Global Market Research Reports : Ken Research: India Hospital Furniture Market Revenue

Showing posts with label India Hospital Furniture Market Revenue. Show all posts

Wednesday, January 5, 2022

Increasing Number of Hospitals and Clinics in Tier-2 and Tier 3 cities, and Continuous Development in Technology & Introduction of Innovative Furniture will Fuel the Growth of India Hospital Furniture Market in the coming years: Ken Research

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.

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:-

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

Follow Us:-

LinkedIn | Instagram | Facebook | Twitter | YouTube

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

Support@kenresearch.com

+91-9015378249

Tuesday, July 28, 2020

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.