Industry Background:
Medical furniture is an indivisible aspect of any medical infrastructure. Both important goods and materials (stationary or movable assets) used in hospitals and physicians' offices, either to support patients or physicians, are referred to as medical furniture. Clinics, hospitals, nursing homes, health care services, and diagnostic centers all use these items. It is commonly believed that a well-designed collection of furniture improves the patient's mood, which in turn affects the patient's wellbeing and pace of recovery. Simultaneously, it helps to reduce work-related tension, monotony, and the chance of mistakes, resulting in a more relaxed and conducive working atmosphere for healthcare professionals. The main factor driving the market's growth is the growing number of specialty clinics and hospitals, as well as the rising prevalence of chronic disorders around the world. In addition, the market is affected by the growing number of physically disabled people who need high-quality medical care. Furthermore, an increase in the number of fatal injury cases as a result of factors such as rising road injuries has given the industry an optimistic outlook. Any type of fatal accident necessitates surgery and other associated surgical procedures, which lengthens the patient's stay in the hospital. As a result, the market for comfortable healthcare has increased.
According to AMA Research, the market for Medical Furniture is expected to register a CAGR of 6.8% during the forecast period to 2030. This growth is primarily driven by Increasing Prevalence of Chronic Diseases Worldwide
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Health Care Supplies sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Getinge AB (Sweden), Hill-Rom Services (United States), Dre Medical (United States), Nilkamal (India), Invacare Corporation (United States), Moore Medical LLC (United States), Johnson and Johnson (United states), Beaver Healthcare Equipment (United Kingdom), Steelcase Inc. (United States) and Philips Healthcare (Netherlands), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In May 2022, an innovative stretcher with new-generation techniques was launched by LINET. With its newer solutions, it announced its durability and capacity to take patients' transportation and care to the next level. It is the premium emergency and transportation stretcher named Sprint 200.
May 2020 – Furniture maker Nilkamal Ltd on Thursday announced the launch of a special range of products, including quarantine and isolation beds, as part of its efforts to support growing healthcare infrastructure needs due to the coronavirus pandemic.The global market is highly competitive and consists of a limited number of providers competing. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth.
Influencing Trend:
Increasing Government Support for Hospitals Covered under Healthcare Sector
Market Growth Drivers:
Increasing Prevalence of Chronic Diseases Worldwide and Rising Number of Hospital Admissions Globally
Challenges:
High Competition between Major Players
Restraints:
High Cost of Medical Furniture
Opportunities:
Growing investments in Healthcare Infrastructural Development
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Medical Furniture Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Medical Furniture Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Medical Furniture players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Medical Furniture Study Sheds Light on
The Medical Furniture Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Medical Furniture industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Medical Furniture industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.