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
