As per the research reports by MRFR, the global market for hospital furniture market is expected to reach USD 16190 Million to record a healthy CAGR of over 9.9% by 2030 during the review timeframe.
Hospital furniture is a vital part of the hospital infrastructure. It is quite mandatory to change a space into a clinic or hospital. The market serves various utility requirements in a hospital. It is particularly developed to fit the special requirements of the hospital staff and patients. The global hospital furniture market has witnessed enormous growth over recent times owing to the factors such as the growing number of hospitals and clinics, government initiatives to enhance the present hospital infrastructure, technological innovations, growing prevalence of chronic ailments, and growing investments. However, the market growth is likely to be restricted by the absence of research and development in various countries.
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Competitive Analysis
The global market of hospital furniture has an intensely competitive landscape with a wide number of players spread worldwide. The players in the market are investing actively to strengthen their global market footprint. The list of leading players in the global hospital furniture market includes companies such as Hill-Rom, GPC Medical, Stryker Corporation, Narang Medical, BioMedical Solutions, and several others.
Segment Analysis
The global hospital furniture market has been divided into several segments based on end-users, application, type, and region.
The global market is split into hospital tables, hospital furniture chairs, OT tables, beds, and others based on type.
Based on application, the global market for hospital furniture is split into staff furniture, patient's furniture, and physician's furniture.
Based on end-users, the global market for hospital furniture is divided into nursing homes, clinics, hospitals, or even organizations with infirmaries such as nursing homes and schools.
Regional Analysis
The global market for hospital furniture is studied across five major regions: North America, South America, Europe, Asia-Pacific, and the Middle East Africa.
As per the reports by MRFR, the North American region is likely to dominate the hospital furniture market globally. The regional market's growth is being driven by the presence of numerous major leaders in the region, growing occurrence of obesity, diabetes, and other chronic diseases. Furthermore, government-sponsored initiatives and the increasing number of hospitals, clinics, and ASCs across the region are also likely to boost the regional market's growth.
The hospital furniture market for the Asia-Pacific region is anticipated to register the highest growth rate over the review timeframe. The regional market's growth is being driven by the growing number of chronic disease victims, growth in per capita health care expenditures, and an increase in the opportunities for access to health care.
The hospital furniture market in the Middle East African region is likely to record the slowest growth over the assessment timeframe.
Recent Developments
- August 2021- Baxter International Inc. is rumored to acquire Hill-Rom Holdings Inc., a medical-equipment maker, for over USD 10 billion. A transaction that evaluates Hill-Rom HRC at over USD150 per share might be moved by midweek, believing the rumors don't fall apart. The rumors follow an earlier bid from Baxter worth USD144, which Hill-Rom rejected.
- May 2021- the flagship company of the Godrej Group, Godrej Boyce, announced that its business Godrej Interior has decided to elevate its production of beds by over 2.5 times daily, over the last year, to fulfill the growing demand for beds amid the covid-19 crisis in the country. They have provided approximately 10,000 hospital and ICU beds and an equal number of specialized mattresses and other accessories to hospitals. The company has also set two new plants in the last 14 months.
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