Country-niche Players Dominate the Market Holding Majority Revenue Share Despite the Presence of about ~500 Competitors Comprising a Large Number of Country-Niche Players and Some Specialist Players, finds a recent market study on the Global Hospital Furniture Market by Ken Research
A hospital infrastructure 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. Hospital furniture has sole utilization in clinics, hospitals, nursing homes, and diagnostic centers. Most of the furniture is designed in such a way as to draw in potential consumers or patients.
Ken Research shares 3 key insights on the competitive landscape of this high opportunity/dynamic market from its latest research study.
Global Players Constitute ~5% of the Total Competitors, While Regional Companies Represent ~25%.
A comprehensive competitive analysis conducted during the Research Study found that the Global Hospital Furniture Market is highly competitive with ~500 players, including globally diversified players, regional players, and a large number of country-niche players with their niche in hospital furniture manufacturing and local supply for end-user like hospitals, clinics, and diagnostic centers. The country’s niche players in the hospital furniture market mainly focus on robust and cheaper distribution networks to identify and service small segments of the market. Invacare Corporation, Getinge, and STERIS Corporation are among the leading players in the Hospital Furniture Market globally.
Acquisition and Mergers Drive the Major Players in Formulating their Key Strategies
Detailed comparative analysis of key competitors available within the Research Study shows that numerous companies such as Getinge, STERIS Corporation, HermanMiller, and others are highly focused on providing a significant number of hospital furniture solutions that can be used across multiple end-users. Furthermore, several companies and organizations are strategically opting for multiple acquisitions and mergers.
- In November 2021, Getinge, a global provider of healthcare products and systems designed acquired Verrix LLC., the California-based medical device company. With this, the company is looking forward to adding the new infection control technology to its customer offerings.
- In June 2021, STERIS Corporation an Irish-domiciled medical equipment company acquired Cantel Medical, a global provider of infection prevention products and services. This acquisition is likely to extend STERIS’s products and offerings to a global customer.
Increasing Government Initiatives, Strategies, and Investments in Hospital Furniture Market Growth.
- As per the Indian Union Budget 2022-23, US$ 675.72 million was allocated to the PM-ABHIM to strengthen India’s health infrastructure and to improve the country’s primary, secondary and tertiary care services. This is likely to boost demand for hospital furniture.
- The various initiatives and policies adopted by the Government of India, which is likely to boost the hospital furniture market during the forecast period. In July 2022, the World Bank approved a US$ 1 billion loan for India’s Pradhan Mantri – Ayushman Bharat Health Infrastructure Mission.
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