India News
- 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.
This investment on healthcare institutions in the country is the principal
driver for the growth of hospital furniture in the country.
- India’s
leading hospital furniture manufacturer –Midmark (India) Pvt. Ltd. is
planning to enter Tier-2 and Tier-3 cities as these cities are the next
frontier of growth. Company plans to start a Midmark India Experience Centre in such cities where a doctor, a bio-medical
engineer, head of procurement, even a patient or anyone who is interested
can get a look and feel of the equipment.
- The adoption of online
channels for selling hospital furniture is slowly increasing as a
spill-over of the Covid-19 pandemic. Many hospitals have also made their
tender processes online to screen or finalise the hospital furniture
vendors.
Rising Production of Higher
Quality Items: The usage of better
technology and higher quality products which are durable and patient friendly is
expected to rise in the country in future with rising awareness, investment in
R&D and increasing disposable income. The demand for motorized beds is particularly
expected to rise for super-specialty hospitals due to ease in surgical
procedure and increasing weightage on patient’s comfort.
Requirement of Regulatory
Body and Quality Standards: In comparison with pharmaceutical industry which is
highly regulated, there is absence of separate regulatory framework for
hospital furniture. 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 recognised body to maintain
the standards.
Collaborations &
Partnerships with Home Healthcare Companies: The hospital furniture industry
is India is projected to witness more hospital furniture manufacturers
collaborating with the home healthcare companies to provide the products
directly to an individual/patient at home. This will help them to increase
their revenue, diversify their portfolio and gain an extra advantage over their
competitors. The partnerships with other end users, spare part manufacturers
& unorganised manufacturer are also expected to rise.
Plummeting Hospital Furniture Demand due to
Covid-19: India has jumped to
the third spot in the list of countries most affected by the Coronavirus
pandemic, only after the United States and
Brazil. The pandemic as well as the imposed lockdown have adversely impacted
the hospital furniture industry in India. The industry has been witnessing loss
of business and this trend is expected to continue for the foreseeable future.
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. The manufacturers are expected to shift focus
towards online distribution and partnerships with home healthcare companies
which are showing potential due to increasing digitization and public
awareness.
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, Stretchers and Others), By Organised and Unorganised
Market, By End Users (Hospitals, Clinics and Diagnostic Chains and 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.
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:-
India Hospital Furniture Market
Related Reports:-
India Home Healthcare Market Outlook to 2025 (Second
Edition) – By Patient Profile (Elderly Care, Post Operative Care,
Physiotherapy, Palliative Care, Stroke Rehabilitation and Others), By Organized
(Subscription and Non Subscription Model) and Unorganized, By Patient Age
Profile and By Major Cities
India Diagnostic Laboratories Market Outlook to
FY’2025- By Government and Private Labs, By Radiology and Pathology, By
Organized and Unorganized Players, By Business Model (Standalone, Hospital
Based and Diagnostic Chains), By Cities (Tier I, Tier II and Tier III cities)
and By Payment Method (Out of Pocket Expenditure, Insurance based and Corporate
Spending
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Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
