Medical Furniture Market Is Expected To Reach A Revenue Of USD 54.6 Bn by 2033, At 7.0% CAGR: Dimension Market Research
Exploring the Dynamics of the Global Medical Furniture Market: Trends, Insights, and Forecasts
New York, May 06, 2024 (GLOBE NEWSWIRE) -- *Overview*
The Medical Furniture Market size is expected to reach *USD 29.8 billion* by 2024 and is further anticipated to reach *USD 54.6 billion* by 2033 at a CAGR of *7.0%* from 2024 to 2033.
The global medical furniture market includes designing, manufacturing, supplying, and distributing furniture on a global scale for medical facilities such as hospitals and clinics. Some of the factors responsible for growth are technological creativity, healthcare infrastructure improvement, a rise in healthcare services demand, and an aging population.
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*Important Insights*
· The Global Medical Furniture Market is expected to grow by *USD 54.6 billion* by 2033 from 2024 with a CAGR of *7.0%* during the same forecasted period i.e. 2024 to 2033.
· In the product segment, beds hold *27.1%* of the market share in 2024. ICU, Fowler, pediatric, and maternity beds cater to diverse medical needs, driving sales growth.
· In terms of material, metal is anticipated to dominate, offering durability, security, and hygiene in medical furniture like beds, tables, chairs, and trolleys, ensuring long-term cost efficiency.
· In the global medical furniture market, offline channels are poised to dominate, offering personalized service, on-the-spot availability, and expertise, crucial for complex healthcare facility needs.
· Hospitals and specialty clinics lead the medical furniture market, requiring diverse products to support patient care across various departments and specialties, driving market expansion.
· North America is anticipated to lead the global medical furniture market with a *37.7%* of market share in 2024, improved healthcare infrastructure includes fully equipped hospitals, specialist clinics, and outpatient surgical centers.
*Latest Trends*
· *Growing Healthcare Infrastructure: *More healthcare centers are sprouting around the world and the expansion fuels the need for medical furniture to equip the new hospitals and clinics.
· *Focus on Patient Comfort and Safety: *The greater importance given to patient satisfaction and comfort explains the growing demand for health furniture products that are ergonomic and safe.
· *Technological Innovations: *The integration of IoT and ergonomic-based medical furniture ensures functionality, ease of use, and positive patient outcomes.
*Medical Furniture Market: Competitive Landscape*
· The global medical furniture market the presence of many predominant players in addition to many rising regional gamers is putting tough competition in this market. Major players in this marketplace such as Stryker Corporation, Group SE, Joerns Healthcare LLC, Getinge AB Paramount Bed Holdings Co., Ltd play crucial roles in supplying an extensive range of products in this market.
· Major companies in this market cater to various healthcare settings, which include hospitals and domestic care, where they provide customized products according to the demand of these healthcare facilities. The marketplace dynamics are encouraged by using factors that include mergers and acquisitions, new product launches, regulatory changes, and evolving healthcare developments.
*Some of the prominent market players:*
· Stryker
· Invacare Corp.
· ARJO AB
· Steris Plc.
· Medline Industries, Inc.
· Hill-Rom Holdings, Inc.
· Drive DeVilbiss Healthcare
· GF Health Products, Inc.
· NAUSICAA Medical
· Sunrise Medical (US) LLC
· Herman Miller Furniture
· Kovonox
· Getinge AB
· Other Key Players
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*Medical Furniture Market Scope*
*Report Highlights* *Details*
Market Size (2023) USD 29.8 Bn
Forecast Value (2033) USD 54.6 Bn
CAGR (2024-2033) 7.0%
Leading Region in terms of Revenue Share North America
Percentage of Revenue Share by Leading Region 37.7%
Historical Data 2017 - 2022
Forecast Data 2025 – 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Component, By Technology, By Application
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
*Market Analysis*
In the medical furniture industry, the largest share is expected to be occupied by beds, which is mainly due to the high demand for ICU beds and Fowler beds. Beds for the pediatric and maternity areas are geared toward the respective needs of the healthcare facilities. The growing number of healthcare establishments is accompanied by a remarkable uprising of beds, especially in the intensive and specialized category.
Metal is the most prevalent in the medical furniture market because of its advantages of durability, security, and hygiene. The stable support offered by the metal beds is perfect for the intensive care units. As far as low-maintenance options are concerned, metal tables and chairs are suitable for high-traffic areas. Medical trolleys make it easy to move equipment around. Metal furniture assists in infection control and hence remains in demand in healthcare facilities regardless of the pandemic.
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*Growth Drivers*
· *Aging Population: *With an increasing number of elderly specialized medical furniture becomes necessary to answer to the needs of the elderly, which pushes the growth of this market up.
· *Prevalence of Chronic Conditions: *With the rising number of chronic conditions, there is an imperative need to provide medical furniture with special care for long-term patients.
· *Regulatory Standards and Infection Control: *Strong regulations and priority on the prevention of infections in the medical field pave the way for innovation in medical furniture design and materials that provoke market growth.
*Restraints*
· *Limited Reimbursement Policies:* In some regions, reimbursement policies may not cowl the overall cost of medical furniture, leading to reluctance among healthcare companies to invest on newer or more advanced equipment.
· *Technological Advancements: *Rapid advancements in technology can make existing medical furniture obsolete fast, creating a undertaking for manufacturers to hold up with evolving consumer demands and preferences.
· *Supply Chain Disruptions:* Global events, natural disasters, or geopolitical tensions can disrupt the supply chain, leading to shortages of raw materials or components essential for manufacturing medical furniture.
*Growth Opportunities*
· *Technological Advancements: *Integration of advanced technologies inclusive of IoT (Internet of Things), AI (Artificial Intelligence), and remote monitoring capabilities into medical furniture can enhance patient care, enhance efficiency, and reduce the workload on the healthcare staff.
· *Focus on Patient Experience:* There's a developing emphasis on affected patient-centered care and enhancing the overall patient experience. Medical furnishings are designed to prioritize patient comfort, protection, and dignity to offer advanced care.
*Medical Furniture Market Segmentation*
*By Product*
· Beds
· ICU Beds
· Fowler Beds
· Plain Hospital Beds
· Pediatric Beds
· Maternity Beds
· Others
· Patient Lift
· Manual Lifts
· Power Lifts
· Stand up Lifts
· Heavy duty Lifts
· Overhead Track Lifts
· Others
· Tables
· Examination Tables
· Obstetric Tables
· Surgical Tables
· Others
· Chairs
· Medical Carts
· Others
*By Material *
· Metal
· Wood
· Plastic
*By Distribution Channel*
· Offline
· Online
*By End Use*
· Hospitals & Specialty Clinics
· Ambulatory Surgical Centers
· Others
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*Regional Analysis*
North America is expected to dominate this market as it holds *37.7%* of the market share in 2024. The North American region holds a leading position in the global medical furniture market, on account of several dominant factors. In addition, the healthcare infrastructure system comprises high-tech medical centers, specialized clinics, as well as outpatient surgical units.
The healthcare sector gripped by the rapid trend of increasing aging populations, lifestyle changes, and numerous diseases requires the medical furniture market to respond to the high demand.
*By Region*
*North America*
· The U.S.
· Canada
*Europe*
· Germany
· The U.K.
· France
· Italy
· Russia
· Spain
· Benelux
· Nordic
· Rest of Europe
*Asia-Pacific*
· China
· Japan
· South Korea
· India
· ANZ
· ASEAN
· Rest of Asia-Pacific
*Latin America*
· Brazil
· Mexico
· Argentina
· Colombia
· Rest of Latin America
*Middle East & Africa*
· Saudi Arabia
· UAE
· South Africa
· Israel
· Egypt
· Rest of MEA
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· Medical Imaging Display Market is expected to value USD 2.9 billion in 2024 and is further anticipated to reach USD 4.7 billion by 2033 at a CAGR of 5.7%.*
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· Medical Polymer Market is estimated to have a value of USD 24.6 billion in 2024 and is expected to rise to USD 50.5 billion by the end of 2033
· Medical Packaging Film Market will be valued at USD 8.5 billion in 2024 and will continue to grow to USD 14.7 billion by 2033 at the rate of 6.2% CAGR.
· Medical Bed Market is estimated to reach a market value of USD 4.0 billion in 2024, while it is further projected to grow to a market value of USD 7.0 billion in 2033 at a CAGR of 6.2%.
· Medical Rehabilitation Services Market is expected to reach a value of USD 200.1 billion by the end of 2024, and it is further anticipated to reach a market value of USD 351.0 billion by 2033 at a CAGR of 6.4%.
· Medical Cannabis Market is expected to reach a value of USD 18.1 billion in 2023, and it is further anticipated to reach a market value of USD 122.7 billion by 2032 at a CAGR of 23.7%.
· Medical Animation Market is expected to reach a value of USD 398.1 million in 2023, and it is further anticipated to reach a market value of USD 2,039 million by 2032 at a CAGR of 19.9%.
· Medical Robotic System Market is expected to reach a value of USD 26.5 billion in 2023, and it is further anticipated to reach a market value of USD 120.9 billion by 2032 at a CAGR of 18.4%.
· Medical Disposables Market is expected to reach a value of USD 486.3 billion in 2023, and it is further anticipated to reach a market value of USD 1,635.0 billion by 2032 at a CAGR of 14.4%.
· Medical Plastics Extrusion Market is expected to reach a value of USD 874.9 million in 2023, and it is further anticipated to reach a market value of USD 1,296.5 million by 2032 at a CAGR of 4.5%.
*Recent Developments in the Medical Furniture Market*
· *December 2023: *Investments in medical equipment and hospital beds increased due to a 7-8% surge in patient footfall. Major hospital chains like Manipal, Apollo, and Fortis are expanding bed capacity.
· *December 2023: *GI Partners establishes UDLR Healthcare, focusing on investing in medical outpatient buildings (MOBs), partnering with former executives from Healthcare Trust of America.
· *September 2023: *Versatile Credit receives a strategic growth investment from PSG, aiming to enhance market presence, deepen lender relationships, and expand into new merchant categories.
· *May 2023: *HCA Healthcare pledges over USD 300.0 million for nurse education, doubling clinical advancement centers and expanding the Research College of Nursing.
· *December 2022: *Shibaura Machine plans to invest USD 2250 million in India to double its manufacturing capacity in Chennai, India, aiming for increased production and job creation.
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