Driven by the increasing prevalence of chronic diseases, and the increasing number of hospitals and clinics, the Global Hospital Furniture Market is forecasted to reach ~US$ 19 Bn by 2028 says Ken Research Study.
Global
rise in medical tourism demands the hospitals’ infrastructure to be better and
up to the standards. It relies on its furnishings which are designed in a way
to least interfere with the daily operations of medical personnel and patient
comfort. Hospital furnishing includes hospital beds, cabinets, examination
couches, and bedside tables. Most of the furniture is designed in such a way as
to draw in potential consumers or patients. Clinics, hospitals, nursing homes,
and diagnostic centers are the major end-users of the Hospital Furniture Market.
"Ken Research shares 3 key insights on this
high-opportunity market from its latest research study."
1. Hospital Furniture Observes No Direct
Substitute and Witnesses an Increased Number of Country-niche Players Operating
in the Market
The
Global Hospital Furniture Market is expected to witness steady growth during
the forecast period, owing to the increasing number of hospitals globally. The
high cost attributable to hospital furniture poses challenges to the market
growth.
According
to Ken Research estimates, the Global Hospital Furniture Market is
estimated to be ~US$ 11 Bn by 2022 and is expected to grow further to ~US$ 20
billion opportunity by 2028, witnessing growth at a CAGR of 10% during the
forecast period 2022-2028. North America is the most dominating region in the
Global Hospital Furniture Market. As the Hospital Furniture Market has no
alternative and has wide applications, therefore the threat of substitutes is
low for this market.
2. The Increase Prevalence of Chronic Diseases
is a Major Growth Driver for Global Hospital Furniture Market.
Chronic
diseases such as cancer, cardiovascular diseases, chronic lung disease, stroke,
Alzheimer’s, diabetes, and chronic kidney diseases are on the rise all over the
world, which is driving the growth of the Hospital Furniture Market as more
patients are visiting the hospital for treatment. Moreover, the rising number
of patients globally and medical tourism also fuel the demand for hospital
furniture. The rise in the geriatric population is increasing the number of
diseases associated with age-related factors, hence increasing the number of
patients visiting hospitals.
According
to the International Diabetes Federation (IDF) report, Diabetes Atlas Tenth
edition 2021, around 540 million adults all over the world were found to have
diabetes and is projected to grow to 640 million by 2030 and 780 million by
2045. The increasing population affected by the chronic disease is leading to
the increased necessity of hospital furniture for the ease of diagnosis and
treatment.
3. High Costs Attributable to Hospital Furniture
Market Poses Challenges to its Growth
The
rising cost of medical furniture hinders the growth of the hospital furniture
market. Hospital furniture such as operating tables and other examination
tables have a higher cost as compared to hospital beds and chairs, which limits
their adoption hence hampering the market growth. Moreover, highly specialized
hospitals require sophisticated furnishings and thus incur a high cost.
According to WhattItCosts.com the price of buying a manual hospital bed starts at US$ 500, a semi-electric hospital costs US$ 1,000, a fully electric bed costs about US$ 2,000 and a heavy-duty full electric bariatric hospital bed costs US$ 5,000.
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Information, refer to below link:-
Global
Wood Hospital Furniture Market Revenue
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