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Medical Furniture Market Set for rapid growth| Forecast 2019-2025

Author : Rahul Sankrityayan | Published Date : 2019-03-28 

The Medical Furniture Market is set to exceed USD 8.5 billion by 2025; according to a new research report by Global Market Insights. Increasing number of hospital admissions is forecasted to boost the market growth during the analysis period. Growing number of hospital admission is associated with the rising prevalence of chronic diseases and orthopedic disorders requiring surgical procedures. Surgical procedures increase length of stay of patients in hospitals that significantly impacts industry growth. Improvement in hospital infrastructure has raised the number of hospital admissions thereby, positively impacting the demand of medical furniture.

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Favorable regulations enforced on the key industry players operational in medical furniture market has propelled the industry growth in forthcoming years. Companies such as Stryker, Invacare and GE Healthcare focus on introducing innovations in the beds and other medical furniture required in hospitals and ASCs. Recently developed beds are automated and significantly reduce human labor. For instance, in 2015, Invacare launched superior quality adaptive medical furniture including electric long-term acute beds. Therefore, availability of innovative medical furniture developed by major players augments the Medical Furniture Market growth. However, high cost of medical furniture may hamper industry growth to some extent.

Cabinets and lockers segment held 5.3% revenue share in 2018 and is expected to have considerable growth owing to its increasing demand in hospitals and ambulatory surgical centers. Cabinets and lockers are usually utilized to safeguard patient’s belongings. Recently developed stainless steel cabinets hardly require any maintenance and also last longer without any wear and tear that escalates its preference. Above mentioned factors will drive the segmental growth over forecast timeframe.

Wood segment is expected to have 5.3% growth throughout the analysis timeframe owing to adoption of wooden material in manufacturing furniture utilized for administrative purposes in hospitals. Wooden chairs are extensively preferred as they are durable and require minimum maintenance. Also, wooden medical furniture is light in weight as compared to metal furniture that further elevates its adoption.
Home healthcare segment of medical furniture market is expected to show 6.1% growth during analysis timeframe. Rising geriatric population is one of the key factors driving the segmental growth. As per World Population Ageing 2017 report, approximately 962 million global population is aged 60 years or above. Geriatric population mostly prefer home care treatments that are quite cheaper as compared to hospitals that raises the demand for medical furniture such as beds and trolleys in home healthcare.

Europe medical furniture market held 33.7% revenue share in 2018 and regional market growth is driven by rising number of  physically challenged people. Additionally, rising prevalence of chronic conditions coupled with a growing number of elderly people will boost demand for medical furniture. Also, mounting focus of European government on providing access to high-quality and safe health care for all citizens support development in hospitals. Thus, such initiatives and projects implemented by regulatory authorities will foster regional growth.

Latin America medical furniture market was valued at USD 728.0 million in 2018. Considerable regional revenue size can be associated with the development of healthcare infrastructure in countries such as Brazil and Mexico. For instance, Brazil’s healthcare systems receive funds through federal government and municipalities receive financial support from state government that will make the explicitly expensive medical furniture affordable. This will certainly impact regional growth over the forecast timeframe.

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Notable industry players operational in medical furniture market are Philips Healthcare, Johnson & Johnson, GE Healthcare, Luxor, Invacare Corporation, OMRON Corporation, Met-lak, Kovonax, Promotal, STERIS Corporation, Skytron, Hill-Rom Holdings, Getinge and Stryker. These key players have adopted numerous strategic initiatives such as new geographic expansion, product launch and acquisitions to acquire potential market share. For instance, in 2015, Invacare has launched newly developed full electric homecare beds. These beds are specially designed to provide maximum convenience to the patients. Introduction of such new products will render the company with sustainable profit.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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