Medical Furniture Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

The Medical Furniture Market is projected to register a CAGR of 5.6% during the forecast period (2022 - 2027).

The healthcare system has witnessed enormous challenges as a result of the COVID-19 pandemic. All outpatient treatments were postponed or restricted during the COVID-19 pandemic to ​reduce the risk of viral transmission as most chronic pain therapies were regarded as non-urgent. There was a huge barrier for people with disabilities in accessing health care services and information. Also, they had a higher risk of suffering from depression because of the social distancing and associated isolation protocols. According to the World Health Organisation’s report on “Hospital Beds, Stretchers, and Mattresses During the COVID-19 Pandemic” published in October 2020, there might have been an increase in demand for the medical furniture such as hospital beds, stretchers, and mattresses, in order to provide adequate healthcare support to the people through hospitals and other temporary expansion sites. Such large scale expansions called for an influx of medical furniture, which positively impacted the growth of the medical furniture market.

The major chronic diseases such as cancer, cardiovascular diseases, chronic lung disease, stroke, Alzheimer’s, diabetes, and chronic kidney disease are on the rise all over the world, which is adding to the growth of the medical furniture market.​ Cancer is a leading cause of death all around the world, accounting for around 10 million deaths in 2020. According to the GLOBOCAN 2020 report, the total number of people in the world affected by cancer in 2020 accounts to around 19,292,789 cases. The number is estimated to rise to 28,887,940 cases by 2040. ​According to the International Diabetes Federation Diabetes Atlas Tenth edition 2021, in 2021, around 537 million adults all over the world were found to have diabetes; with the numbers projected to grow to 643 million by 2030 and 783 million by 2045. The large population affected by the chronic diseases and the increase in the necessity of medical furniture for the ease of diagnosis and treatment of such diseases is expected to propel the growth of the medical furniture market.​

As per the data by the World Bank, the number of people above the age of 65 is 723.18 million as of 2020. The rise in the geriatric population and the increase in the number of diseases associated with age related factors, thereby increasing the number of patients visiting the hospitals is expected to improve the growth of the market. Also, as per the World Health Organisation’s Key facts on Road Traffic Injuries published in June 2021, around 1.2 million people all over the world die as a result of road traffic crashes. Around 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability as a result of their injury. The rise in the number of road traffic accident cases all over the world, is increasing the number of admissions to the hospitals and healthcare settings, which is likely to boost the growth of the medical furniture market in the forecast period.

Key Market Trends

The Medical Beds Segment is Expected to Hold a Major Market Share in the Medical Furniture Market.

The medical beds holds the major segment in the Medical Furniture market. A hospital bed is an important part of patient care as it may either help or affect the recovery process, by ensuring the sleep quality of the patients. An article published in the Journal of Surgical Research in November 2020 titled “A Closer Look Into Global Hospital Beds Capacity and Resource Shortages During the COVID-19 Pandemic” studied the global hospital bed (HB), acute care bed (ACB), and intensive care unit (ICU) bed capacity. The article showed that the global COVID-19 mortality rates are likely to be affected by a wide range of factors, including hospital resources, personnel, and bed capacity. Thus, the necessity for the adequate number of beds in the hospitals is expected to propel the growth of the bed segment in the studied market over the forecast period.

Another article titled “State-wise estimates of current hospital beds, intensive care unit (ICU) beds and ventilators in India: Are we prepared for a surge in COVID-19 hospitalizations?” presented in the journal of Center for Disease Dynamics, Economics & Policy in June 2020, evaluated the healthcare infrastructure of India to treat the COVID-19 cases. The article showed that the total number of hospital beds in India was 1.9 million and the total number of ICU beds was around 95,000, while the nation needed around 270,000 ICU beds, which is over 2.8 times more than the number of ICU beds present, for the proper treatment of the affected people.

The United Kingdom National Health Services in September 2021 also indicated an increase in the number of critcal care beds in the UK over the years. The number had risen from around 5,400 in the year 2011/12 to 5,900 by the year 2019/20. The COVID-19 pandemic also rapidlyy increased the demands for adult critical care beds, leaping from around 4,000 before the pandemic to almost 6,000 in the peaks of the pandemic. Thus, the rising needs for hospital beds are expected to boost the growth of the medical furniture market in the forecast period.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period.

The rise in the adoption of highly advanced techniques and systems in the manufacturing of Medical Furnitures and the technological advancements made in wheelchair segment is expected to boost the growth of the market in the North American region. The high awareness among the population on the availability of novel Medical Furniture models in the market contributes to the high market growth in the region.

The rising number of chronic disease cases in the North American region is adding to the growth of the medical furniture market.​ Cancer is one of the top ten leading causes of death in the United States. According to the GLOBOCAN 2020 report, the total number of people in the United States affected by cancer in 2020 accounts to around 2,281,658 cases. The number is estimated to rise to 3,123,452 cases by 2040. ​According to the National Diabetes Statistics Report, in 2020, around 37.3 million people in the United States were found to have diabetes; around 96 million adults were found to have pre-diabetes. ​The National Kidney Foundation in 2020 has estimated that about 36 million adults in the US have chronic kidney diseases. ​A report by the Center for Disease prevention and Control in 2020 showed that around 15.7 million Americans are affected by Chronic lower respiratory Disease.​ The large population affected by the chronic diseases and the increase in the necessity of medical furniture for the ease of diagnosis and treatment of such diseases is expected to propel the growth of the medical furniture market.​

Also, the increasing prevalence of geriatric population in the United States is expected to drive the demand for the Medical Furniture Market in this region. According to the World Bank data, the number of people over the age of 65 is 54.796 million in the United States in 2020. The US census shows that the number of people over the age of 65 in the United States as of 2022 is 59.71 million. The rapid progression in the old age population in the region and the age associated illness requiring hospitaliation is expected to advance the expansion of the medical furniture market in the North American region.

Thus the increasing necessity for medical furniture coupled with increasing investment in the health care department is known to propel the growth of the market in this region.

Competitive Landscape

The Medical Furniture Market is fragmented competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Biomedical Solutions, Getinge, GPC Medical Limited, Herman Miller, Hill-Rom Holdings, Invacare Corporation, J&J Medical Specialties LLC, Kovonax, LINET, Met-lak, Promotal, Skytron, STERIS Corporation, Stiegelmeyer, Stryker Corporation, and others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

This product will be delivered within 2 business days.