Major medical furniture market players include Stryker, Biomedical Solutions, Invacare Corporation, LINET, GPC Medical Ltd, Stiegelmeyer, Hill-Rom Holdings, Skytron, Promotal, Kovonax, Met-lak, STERIS Corporation, Getinge AB, and Herman Miller.
SELBYVILLE, Del., January 28, 2021 (Newswire.com) – According to the latest report “Medical Furniture Market by Product (Beds, Chairs, Tables, Trolleys and Stretchers, Cabinets and Lockers), Material (Wood, Metal, Plastics), End-use (Hospitals, Home Healthcare, Ambulatory Surgical Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of medical furniture will cross $38.7 billion by 2026. Rising investment from government bodies for expansion of healthcare facilities will propel the market growth.
Rising prevalence of chronic ailments such as cancer and diabetes across the globe will fuel the market expansion. As per the World Health Organization (WHO) about 6 in 10 people in the U.S. are suffering from chronic disease. Chronic diseases can lead to serious disabilities that may require medical furniture products such as stretchers and chairs for performing surgical operations. Rapid increase in the prevalence of chronic disease will surge the demand for medical furniture in healthcare institutions and organizations to cater to increasing patient flow. Thus, a growing number of patients with chronic diseases will certainly augment the demand for medical furniture products such as medical beds and surgical tables over the forecast timeframe.
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The tables segment in the medical furniture market is expected to witness around 3% growth rate till 2026. Medical tables include general surgery tables, neurology tables, cysto tables, urology and imaging tables. Demand for medical tables is high owing to the advantages and benefits they offer such as enhanced stability, accessibility, and imaging support. For instance, neurology tables provide best possible access with excellent positioning that enables surgeons to perform surgical drills.These table have features such as electro-hydraulic operations that are user friendly and have manual controls for positioning back and head section.These features of medical tables will increase the adoption rate thereby, escalating the segment growth.
The medical furniture market for plastic segment accounted for more than USD 6.2 billion in 2019. Plastic furniture including chairs, cabinets and trolleys is extensively used in hospitals, clinics and ambulatory surgical centers favoring the segmental growth. Plastic furniture is easy for transportation due to minimum weight and easy availability. Additionally, plastic furniture is cost effective as compared to wood and metal furniture that will enhance the market value. However, low preference for plastic due to low durability in medical furniture may hinder the segment expansion.
The home healthcare segment held around 16% of the medical furniture market share in 2019. Home healthcare is easily affordable by individuals and offers effective care at home, stimulating the segment revenue. Moreover, geriatric population base generally prefer home care treatments that are less expensive as compared to hospitals that elevates the demand for medical furniture such as trolleys and beds in-home healthcare. Rising home healthcare services in developing economies will further spur the segment demand.
Asia Pacific medical furniture market is estimated to attain a CAGR of over 6.7% through 2026. Rising expenditure has led to ample cash flow in hospitals, thus healthcare organizations are incorporating advanced medical furniture to provide enhanced care to patients. Furthermore, government of Australia, India is active in ensuring availability of superior quality medical furniture in ASCs and hospitals thereby, favoring the regional growth. Growing elderly population base and increasing patient population leading to rise in hospital admissions will drive the demand for medical furniture in APAC region.
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Some of the prominent companies operating in the medical furniture market include Stryker, Biomedical Solutions, Invacare Corporation, LINET, GPC Medical Ltd, Stiegelmeyer, Hill-Rom Holdings, Skytron, Promotal, Kovonax, Met-lak, STERIS Corporation, Getinge AB, and Herman Miller. These industry leaders are adopting several strategic initiatives such as partnerships, mergers, acquisitions and novel product launch to maintain strong foothold in industry.
Table of Contents (ToC) of the report:
Chapter 3 Medical Furniture Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 – 2026
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By material
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 Competitive landscape, 2019
3.8 PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: Global Market Insights, Inc.