Hospital furniture is the most important part of the hospitals. This comprises of all the essential aspects used in hospital either by physician, staff or patient. Many of the hospital develop their furniture to attract the patient. The major factors responsible for the growth of global hospital furniture market is increasing number of hospitals and clinics across the globe. Increasing prevalence of different chronic diseases and increasing expectation of the patients toward the hospital infrastructure had also contributed in growth of the market. Continuous development in technology and introduction of eye surgery chair and advances hospital stretchers has provided fuel for the growth of the market. Whereas high cost and need of long life furniture has hamper the growth of the market.
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Global hospital furniture is expecting a healthy growth in coming future. Increasing number of hospitals, rising patient population, continuous developments in healthcare infrastructure and increase in spending of the hospitals on the infrastructure has provided fuel for the growth of the market. Whereas high cost and less life of furniture has restrained the growth of the market. America accounts the largest market share in global hospital furniture market owing to well-developed medical sector and increasing healthcare expenditure. According to World Health Organization (WHO), by 2014 United States has approximately 6,900 hospitals and this number is continuously increasing. Europe accounts for the second largest market for hospital furniture which is followed by Asia Pacific. Growth of Asia Pacific hospital furniture market is anticipated due to rapidly growing healthcare sector, presence of huge patient population and increasing hospital spending on their infrastructure and appearance. China and India are the major contributors for the market. China, which ranks number one, has approximately 69,105 hospitals and clinics and India has just over 22,000 hospitals by 2014. Continuous increasing number of people suffering from different diseases and increasing number of hospitals and clinics in this region is the major factor for the growth of the market.
Global hospital furniture market is expected to grow at a CAGR of 9.8% during forecasted period from 2017-2027. According to a recent study report published by the Market Research Future, the global Hospital Furniture market is booming and expected to gain eminence over the forecast period. The market is forecasted to demonstrate a spectacular growth by 2027, surpassing its previous growth records in terms of value with a prominent CAGR during the anticipated period (2017 – 2027).
Stryker Corporation (US), Bio Medical Solutions (India), KI (US), GPC Medical (India), Anetic Aid Limited (UK), DRE INC (US), Bristol Maid Hospital Metalcraft (UK), The Brewer Company (US), GPC Medical Ltd (India), Chang Gung Medical Technology (China), Hill-Rom (US), Narang Medical (India), Beaver Healthcare Equipment (UK), Renray Healthcare Ltd. (UK), Moore Medical LLC (US), Beaver Healthcare Equipment (UK) are some of the prominent players at the forefront of competition in the Global Hospital Furniture Market and are profiled in MRFR Analysis.
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Global Hospital Furniture Market – Competitive Analysis
The market for hospital furniture is characterised by the presence of several well-established and small players, the global market of hospital furniture appears to be highly competitive and fragmented. Major players are increasingly expanding their footprint in the emerging nations, making it putting pressure on the regional players, especially in terms of features such as type, product portfolios, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. Hospital furniture market is a saturated market due to the presence of many local and multinational players. Number of different products are available into the market and so key players are trying to focus on acquisition and strategic alliances with local companies to minimize the competition.
New product launch is a business strategy adopted by the companies in this market. For instance, in September 2015, Stryker Corporation completed the acquisition of Muka Metal, A.S. Muka is a privately held business headquartered in Kayseri, Turkey that sells hospital beds, stretchers and related patient room furniture and accessories that serve markets across Turkey and other regions globally. The acquisition of Muka aligns with act as a strategy to expand Styker’s global presence through existing channels with an established and trusted brand.
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