Latest News- Hospital Furniture Market: Physician furniture is expected to lead the Application segment during 2024-2028

The Hospital Furniture Market is being driven by Rise in international accreditation by hospitals

The Hospital Furniture Market is expected to grow at a CAGR of 8.06% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 8 billion. The global population of individuals aged 65 and above is experiencing significant growth, with approximately 8.9% of the world's population falling into this demographic, according to The World Bank Group. Factors contributing to this trend include increasing life expectancy and declining fertility rates. This demographic segment represents a substantial consumer base in both developed and developing nations, including the US, South Korea, China, Japan, Italy, Russia, Australia, Germany, Taiwan, Canada, Poland, and Ukraine. For instance, Japan has witnessed a steady expansion of its geriatric population, growing from 27% to 30% of the total population between 2015 and 2022. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Physician furniture
  • Patient furniture
  • Staff furniture
• Product
  • Hospital beds
  • Specialty medical chairs and tables
  • Others
• End-User
  • Hospitals
  • Clinics
  • Ambulatory Surgical Centers
• Material Type
  • Hospitals
  • Clinics
  • Ambulatory Surgical Centers
• Technology
  • Manual
  • Electric
  • Smart Furniture
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in international accreditation by hospitals
• Leveraging Internet platforms to create awareness of hospital infrastructure
• Increasing incidence of infectious diseases

However, the market also witnesses some limitations, which are as follows:

• Limited sustainability of smaller vendors in global hospital furniture market
• Stringent regulatory policies for hospital furniture
• Distribution issues faced by developing countries

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Market Scope in Hospital Furniture Market Research Report

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Research Analysis Overview

The Hospital Furniture Market encompasses modular and customizable furniture solutions, prioritizing space optimization, patient comfort, and staff ergonomics. Compliance with accessibility standards is crucial, along with the use of recycled materials, antimicrobial properties, and adherence to cleaning protocols, disinfection methods, and decontamination processes. Waste management and product disposal are also considered, as is the analysis of lifespan and return on investment. Market penetration, branding strategies, and marketing campaigns (including digital and social media) drive sales through retail distribution, direct sales, government procurement, and private sector procurement. Hospital acquisitions, facility upgrades, renovation projects, and expansion projects necessitate furniture upgrades and replacement cycles. Technology integration, such as smart furniture, data analytics, and preventive maintenance, enhances efficiency and effectiveness.

Market Research Overview

The hospital furniture market is a significant segment of the larger global home furnishings industry, encompassing manufacturers and marketers of essential medical furniture products such as hospital beds, examination tables, patient chairs, stretcher beds, overbed tables, medical cabinets, storage units, iv poles, and medication carts. According to Technavio's market analysis, the home furnishings market size is determined by the consolidated revenue generated by entities involved in the production and distribution of consumer electronics, furnishings, decorative products, household appliances, and other homeware items. The expansion of the global home furnishings market will be fueled by several key factors, including the surge in residential and commercial construction projects and the growing emphasis on infrastructure development. This trend is expected to boost sales of new furniture and furnishings in key regions like the US, China, and India, where the number of renovation projects is on the rise.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/