Hospital Furniture Market Anticipated To Reach USD 15.5 Billion By 2032

PORTLAND, OREGON, UNITED STATES, June 26, 2024 /EINPresswire.com/ -- Expansion of healthcare infrastructure, wide availability of advanced hospital furniture, and rise in number of hospital admissions are the factors that drive the growth of the global hospital furniture market. However, high cost and maintenance of hospital furniture are expected to restrict the market growth. Moreover, the growth prospects in emerging markets are expected to present new opportunities in the coming years.

According to the report, the global hospital furniture market generated $8.1 billion in 2022 and is anticipated to generate $15.5 billion by 2032, witnessing a CAGR of 6.7% from 2023 to 2032. Increasing healthcare expenditure, advancements in healthcare technology, expansion of healthcare infrastructure in developed & emerging countries and growing phenomenon of medical tourism are the major factors driving the growth of hospital furniture market.

Hospital Furniture Market Statistics:

The hospital beds segment to maintain its leadership status throughout the forecast period.
The patient’s furniture segment to maintain its leadership status throughout the forecast period.
The offline channel segment to maintain its lead position during the forecast period.
North America to maintain its dominance by 2032.

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Economic Downturn Analysis:

Recessions typically lead to budget constraints in the healthcare sector as governments, hospitals, and healthcare providers face financial pressure. During economic downturns, there is a heightened focus on cost containment and efficient resource allocation. As a result, hospital administrators may postpone or reduce capital expenditures, including the purchase of hospital furniture.

However, as economies recover, along with the expansion of healthcare facilities, the demand for hospital furniture will rise. This includes products from patient beds and surgical equipment to waiting room furniture and staff workstations.

In addition, healthcare providers are increasingly focusing on improving the overall patient experience, which includes creating comfortable and supportive environments, leading to demand for advanced hospital furniture products.

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The hospital beds segment held the largest market share in 2022, accounting for nearly half of the global hospital furniture market revenue and is estimated to register the fastest CAGR of 7.5% throughout the forecast period. This is attributed to the rising prevalence of chronic diseases and aging population, driving the need for hospital beds. In addition, increasing number of hospital admissions and expansion of healthcare infrastructure is anticipated to propel the segment growth. Moreover, the increasing adoption of advanced medical technologies and the growing focus on patient comfort and safety have led to a preference for modern, feature-rich hospital beds.

Geriatric chairs, adjustable beds and ergonomic seating options are examples of hospital furniture designed to enhance the comfort and well-being of older patients. These specialized furnishings are engineered to provide support, facilitate mobility and minimize the risk of injuries, such as falls. The aging demographic is not limited to developed countries; emerging economies are also witnessing an increase in the proportion of elderly citizens, leading to a growing global demand for hospital furniture that addresses the distinct needs of older individuals.

Market Segmentation:

The hospital furniture market can be segmented based on various criteria, including:

Product Type:

Hospital Beds
Stretchers
Chairs and Recliners
Tables and Stands
Cabinets and Lockers
Trolleys and Carts
Others (such as examination couches, bedside tables, and overbed tables)

Material:

Metal
Wood
Plastic
Composite Materials
Others

End User:

Hospitals
Clinics
Ambulatory Surgical Centers
Long-term Care Facilities
Others

Application:

Intensive Care Units (ICUs)
Emergency Rooms
Operating Theaters
Maternity Wards
Outpatient Departments
Patient Rooms
Others

Technology:

Conventional Hospital Furniture
Electrically Operated Beds and Chairs
IoT-enabled Furniture
Advanced Mobility Aids (e.g., motorized stretchers)

Geography:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Leading Market Players:

Narang Medical Limited.
Baxter International Inc.
Stryker Corporation
PARAMOUNT BED CO., LTD.
GPC Medical Ltd.
LINET Group SE
Arjo AB
Stiegelmeyer GmbH and Co. KG
GF Health Products, Inc.
Amico Group of Companies

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