Medical Furniture Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 47.24 Billion |
| Market Size (2029) | USD 34.16 Billion |
| CAGR (2024 - 2029) | 6.70 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Medical Furniture Market Analysis
The Global Medical Furniture Market size is estimated at USD 47.24 billion in 2024, and is expected to reach USD 34.16 billion by 2029, at a CAGR of 6.70% during the forecast period (2024-2029).
Technological innovations, rising healthcare demands, and strategic expansions by key players are rapidly evolving the medical furniture market.
Innovation and the emergence of smart furniture stand out as dominant trends in the medical furniture market. A prime illustration is the Smart Ward ecosystem unveiled at Singapore's Alexandra Hospital, as reported in July 2023. This system boasts connected smart beds featuring cutting-edge monitoring technologies like contactless vital sign sensors and fall-prevention alarms. Such advancements bolster patient safety and enhance operational efficiency in healthcare settings through real-time monitoring and data collection.
Integrating Internet of Medical Things (IoMT) technologies into medical furniture marks a significant shift towards more interactive and responsive healthcare environments. Hospitals are increasingly embracing smart furniture to boost patient outcomes and streamline workflows.
In May 2024, China's National Health Commission set ambitious targets to boost the number of intensive care beds to 15 per 100,000 individuals. Additionally, they plan to ensure that by the end of 2025, 10 beds per 100,000 can be rapidly converted for intensive care. As of late 2022, China had around 181,000 intensive care beds, translating to 12.8 per 100,000. This initiative underscores China's strong commitment to bolstering its healthcare capacity, which will undoubtedly require substantial medical furniture and equipment investments.
Market developments are highlighted by trends such as new product launches and improvements in health infrastructure. In August 2023, MeddeyGo.com expanded its e-commerce platform by introducing an enhanced category for hospital furniture. The expanded hospital furniture portfolio focuses on essential areas, including operating rooms, consulting zones, patient rooms, and transfer solutions. This move underscores the increasing trend of online procurement of medical supplies, enhancing accessibility for healthcare providers and emphasizing the growing importance of e-commerce in the medical field.
Similarly, in May 2024, the Public Health and Population Office in Taiz province, supported by the Tamdeen Youth Foundation, distributed essential furniture and medical equipment in Yemen. Beneficiaries included the Al-Nour Center and Nana Health Unit in Maqbana District. This effort highlights the commitment to uplift healthcare infrastructure in neglected regions and emphasizes the demand for durable medical furniture to enhance patient care.
The medical furniture market stands at a crucial crossroads, driven by technological strides, strategic expansions, and heightened investments in healthcare infrastructure. With global healthcare demands on the rise, the importance of innovative and functional medical furniture is poised to grow, signaling a period of continued expansion and evolution for the market in the coming years. However, escalating raw material costs for medical furniture present a potential hurdle to this growth path. These increasing costs could significantly impact profit margins and overall market expansion.
Medical Furniture Market Trends
The Medical Beds Segment is Expected to Hold a Major Market Share in the Medical Furniture Market.
The medical furniture market is witnessing robust growth, primarily fueled by the surging demand for advanced medical beds. These beds play a crucial role in elevating patient care, boosting operational efficiency, and adapting to the dynamic needs of the healthcare sector. With hospitals and healthcare facilities prioritizing quality care, the medical beds segment is set to command a significant market share.
Innovation stands out as a primary catalyst propelling the growth of the medical beds segment. For example, in June 2023, Baxter International Inc. rolled out the Hillrom Progressa+ bed tailored for ICU settings in the United States. This bed boasts state-of-the-art technology to expedite patient recovery and refine nursing workflows. Features that bolster mobility enhance patient monitoring, and simplify care processes are paramount in today's healthcare landscape. Such technological advancements elevate patient outcomes and strengthen operational efficiency, rendering them a lucrative investment for healthcare providers.
Another pivotal driver for the medical bed segment's expansion is the heightened investment in hospital infrastructure. A testament to this trend is the recent expansion endeavors of the Health Service Executive (HSE) in Ireland. By 2031, the HSE is set to introduce 4,367 acute hospital inpatient beds, with 3,352 being brand new. This strategic move addresses the surging patient demand and underscores dedication to bolstering healthcare capacity across six regional health zones. The upgrading of healthcare facilities to accommodate a growing patient base fuels the overall growth of the medical furniture market.
In a related development, in September 2024, the Midlands Specialist Private Hospital in South Africa inaugurated a cutting-edge Medical ICU Complex featuring 18 newly added beds. This enhancement boosts the hospital's capacity to over 300 beds and signifies a commitment to merging technological advancements with compassionate care. Such milestones highlight the pivotal role of medical beds in addressing healthcare needs and refining service delivery.
Government initiatives significantly influence the expansion of the medical beds segment. In August 2023, the NHS benefitted from a government allocation of GBP 250 million (USD 327 million), acquiring 900 new hospital beds. This funding aims to bolster patient treatment capacity and is part of a broader strategy to introduce 5,000 permanent beds. Such measures ensure healthcare facilities can handle seasonal patient demand surges, particularly during winter. These strategic investments underscore the vital role of adequate bed capacity in enhancing healthcare access and quality.
Given its pivotal role in patient care and operational efficiency, the medical beds segment is poised to lead the medical furniture market. As the healthcare landscape evolves, the appetite for advanced medical beds is set to rise, cementing the segment's significance in the overarching medical furniture market. With a continued emphasis on patient care, streamlined nursing workflows, and expanded bed capacity, the segment's growth trajectory appears robust in the foreseeable future.
North America is Expected to Hold a Significant Share in the Market
The medical furniture market is witnessing robust growth, with North America set to capture a significant portion of this expanding sector. This region stands out due to its blend of technological advancements, heightened healthcare spending, and a dedication to elevating patient care through innovative solutions.
North America鈥檚 leadership in the medical furniture market stems from its expanding healthcare infrastructure. Rising healthcare expenditures in the United States and Canada are bolstering investments in both infrastructure and cutting-edge products. Moreover, investments from the private sector and government initiatives enhance medical facilities, increasing demand for various medical furniture.聽 For instance, in July 2023, the Illinois Health Facilities and Services Review Board greenlit the construction of a specialized cancer care pavilion at the University of Chicago. This new facility plans to introduce 80 inpatient beds, comprising 64 medical-surgical beds and a 16-bed intensive care unit, all tailored for cancer treatment. Such focused investments bolster the capacity to address intricate medical conditions and liberate existing beds for other urgent needs like organ transplants and trauma care.
This strategic healthcare design approach mirrors a broader North American trend: the ambition to craft specialized care environments that elevate patient outcomes and streamline healthcare delivery. By introducing more beds in specialized units, the region aims for better resource allocation, ultimately prioritizing enhanced patient care.
Innovation in medical furniture is another pivotal factor bolstering North America鈥檚 market share. The Brewer Company鈥檚 Versa Exam Table, which clinched the Nightingale Award in January 2024, exemplifies the growing importance of adaptability and functionality in medical furniture design. With its fixed-height design and capability to switch between pediatric and adult configurations, this exam table meets diverse clinical needs. Its accolade at the Healthcare Design Conference + Expo highlights the significance of furniture solutions that streamline workflow and bolster patient care.
These innovations underscore a rising focus on user-centered design, aligning with healthcare providers鈥� shifting needs. As facilities aim to boost efficiency and enhance patient experiences, products like the Versa Exam Table symbolize the forward-thinking solutions propelling North America鈥檚 medical furniture market.
North America is poised to dominate the medical furniture market, driven by its expanding healthcare infrastructure, groundbreaking product innovations, and escalating healthcare expenditures. As the healthcare landscape continues to shift, North America stands ready to spearhead the evolution and adoption of cutting-edge medical furniture solutions, catering to the needs of both patients and providers. This trajectory suggests a future marked by sustained growth and innovation in the medical furniture sector.
Medical Furniture Industry Overview
The medical furniture market is fragmented and consists of several major players. In terms of market share, a few major players are currently dominating the market. Some of the companies that are currently dominating the market are Stryker Corporation, Baxter, Getinge, STERIS, Invacare Corporation, and others.
Medical Furniture Market Leaders
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Getinge
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Stryker Corporation
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Baxter
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STERIS
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Invacare Corporation
*Disclaimer: Major Players sorted in no particular order
Medical Furniture Market News
- August 2024: LKL International Bhd, a manufacturer of medical beds, teamed up with Karl Group to jointly explore and produce hospital furniture in the Philippines. According to the memorandum of understanding (MOU) signed, LKL provided technical expertise and technology, conducted training and capacity-building sessions, and assisted in identifying potential investors and securing financial support.
- April 2024: Max Healthcare Institute Ltd invested a total of USD 297 million for the construction of a new 500-bed hospital on a 5.6-acre site at Shaheed Path and expanded the capacity of the Max Super Specialty Hospital in Lucknow, India.
Medical Furniture Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and market definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Chronic Diseases Resulting in Increase in Hospital Admissions
4.2.2 Increase in the Number of Injuries
4.2.3 Rising Number of Hospitals and Healthcare Facilities
4.3 Market Restraints
4.3.1 Increasing Cost of Raw Materials and Increasing Use of Multipurpose Furniture
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value 鈥� USD)
5.1 By Product
5.1.1 Beds
5.1.2 Cabinets
5.1.3 Chairs
5.1.4 Lockers
5.1.5 Others
5.2 By Manufacturing Material
5.2.1 Metal
5.2.2 Plastics
5.2.3 Wood
5.3 By End User
5.3.1 Hospitals
5.3.2 Ambulatory Surgical Centers
5.3.3 Others
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle-East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Getinge
6.1.2 GPC Medical Limited
6.1.3 Baxter
6.1.4 Invacare Corporation
6.1.5 J&J Medical Specialties LLC
6.1.6 KOVONAX spol. s r.o.
6.1.7 LINET
6.1.8 Promotal
6.1.9 Skytron, LLC
6.1.10 STERIS
6.1.11 Stiegelmeyer GmbH & Co. KG
6.1.12 Stryker Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Medical Furniture Industry Segmentation
As per the scope of this report, medical furniture includes all types of chairs, beds, and other furniture used in a hospital or healthcare setting. Medical furniture is usually purchased based on its feasibility, durability, ergonomics, and aesthetics.
The medical furniture market is segmented by product, manufacturing material, end users, and geography. By product, the market is segmented by beds, cabinets, chairs, lockers, and others. The market is segmented into metal, plastics, and wood by manufacturing material. By end user, the market is segmented by hospitals, ambulatory surgical centers, and others. By geography, the market is segmented by North America, Europe, Asia-Pacific, Middle-East and Africa, and South America. The market report also covers the estimated market sizes and trends of 17 countries across major regions globally. The report offers values (in USD) for the segments mentioned above.
| By Product | |
| Beds | |
| Cabinets | |
| Chairs | |
| Lockers | |
| Others |
| By Manufacturing Material | |
| Metal | |
| Plastics | |
| Wood |
| By End User | |
| Hospitals | |
| Ambulatory Surgical Centers | |
| Others |
| Geography | ||||||||
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Medical Furniture Market Research FAQs
How big is the Global Medical Furniture Market?
The Global Medical Furniture Market size is expected to reach USD 47.24 billion in 2024 and grow at a CAGR of 6.70% to reach USD 34.16 billion by 2029.
What is the current Global Medical Furniture Market size?
In 2024, the Global Medical Furniture Market size is expected to reach USD 47.24 billion.
Who are the key players in Global Medical Furniture Market?
Getinge, Stryker Corporation, Baxter, STERIS and Invacare Corporation are the major companies operating in the Global Medical Furniture Market.
Which is the fastest growing region in Global Medical Furniture Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Medical Furniture Market?
In 2024, the North America accounts for the largest market share in Global Medical Furniture Market.
What years does this Global Medical Furniture Market cover, and what was the market size in 2023?
In 2023, the Global Medical Furniture Market size was estimated at USD 44.07 billion. The report covers the Global Medical Furniture Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Medical Furniture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Medical Furniture Industry Report
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