are the major companies operating in Global Medical Furniture Market.