Press release
What's driving the Medical Furniture Market trends? Key Players are Stryker, Getinge, Hill-Rom Holdings, Skytron, STERIS Corporation, LINET, Promotal, Johnson & Johnson, Luxor, Invacare Corporation, OMRON Corporation and Philips Healthcare
Medical Furniture Market will exceed USD 8 billion by 2024; as per a new research report.
Advancements in healthcare infrastructure, especially in developing economies will propel medical furniture market growth in forthcoming years.
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Prominent industry players in the medical furniture market include Stryker, Getinge, Hill-Rom Holdings, Skytron, STERIS Corporation, LINET, Promotal, Johnson & Johnson, Luxor, Invacare Corporation, OMRON Corporation and Philips Healthcare. Key industry players adopt various strategic initiatives such as acquisitions and new product launches, that enable them in sustaining market competition.
Government in emerging economies such as India takes several initiatives for betterment of hospital infrastructure and fortify availability of high quality hospital facilities. Moreover, patients have high preference for hospitals quipped with quality infrastructure including medical furniture that will certainly impact industry growth.
Increasing prevalence of chronic diseases like diabetes, cancer and cardiovascular diseases has proven beneficial for industry growth. According to World Health Organization around 422 million people currently suffers from diabetes and this number is expanding at rapid pace. Changing lifestyle has increased the risk of acquiring diseases that needs critical surgical procedures and prolonged hospital stay. This framework has proven beneficial for the industry growth as it necessitates availability of medical furniture products in all healthcare institutions. However, high cost of superior quality medical furniture is predicted to hamper the industry growth to some extent.
Tables segment currently accounts for significant revenue share is expected to witness 5.8% growth from 2019 to 2025. The segment includes wide range of products such as surgical tables, bed side tables, examination tables etc. Each year numerous patients are admitted to hospitals and ambulatory surgical centers for different surgical procedures. Increasing number of surgeries has created robust demand for surgical tables over last few years and trend is likely to remain so over forecast timeframe. Moreover, availability of sophisticated and innovative surgical tables that ensures patient comfort predicted to impact segment growth.
Metal segment dominated medical furniture market in 2018 with 50.6% revenue share. Metal is extensively used in manufacturing of the medical furniture as it is durable than rest of material. Metal is one of most preferable material used in healthcare industry, as it increases lifespan of the medical furniture used in laboratory and hospitals. Moreover, increased level of safety associated with metal furniture favors segment growth.
Home healthcare settings segment will grow at 6.1% over forecast timeframe owing to several advantages associated with these institutions. As Home healthcare settings enables faster recover and provides greater comforts to the patients, its preference is increasing. Furthermore, home healthcare facilities are cost effective compared to other healthcare facilities. Aforementioned factors will augment the home healthcare end-user segment in years to come.
Latin America medical furniture market was valued over USD 700 million in 2018. Developing healthcare infrastructure coupled with increasing patient pool will augment the regional growth over the forecast period. In addition, government funding to the public hospitals and increased risk of newer diseases due to lifestyle changes will drive regional growth.
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Report Content
Chapter 1. Methodology
Chapter 2. Executive Summary
Chapter 3. Medical Furniture Industry Insights
Chapter 4. Medical Furniture Market, By Product
Chapter 5. Medical Furniture Market, By Material
Chapter 6. Medical Furniture Market, By End-use
Chapter 7. Medical Furniture Market, By Region
Chapter 8. Company Profiles
8.1. Getinge
8.2. GE Healthcare
8.3. Hill-Rom Holdings
8.4. Invacare Corporation
8.5. Johnson & Johnson
8.6. Kovonax
8.7. LINET
8.8. Luxor
8.9. Met-lak
8.10. OMRON Corporation
8.11. Philips Healthcare
8.12. Promotal
8.13. Stryker
8.14. STERIS Corporation
8.15. Skytron
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