What's driving the Medical Furniture Market Trends? | Top Key Players Getinge, GE Healthcare, Invacare Corporation, Johnson & Johnson, LINET Americas, Luxor, Philips Healthcare SL
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
2. GE Healthcare
3. Hill-Rom Holdings
4. Invacare Corporation
5. Johnson & Johnson
6. LINET Americas
9. OMRON Corporation
10. Philips Healthcare SL
The patient accommodations of the future have to be better than those in the present to be at par with the procedures, equipment and patient dynamics that keep changing and furniture plays a significant role in the change. Healthcare professionals are demanding furniture that serve multiple purposes as well as makes things easier for caregivers and patients alike. Moreover, with evolving technologies, there is a major requirement for upgrading medical furniture to adapt the benefits of such technologies. Besides, knowing how important the surroundings are to a patient’s health and the feeling of wellness, healthcare workers and interior designers are changing the design of furniture and hospital interiors to make people feel better to accelerate the treatment and recovery process.
Here the United States of America can be considered an apt instance, as it is one of the nations in the world that spends a substantial amount on healthcare. In 2016 approximately 17.9% of GDP of the country was spent on healthcare and it is estimated that 20% of the GDP will be spent in the same sector by 2025. With more than 5,500 hospitals across the country that are preparing to handle the changing needs of a largely aging population, studies indicated executives to be of the opinion that satisfaction of clients is largely dependent on the facilities. Such facilities stretch beyond medical and non-medical staff and beyond medicine as well where the care for not only patients’ comfort but for their families is also taken into account. As space planning and furniture plays a significant role in such care and comfort, it is predictable that the medical furniture market will witness considerable growth due to development of hospitals that take a wider range of variables into consideration.
Not only the developed countries but also developing nations are paying considerable heed to the intelligent and updated use of furniture, thus adding a major boost to the medical furniture market as medical tourism comes more in vogue. Patients across the globe are being attracted by specialty hospitals with world class infrastructure that provide quality medical services but at reduced cost. India is one such country that has become a haven for medical tourism of late as it is one of the cheapest medical service providers in South-east Asia, given that medical expenses in the country is 30% lower than that in Western countries. With the expansion of the medical tourism industry, the number of hospitals and clinics of the country will also grow exponentially, adding impetus to the medical furniture market.
Foreigners are being drawn to India by the short waiting times that they can avail in the nation due to the abundance of private corporate sector clinics and hospitals that come equipped with adequate skilled manpower and latest technology. Besides catering to patients from UK and U.S., India is also the medical destination for neighboring countries like Pakistan, Bangladesh and China which has added a boost to the medical industry of the country and consequently to the medical furniture market.
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India also pulls a considerable crowd of patients who seek treatment through ancient Indian healing techniques like Ayurveda, Yoga and Naturopathy which has added a boost to the spa industry of the nation and according to analysts, India will witness the establishment of nearly 700 spas by 2019 that will largely cater to not only a privileged international clientele but also to Indians who belong to the burgeoning middle class with greater disposable incomes.
An instance of a European country that is making a similar progress with spas and rehabilitation resorts is Bulgaria. The country ranks among the top European countries in terms of diversity of bioclimatic treatment and hydrothermal waters resorts. Considering that such treatment centers also require special furniture to serve its patients, they can also make a remarkable contribution to the growth of the medical furniture market. With better medical facilities being in demand all over the world, the medical furniture market is expected to surpass a valuation of $8.5 billion by 2025.
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