Driven by the increasing prevalence of chronic diseases, and the increasing number of hospitals and clinics, the Global Hospital Furniture Market is forecasted to reach ~US$ 19 Bn by 2028 says Ken Research Study.
Global rise in medical tourism demands the hospitals’ infrastructure to be better and up to the standards. It relies on its furnishings which are designed in a way to least interfere with the daily operations of medical personnel and patient comfort. Hospital furnishing includes hospital beds, cabinets, examination couches, and bedside tables. Most of the furniture is designed in such a way as to draw in potential consumers or patients. Clinics, hospitals, nursing homes, and diagnostic centers are the major end-users of the Hospital Furniture Market.
“Ken Research shares 3 key insights on this high-opportunity market from its latest research study.”
- Hospital Furniture Observes No Direct Substitute and Witnesses an Increased Number of Country-niche Players Operating in the Market
The Global Hospital Furniture Market is expected to witness steady growth during the forecast period, owing to the increasing number of hospitals globally. The high cost attributable to hospital furniture poses challenges to the market growth.
According to Ken Research estimates, the Global Hospital Furniture Market is estimated to be ~US$ 11 Bn by 2022 and is expected to grow further to ~US$ 20 billion opportunity by 2028, witnessing growth at a CAGR of 10% during the forecast period 2022-2028. North America is the most dominating region in the Global Hospital Furniture Market. As the Hospital Furniture Market has no alternative and has wide applications, therefore the threat of substitutes is low for this market.
- The Increase Prevalence of Chronic Diseases is a Major Growth Driver for Global Hospital Furniture Market.
Chronic diseases such as cancer, cardiovascular diseases, chronic lung disease, stroke, Alzheimer’s, diabetes, and chronic kidney diseases are on the rise all over the world, which is driving the growth of the Hospital Furniture Market as more patients are visiting the hospital for treatment. Moreover, the rising number of patients globally and medical tourism also fuel the demand for hospital furniture. The rise in the geriatric population is increasing the number of diseases associated with age-related factors, hence increasing the number of patients visiting hospitals.
According to the International Diabetes Federation (IDF) report, Diabetes Atlas Tenth edition 2021, around 540 million adults all over the world were found to have diabetes and is projected to grow to 640 million by 2030 and 780 million by 2045. The increasing population affected by the chronic disease is leading to the increased necessity of hospital furniture for the ease of diagnosis and treatment.
- High Costs Attributable to Hospital Furniture Market Poses Challenges to its Growth
The rising cost of medical furniture hinders the growth of the hospital furniture market. Hospital furniture such as operating tables and other examination tables have a higher cost as compared to hospital beds and chairs, which limits their adoption hence hampering the market growth. Moreover, highly specialized hospitals require sophisticated furnishings and thus incur a high cost.
According to WhattItCosts.com the price of buying a manual hospital bed starts at US$ 500, a semi-electric hospital costs US$ 1,000, a fully electric bed costs about US$ 2,000 and a heavy-duty full electric bariatric hospital bed costs US$ 5,000.
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Global Wood Hospital Furniture Market Revenue
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