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Acknowledging the exponential growth the market perceives currently and gauging the potential the market holds to grow in the future; Market Research Future (MRFR), in its recently published market forecast asserts that the global Hospital Furniture market will grow exponentially by 2023, registering more than 9% CAGR throughout during the forecast period.
Increasing prevalence of different chronic diseases increasing the demand for the therapies, surgeries, and hospitalization, accounts for one of the key growth propellers. Increasing patents’ expectations and demand for more advanced hospital infrastructure is also one of the factors contributing to the market growth. Furthermore, technological advancements transpired the manufacturing processes for furnishings, bettering the techniques further provide significant impetus to the market growth.
Key Players
Major players profiled in the hospital furniture market report include Moore Medical LLC (US), Ocura Healthcare Furniture (UK), Narang Medical (India), Hill-Rom (US), Chang Gung Medical Technology (China), GPC Medical Ltd (India), The Brewer Company (US), Bristol Maid Hospital Metalcraft (UK), DRE INC (US), Anetic Aid Limited (UK), Bio Medical Solutions (India), KI (US), and Stryker Corporation (US). Key players have used numerous strategies to suffice the growing needs of customers, such as product launch, collaboration, and mergers.
Global Hospital Furniture Market – Segmentations
MRFR has segmented the report into four key dynamics for an easy grasp and enhanced understanding:
By Types: Comprises Bed-side Tables, OT Tables, Instrument Stands, Stretchers, Hospital Beds, Chairs, Scrub Sinks, Waste Containers, and Trolley, among others.
By Applications : Physician Furniture, Patient’s Furniture and Staff’s Furniture among others.
By End-Users: Hospitals, Diagnostic Centers, and Clinics among others.
By Regions: North America, Europe, APAC and Rest of the World.
Global Hospital Furniture Market – Geographical Analysis
Globally North America leads the Hospital Furniture market with the significant market share. The Market is expected to grow phenomenally during 2017 to 2023. Attributing to the high healthcare expenditure and increasing demand for better infrastructure and furniture, the market is expected to perceive a healthy growth. Another important driver for the regional market growth is the rapid uptake of new technologies in the US.
Europe emerging as a lucrative market for Hospital Furniture will grow at a phenomenal CAGR. The resurging economy in the region is expected to foster the regional market growth.
Asia Pacific market for the Hospital Furniture is expected to perceive the fastest growth by 2023 at a modest CAGR during 2017 to 2023. India and China backed by the huge population and the growing focus on improving the healthcare facilities.
Moreover, the fastest growing healthcare sector will provide impetus to the market growth. Vietnam, Thailand, and Malaysia among other South East Asian countries are projected to contribute significantly to the regional market growth. Besides the growing penetration of healthcare insurance is expected to drive the Hospital Furniture market in the in the Asia Pacific region.
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