Showing posts with label India Hospital Furniture Market Major Players. Show all posts
Showing posts with label India Hospital Furniture Market Major Players. Show all posts

Tuesday, July 28, 2020

Increasing Investment in Healthcare Sector Activity Coupled with Make in India Initiative has Stimulated Growth in India Hospital Furniture Industry: Ken Research


Increasing Tie-ups and Use of Technology: The hospital furniture manufacturers are actively partnering with big hospital chains and home healthcare companies to gain an edge over competitors.  Hospitals generally give weightage to vendors who are either existing partners or have history of providing products to major chains in India. Moreover, Indian manufacturers are rapidly investing in technology to provide patient friendly products as well as aiding the doctors in complex surgical procedures. They are continuously trying to match the global standards for manufacturing these products.

Government Initiatives Boosting the Sector: Government of India announced the creation of 150,000 Health and Wellness Centres (HWCs) by transforming the existing Sub Centres and Primary Health Centres under the Ayushman Bharat Scheme. 100% FDI allowed under automatic route for Greenfield and Brownfield healthcare projects. Under the Union Budget 2019-20, the government has allocated 800 crore (USD 110.9 million) for the upgradation of state government medical colleges (PG seats) at the district hospitals and 1,361 cr (USD 188.6 mn) for government medical colleges (UG seats) and government health institutions. Over USD 200 billion (~ 15 lakh crores) is expected to be spent on medical infrastructure by 2024.

Challenges in Hospital Furniture Industry: The hospital furniture industry in India is highly unorganized owing to the absence of a regulatory body. There are numerous small furniture manufacturers selling products across the country without any authorization from the government. The country is also largely dependent on imports for OT Tables, OT Lights and parts due to lack of investment in technology by domestic players. The inverted tax duty structure favors import than domestic manufacturing as import duty on component/material is higher than finished product. There is a lack of infrastructure facilities like micron epoxy coating facilities for hospital furniture products which affects local manufacturers to capture the market.

Impact of COVID-19 on India Hospital Furniture Market: COVID-19 has adversely impacted the hospital furniture manufacturers in India. The furniture production facilities are either closed or their capacity has been temporarily redirected to items crucial to either treating or limiting the spread of COVID-19. More than 500,000 surgeries have been cancelled in India and only essential treatment is being availed in a hospital. Owing to this, the mid and small sized hospitals have put their expansion plans on hold, thus affecting the future hospital furniture demand. On a positive note, companies are now selling their products online, thereby saving on the distributor’s margin. Moreover, they are exploring new opportunities such as tying up with a home healthcare company to increase their revenue share.

Analysts at Ken Research in their latest publication India Hospital Furniture Market Outlook to 2025- By Type of Products (Hospital Beds, OT Tables, OT Lights, Strechers and Others), By Organised and Unorganised Market, By End Users (Hospitals, Clinics and Diagnostic Chains, Home Healthcare Companies)observed that the hospital furniture industry has a great potential to grow supported by the government initiatives. The advanced technology and additional features implemented by manufacturers in hospital beds, increasing investment of capital funds toward the hospital infrastructure, improving healthcare amenities along with increasing spending in healthcare is expected to boost growth of hospital furniture market in the years to come. Increasing focus on research & development and marketing activities, new product launches, partnerships & collaborations are also expected to drive the industry in the future. The India Hospital Furniture Industry is expected to grow at a CAGR of 7.7% on the basis of revenue over the forecast period 2020-2025.

Key Segments Covered:-
By Type of Products
Hospital Beds (Manual and Motorized)
OT Tables (Local and Imported)
OT Lights (Local and Imported)
By Stretchers (Single Fold, Trolley Based and Hydraulic)
Others

By End Users
Hospitals
Clinics and Diagnostic Chains
Home Healthcare Companies

Companies Covered:-
Arjo Huntleigh
Hill-Rom Services Inc
Paramount Bed Holdings
Stryker Corporation
Narang Medical
Steelcraft Hospital Furniture Industries Pvt. Ltd. – Vissco Group
Midmark India Pvt. Ltd. (Janak Healthcare)
Getinge
GPC Medical
Qualisurge Surgicals (Bharat Surgical Co.)
ARVS (Cognate India)
PMT Healthcare

Key Target Audience:-
Hospital Furniture Manufacturing Companies
Hospital Furniture Exporting Companies
Hospital Furniture Importing Companies
Original Equipment Manufacturers
Consultancy Companies
Industry Associations
Regulatory Bodies

Time Period Captured in the Report:-
Historical Period – 2015-2020
Forecast Period – 2020-2025

For More Information on the research report, refer to below link:-

Related Reports:-



Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249

India Hospital Furniture Market Outlook to FY’2025:- Ken Research


The report titled India Hospital Furniture Market Outlook to FY’2025- By Type of Products (Hospital Beds, OT Tables, OT Lights, Stretchers and Others), By Organised and Unorganised Market, By End Users (Hospitals, Clinics and Diagnostic Chains and Home Healthcare Companies) provides a comprehensive analysis on the status of the hospital furniture manufacturing industry in India. The report covers various aspects including the market size, value chain, ecosystem, market segmentation by value and volume, industry structure in the country, demand and supply analysis, growth facilitators, bottlenecks faced by the industry, government initiatives and more. The report concludes with projections for future of the industry including forecasted market size & segmentation in terms of revenue by 2025, COVID-19 impact and analysts’ take on the future.

India Hospital Furniture Market Overview and Size:-
India is expected to rank amongst the top 3 healthcare markets in terms of incremental growth by 2020. Increasing public healthcare expenditure in India at a CAGR of 14.6% over the last 5 years and cost advantage over its peers in the West and Asia offering high- quality medical services has led to the increasing demand of hospital furniture by the hospitals and other end users. The India Hospital Furniture industry has grown at a CAGR of 7.0% on the basis of revenue over the period 2015-2020.  Growth of ~25% in medical tourism is one of the largest growth drivers for this industry. Medical tourism industry size has doubled from USD 3.0 billion in 2017 to USD 6.2 billion in 2018.

India Hospital Furniture Market Segmentations:-
By Type of Products: Hospital Beds contributed the major chunk of revenue in 2019 on the basis of revenue owing to the high sales volume. Motorized or electrical beds have been the most demanded furniture product for big private hospitals attributed to the growing number of patients requiring bariatric care as well as the rising geriatric population. OT Tables and OT lights are the other major segments owing to the high price associated with these products. Stretchers and other products contribute a smaller share owing to the low prices and low volume requirement.

By Organised and Unorganised Market: Unorganised segment dominates the revenue share because of the fragmented nature of the market and the lack of regulatory authority and guidelines. There is a need for conferring to benchmark for quality standards of devices which are lacking because of which poor quality products have captured a significant proportion of the market. It is anticipated that the industry will soon come under the umbrella of a recognized body to maintain the standards.

By End Users: Hospitals contributed the majority revenue share in the end-user segment. Low share of government spending and strong demand trends has led to increasing investment by private players.  Home healthcare is one of the growing segments as people are getting more and more aware about the benefits of availing healthcare services at home.

Competitive Landscape of India Hospital Furniture Market
The industry is highly competitive with around 220 manufacturing firms present in the market. The industry is still dependent on imports owing to the use of excellent quality and patient friendly products. Moreover, the raw material and the parts are imported majorly from China basis the low cost of products. The market is highly fragmented with the leading local players namely Midmark, Steelcraft, Narang Medical, PMT Healthcare, GPC Medical capturing <10.0% of the market share in FY’2019. These players compete on the basis of parameters such as product pricing, distribution network, product quality, clientele, partnerships, product innovation, customer support and more.

India Hospital Furniture Market Future Outlook & Projections
The hospital furniture industry is expected to recover from the Covid-19 pandemic and witness growth by end of 2021. The growth of end-user entities including hospitals and home healthcare companies is expected to drive the growth of the industry. Indian medical tourism industry is growing at the rate of 18% y-o-y and is expected to reach USD 9bn by end of 2020-21, thereby showcasing the need of healthcare establishments. The adoption of higher quality and technology-centric products by local manufacturers is also expected to increase over the forecast period. Government initiatives such as Make in India and Ayushman Bharat Scheme are expected to boost the healthcare furniture industry in India.

Key Segments Covered:-
By Type of Products
Hospital Beds (Manual and Motorized)
OT Tables (Local and Imported)
OT Lights (Local and Imported)
By Stretchers (Single Fold, Trolley Based and Hydraulic)
Others

By End Users
Hospitals
Clinics and Diagnostic Chains
Home Healthcare Companies

Companies Covered:-
Arjo Huntleigh
Hill-Rom Services Inc
Paramount Bed Holdings
Stryker Corporation
Narang Medical
Steelcraft Hospital Furniture Industries Pvt. Ltd. – Vissco Group
Midmark India Pvt. Ltd. (Janak Healthcare)
Getinge
GPC Medical
Qualisurge Surgicals (Bharat Surgical Co.)
ARVS (Cognate India)
PMT Healthcare

Key Target Audience:-
Hospital Furniture Manufacturing Companies
Hospital Furniture Exporting Companies
Hospital Furniture Importing Companies
Original Equipment Manufacturers
Consultancy Companies
Industry Associations
Regulatory Bodies

Time Period Captured in the Report:-
Historical Period – 2015-2020
Forecast Period – 2020-2025

Key Topics Covered in the Report:-
India Healthcare Industry Overview
Key Market Drivers- India Healthcare Industry
Industry Landscape- Indian Hospital Furniture Manufacturers
India Hospital Furniture Industry Size, FY’2015-FY’2020
Government Schemes & Initiatives for Healthcare Industry
Demand and Supply Side Analysis – Hospital Furniture Industry
Industry SWOT Analysis
Key Factors Determining the Choice of Hospital Furniture
Bottlenecks Faced by Hospital Furniture Industry
Import and Export Scenario- Hospital Furniture Market
Competitive Landscape of India Hospital Furniture Market
Future Market Size and Segmentations, FY’2020-FY’2025F
Covid-19 Impact on the Industry & the Way Forward
Analysts’ Recommendations

For More Information on the research report, refer to below link:-

Related Reports:-



Contact Us:-

Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249