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Medical Furniture Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023

Globe Newswire

Albany - NY, Oct. 21, 2015 (GLOBE NEWSWIRE) -- Medical furniture is an indivisible aspect of any medical infrastructure. The phrase medical furniture comprises all important goods and materials (stationary or movable assets) used in hospitals and physicians' office, either to help patient or physicians.

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The market of medical furniture is segmented on the basis of types of products, such as cabinet and casework, metal cabinets, scrub sinks, bedside tables, medical tables and carts, instrument stands, kick buckets, IV poles, medical hampers, medical support, stretchers, beds, recovery couches, chairs, medical stools, blood drawing chair, waste container, inspection beds, portable toiletry, waiting room furniture and others. Furthermore, the market is also segmented on the basis of applications, such as physician/surgeon's furniture (examination table, eye surgery chair and others), patient's furniture (stretchers, bedside table and other) and support staff's furniture (IV stand, waste container and others). In addition, the market is also segmented on the basis of geography, such as North America, Europe, Asia-Pacific and Rest of the World (RoW). The North American region is the most dominating market in the world, owing to extensive number of hospitals and healthcare infrastructure. On the other hand, Asia-Pacific and RoW are the most promising markets in the upcoming period, owing to rise in number of in-patient treatments and medical infrastructure.

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The market of medical furniture is expected to show steady growth rate during the forecast period from 2014 to 2020. This growth is anticipated to drive by various factors, such as increasing number of medical infrastructure across the globe, particularly in developing countries and steadily increasing technological innovations in hospital furniture. The rising number of hospitals across developed countries and high number of hospitals in developed nations is considered as the key factor driving market growth. For instance, according to data enumerated by the Statista, the number of hospitals in the U.S. has remained steady since 2009, from 5,795 in 2009 to 5,723 in 2012. This large number of hospitals would increase the demand of hospital furniture in the near future. Similarly, according to the Eurostat, increasing healthcare expenditure and patient base would increase the financial inflow to the hospitals, which would increase their purchasing capabilities and ultimately contribute in the market growth. Moreover, gradual increase in technologically advanced medical furniture is also supporting the growth of the medical furniture market. For instance, owing to rise in technological implementation in designing of medical furniture, a number of advanced hospital stretchers, such as motorized stretcher chair and eye surgery chair by Stryker Corporation are being introduced in the market. These all factors altogether would contribute in the growth of the hospital furniture market during the forecast period from 2014 to 2020. On the other hand, long life of hospital furniture materials and high cost associated with technologically innovative furniture products are considered as key factors affecting the market growth negatively. Average life of hospital furniture is around ten to twelve years (in case of non-technological products, such as non-motorized stretchers and chairs). This long life span of these products limits the repetitive purchase and thus affects market growth negatively. Similarly, average cost of motorized stretcher ranges from USD 10,000 to USD 25,000. This high cost of technologically innovative devices would affect the market growth negatively. Hence, these factors are considered as key hurdles in market growth of hospital furniture.

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Some of the major players engaged in commercialization of the hospital furniture products in the market include Stryker Corporation, Anetic Aid Limited, DRE INC, GPC Medical Ltd., Moore Medical, HillUSA, Hill-Rom Holdings Inc., Beaver Healthcare Equipment and many others.

This research report analyzes this market on the basis of its market segments, major geographies, and current market trends.

Geographies analyzed under this research report include

  • North America
  • Asia Pacific
  • Europe
  • Rest of the World 

This report provides comprehensive analysis of

  • Market growth drivers
  • Factors limiting market growth
  • Current market trends
  • Market structure
  • Market projections for upcoming years

This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter's five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.

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Source:Transparency Market Research