Hospital Furniture Market size was valued at US$ 6.68 Bn. in 2020 and the total revenue is expected to grow at 6.22 % through 2021 to 2027, reaching nearly US$ 10.19 Bn.

Hospital Furniture Market Overview:

The infrastructure of a hospital relies heavily on hospital furnishings. Furniture is required to turn a room into the desired environment. Hospital furniture is also crucial in changing a hospital environment into a welcoming public space for patients. The hospital furniture market satisfies the many utilitarian requirements of a hospital. The furniture is also used by hospital employees for a variety of functions. Hospital furniture is designed with medical personnel and patients in mind. The Hospital Furniture Industry serves a variety of hospitals all around the world. The hospital furniture is designed in such a manner that it draws in potential consumers or patients.

Hospital Furniture Market Dynamics:

In the hospital furniture market, there are many key growth drivers. The key drivers of these markets ensure the current and future growth of the hospital furniture market. The first reason for the market growth is the increasing number of hospitals and clinics across the globe. The public government is trying to build more and more hospitals to avoid another pandemic-like situation. During the forecast period, the demand for more advanced hospitals and clinics is the main driving growth of the hospital furniture market demand. The public government's efforts to modernize the existing hospital infrastructure are also the main driving force of the hospital furniture industry.

As geriatric illnesses frequently coexist with obesity and paralysis, people with disabilities will increasingly require mobility equipment to carry out their daily duties. As a result, the need for treatment as well as bariatric wheelchairs, mobility scooters, and other bariatric mobility and assistive equipment is estimated to rise as obesity and lifestyle-related impairments among the elderly increase. As a result, the hospital furniture market is expected to grow throughout the forecast period due to an increase in the global impaired population.

In the past few years, the elderly population in countries such as India and China has increased significantly. In the elderly population, the prevalence of various chronic and acute diseases and other health conditions (such as cancer, thyroid, obesity and diabetes) is higher. Elderly people with these health conditions need frequent medical care services. According to the World Health Organization, by 2050, the elderly population (people over 60) is expected to double, from 960 million in 2017 to 2 billion in 2050. Globally, the elderly population is growing faster than the younger population. The elderly population accounts for 13% of the global population and is growing at a considerable rate every year. In addition, it is expected that by 2050, the number of people aged 80 and over will triple, from 137 million in 2017 to 425 million in 2050.

At the moment, Europe has a sizable elderly population. Aging is linked to a decrease in family support for long-term caring and the high cost of official long-term caregiving services. As a result, these societal developments are projected to increase demand for healthcare services, which will, in turn, increase demand for hospital furniture.

However, among other things, the rising cost of medical furniture may hinder market growth and will represent a huge barrier to the market's growth in the forecast period.

COVID-19 IMPACT:

Over the past months, it has seen the huge impact of new coronavirus on people's life. It has also had an influence on a variety of industries throughout the world, ultimately hurting the global economy. Some industries have had negative growth, while others have seen huge demand and produced massive income during this time period. Hospital furniture and equipment is one of the sectors that has benefited. It would be naive to believe that previous to COVID-19, all healthcare systems throughout the world had adequate hospital infrastructure to serve their unique patient populations. On the other side, the United States, Canada, Germany, the United Kingdom, and Japan had enough resources to manage and cure the sick.

COVID-19 was labelled a pandemic and a global emergency by the World Health Organization in March 2020. Thousands of patients have been impacted, and hospital furniture such as hospital beds, ICU beds, stretchers, wheelchairs, hygiene devices, and urgent medical workstations is in limited supply. Hardly any of the healthcare systems had the resources to accommodate such a rapid increase in the number of patients admitted to hospitals.

Hospital Furniture Market Segment Analysis:

Among the states with the most people in India had 7,13,986 government hospital beds, according to the National Health Profile–2019. This equals 0.55 beds for every 1000 persons. Patients in this age group have more challenges, making the elderly population (those aged 60 and up) more vulnerable. 5.18 beds per 1000 inhabitants are available in India.

Based on the Material, the global Hospital Furniture market is sub-segmented into Wood, Metal and Plastic. The Wood segment held the largest market share of 65% in 2020. Due to the restricted amount of resources in public and government hospitals, preferences for hardwood furniture are favourable for market growth. Wooden chairs improve patient comfort and flexibility, allowing for more relaxation and, as a consequence, a higher rate of adoption. However, the metal segment held the largest market share of 50% in 2020. Metal-based hospital furniture is easy to maintain and long-lasting, boosting the material's position in the marketplace.

Based on the End-User, the global Hospital Furniture market is sub-segmented into Hospitals, Diagnostic Centres and Clinics and Others. The Hospitals segment held the largest market share of xx% with revenue of US$ 11.4 Billion in 2020. During the forecast period, the segment is expected to be driven by a growing number of hospitals, increased hospitalizations of different chronic conditions, and increasing healthcare access in developing and underdeveloped countries. Also, the market will develop as the availability of improved treatment facilities in hospitals increases.