Medical Furniture Market Analysis and Forecast by Key Players, Share & Trend to 2026

Medical Furniture Market Analysis and Forecast by Key Players, Share & Trend to 2026

The medical furniture market will witness substantial expansion with the increasing investments by government bodies towards the development of healthcare facilities. The global prevalence of chronic diseases like cancer and diabetes has led to a higher need for medical furniture such as beds and surgical tables to meet the incessant patient flow across healthcare institutions and organizations.

The World Health Organization (WHO) had stated that nearly 6 in every 10 individuals are diagnosed with chronic diseases in the U.S. This penetration has resulted in an optimum number of serious disabilities urging the adoption of stretchers and chairs to perform surgical operations. Furthermore, the notable rise in the occurrence of accidents and the increased rate of hospitalization in the present COVID-19 pandemic has bolstered the instances of admissions in the intensive care units.

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As per reports, the global medical furniture market size will reach over USD 38.7 billion in terms of annual revenue by 2026.

The industry share of medical tables, inclusive of general surgery, neurology, cysto, urology, and imaging tables is poised to grow at a 3% CAGR through the coming years. This is due to the numerous advantages rendered by them in the form of improved stability, accessibility, imaging support as well as electro-hydraulic operations. Neurology tables are highly preferred by surgeons while performing surgical drills as they offer accurate access and excellent positioning characteristics.

Moreover, medical tables are found to be user friendly as they are equipped with manual controls for positioning the back and the head sections of the affected individuals. For instance, Skytron, in December 2020, launched the GS70 Salus surgical table that is configured with unique and advanced features to assist in surgeries.

Global remuneration from the plastic medical furniture market was responsible for close to USD 6.2 billion in 2019, owing to their ease of transportation, minimum weight, and abundant availability. Plastic furniture like chairs, cabinets, and trolleys are witnessing higher presence across hospitals, clinics, and ambulatory surgical centers as they cost less in comparison to their wood and metal counterparts.

Medical furniture uses across the home healthcare application recorded 16% of the total revenue share in 2019. This is owing to their cost-effectiveness and robust abilities to render superior care to the affected individuals in the comfort of their homes. The expansion of the older population base has accelerated the demand for home care treatments. This is because they are less priced and do not necessitate the need for trolleys and beds as in the case of hospitals. Easy access to services is another impact rendering factor of medical furniture for home healthcare.

The Asia Pacific is home to an expanding geriatric population, and this regional market for medical office furniture is pegged to register a 6.7% CAGR up to 2026. The presence of a significant number of older individuals along with their increasing tendency to acquire diseases has elevated the rate of hospital admissions in the region. The jump in household incomes and the rising abilities of consumers towards medical spending has resulted in an intense cash flow across hospitals. This has offered a platform to healthcare organizations to incorporate some of the latest medical furniture and tools to provide enhanced care to patients. On a further note, the government of Australia and India are actively looking after providing high-quality medical furniture across ASCs and hospitals.

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Medical furniture suppliers are keen on partnerships, mergers, acquisitions as well as novel product developments to broaden their penetration across the globe. For instance, in March 2020, Hill-Rom Holdings, doubled the manufacturing of its hospital beds like Progressa ICU bed, Centrella Smart+ beds among others to lend support towards the rising cases of COVID-19.

Stryker, Promotal, Herman Miller, GPC Medical Ltd, Stiegelmeyer, Steris Corporation, Getinge AB, Invacare Corporation, Biomedical Solutions, LINET, Skytron, Kovonax, and Met-lak, are some of the other prominent companies in the business.

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