Hospital Furniture Market: Current Analysis and Forecast (2023-2030)

Report Description

The Hospital Furniture Market was valued at USD 8.2 Billion in 2022 and is expected to grow at a CAGR of 8.5% during the forecast period (2023-2030). owing to the rising geriatric population globally. For instance, according to the report of the U.S. Census Bureau in 2021, more than 54 million people of geriatric age were living in the country in 2020 and this number is expected to reach 85.7 million by 2050, which will be about 20% of the total population of the U.S. Hospital furniture includes a diverse array of specialized equipment and items tailored for medical settings. It comprises hospital beds, examination tables, surgical tables, patient chairs, bedside tables, medical carts, and specialized storage units. These pieces are purpose-built to aid patient care, treatment, and medical procedures in hospitals and clinics. In addition, due to the favorable insurance & reimbursement scenarios in hospitals, increased focus on early detection and prevention, advances in diagnostics, and a rise in the prevalence of chronic diseases like cancer are also driving the hospital furniture market. For instance, the American Cancer Society (ACS) estimates that there will be 235,760 lung cancer cases in the U.S. in 2021.

Some of the major players operating in the market include Stryker; Invacare Corporation; Arjo; STERIS; Medline Industries, Inc.; Hill-Rom Holdings, Inc.; Medical Depot, Inc.; GF Health Products, Inc.; NAUSICAA MEDICAL; Herman Miller, Inc.

Insights Presented in the Report

“Amongst product type, the tables category to grow with high CAGR during the forecast period”

Based on product type, the market is segmented into beds, tables, stretchers, and others. The tables segment is expected to hold a significant share in the forecast period owing to its utility in accommodating things easily on the surface. Adjustable heights and mobility are common features to ensure convenience for both patients and medical staff. Some tables include wheels for easy transport, while others are fixed to the bed. Thus, the tables category is expected to grow with a high CAGR during the forecast period.

“Amongst material type, the metal segment held a significant share in the year 2022”

Based on material type, the market is segmented into wood, metal, and plastic. The metal segment held a significant share in 2022 due to its durability, easy maintenance, and corrosion resistance. These pieces are designed to withstand rigorous use in healthcare settings, ensuring cleanliness, stability, and longevity. The metallic construction allows for easy cleaning and disinfection, crucial in maintaining a hygienic environment in hospitals. Also, increased awareness of medical conditions and an aging population are all factors that have contributed to this development of the segment. Thus, the metal segment dominated the market in the year 2022 amongst applications.

“Amongst end-users, the ambulatory surgical center segment to grow with a significant rate in forecast period”

Based on end-users, the market is segmented into hospitals, ambulatory surgical centers, and others. The ambulatory surgical center segment is expected to grow with high CAGR owing to the growth of healthcare systems, as well as the rise in the incidence and prevalence of respiratory and throat-related diseases, and other chronic diseases, like cancer. Also, several new launches and programs for providing enhanced care to patients are driving this segment’s growth. A prime example of this is the launch of the Walgreens Find Care specialty pharmacy program in June 2020 by Walgreens Boots Alliance, which is intended to provide individualized care to those with rare and chronic conditions. Thus, the ambulatory surgical centers segment is expected to grow at a significant rate in the forecast period.

“Amongst regions, North America region held a significant share in the year 2022”

North America dominated the market of hospital furniture in 2022. Several factors such as an increase in the incidence of deadly diseases like cancer, an increase in the demand for safer medical treatments, an increase in government attention to the sector, a surge in government investment in expanding healthcare facilities, and the implementation of regulatory reforms. For instance, the American Cancer Society estimates that in 2022, there will be about 12,470 new cases of laryngeal cancer including 9,820 men and 2,650 women in the U.S. North America dominated the hospital furniture market regions in the year 2022.

Hospital Furniture Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global hospital furnitures market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

 Research Methodology for the Hospital Furniture Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global hospital furniture market were the three major steps undertaken to create and analyze the adoption of hospital furniture in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were considered. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global hospital furniture market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the hospital furniture market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the hospital furniture market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments and sub-segments for major regions. Major segments are included in the report as product type, material type, end-users, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the hospital furniture market. Further, we conducted factor analysis using dependent and independent variables such as product type, material type, end-users, and region of the hospital furniture market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the hospital furniture market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global hospital furniture market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the hospital furniture market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global hospital furniture market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global hospital furniture market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product type, material type, end-users, and region in the global hospital furniture market.

The main objective of the Global Hospital Furniture Market Study

The current & future market trends of the global hospital furniture market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the hospital furniture market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product type, material type, end-users, and region
• Define and analyze the regulatory framework for the hospital furniture industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the hospital furniture market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the hospital furniture market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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