Hospital Furniture Market to Hit Around USD 17.79 Billion By 2033
The global hospital furniture market size was exhibited at USD 9.13 billion in 2023 and is projected to hit around USD 17.79 billion by 2033, growing at a CAGR of 6.9% during the forecast period of 2024 to 2033.
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Key Takeaways:
The growth of the market is due to the rising number of hospital admissions
The primary factor driving the market expansion is the world’s growing network of hospitals and clinics
Segments Insights:
Product Insights
The beds segment dominated the industry in 2023 and accounted for the maximum share of 24.03% of the overall revenue. The hospital beds segment has been classified into sub-segments, such as ICU beds, fowler beds, plain hospital beds, pediatric beds, maternity beds, and others. The growing demand for ICU beds due to the higher prevalence of chronic disorders that needs critical care services is expected to drive the segment during the forecast period. In addition, electrical or powered beds are preferred over plain beds from private hospitals due to the rising number of bariatric surgeries and the growing geriatric population.
The COVID-19 pandemic has significantly driven the demand for hospital beds across the world. To fulfill this rising demand, the majority of top corporations had practically doubled their production capacity. The chairs segment has secured the second position in 2023. The chairs include examination chairs, birthing chairs, dialysis chairs, ophthalmic chairs, ENT chairs, dental chairs, pediatric chairs, bariatric chairs, and geriatric chairs. The growing demand for rehabilitation chairs including pediatric, bariatric, and geriatric chairs used for bathing, positioning, and mobility of the patient is expected to drive the segment. The growing geriatric population and rising cases of paralysis & spinal injuries are also anticipated to drive the segment.
Application Insights
Based on applications, the global industry has been further categorized into physician furniture, patient furniture, and staff furniture. The patient’s furniture segment dominated the global industry in 2023 and accounted for the largest share of more than 45.57% of the overall revenue. The segment is estimated to expand further at the fastest growth rate retaining its dominant position in the industry throughout the forecast period. The demand for patient furniture, such as examination couches, examination lights, drawers, benches, bedside tables, over-bed tables, and chairs, is quite high.
Easier maintenance of the products is the major driving factor for the market. Furthermore, the physician’s furniture segment is expected to grow at the highest CAGR during the forecast period. The physician’s furniture segment is further classified into examination tables, surgical chairs, and others. The rising patient footfall in the larger hospitals, growing concerns regarding the safety & mobility of the patients, and providing good support during medical examinations, are expected to boost the segment growth during the forecast period.
Sales Channel Insights
The offline sales channel dominated the industry in 2023 and accounted for the maximum share of more than 65.0% of the overall revenue. The real-time experience, high purchase confidence, lower rejection rates, availability of customization options, immediate delivery, sales personnel assistance, complete installation support, and simple returns are some of the factors influencing the growth of the offline sales channel segment.
On the other hand, the online sales channel segment is estimated to register the fastest growth rate during the forecast period owing to several factors, such as the ease of comparison, availability of a variety of product options and product reviews from other customers, and great offers & discounts on product prices. However, factors, such as delayed deliveries and uncertain quality, may restrict the online sales channel penetration in the industry practice.
Material Insights
The metal segment dominated the industry in 2023 and accounted for the largest share of more than 41.10% of the global revenue. Increasing adoption coupled with the rising demand for metal furniture owing to its excellent durability that offers comfort will drive the segment growth during the forecast period. In addition, stainless steel contains anti-microbial properties for healthcare equipment and operating room. Thus, the wide usage of metal-based furniture equipment is also estimated to propel the segment growth. The wood segment is expected to grow at the fastest CAGR during the forecast period due to the wide usage of wooden furniture.
Wooden furniture is preferred due to its inherent warmth and appeal, its intrinsic organic qualities can provide thermal advantages and have a balancing impact on internal moisture and humidity. Wood feels warmer to the touch than other structural materials like steel because of its relatively low thermal conductivity. However, the use of harsh cleaning agents could damage the surface. After being used for a while, moisture causes the wood to swell, which may cause the growth of bacteria. The furniture made of wood is porous by nature and prone to nicks and scratches.
End-use Insights
The Ambulatory Surgery Centers (ASCs) segment is anticipated to exhibit the highest CAGR of 7.10% during the forecast period. The demand for hospital furniture in ASCs is primarily driven by the increased preference for same-day surgeries
The segment's growth is mainly attributed to the growing number of hospitals. Strong competition has increased the demand for various types of furniture in the market, which has led to technological improvement in furniture-attached devices for hospitals. In addition, the segment is anticipated to expand as a result of the growing geriatric population, high prevalence of chronic diseases, increase in COVID-19 hospitalizations, and rise in hospitals with modern infrastructure, furnishings, and equipment. Hospitals provide patients with higher treatment and pay for certain operations, both of which are fostering segment expansion.
Regional Insights
The North America region held the largest share of 38.0% in 2023. This is due to the increased prevalence of chronic health issues, such as obesity, diabetes, and cardiac arrest that may lead to hospitalizations. As per the American Heart Association, cardiac arrest continues to be a public health emergency. Nearly 90% of all Out-of-Hospital Cardiac Arrests (OHCA) that occur in the U.S. each year are lethal and need hospitalization. Moreover, bariatric surgery and procedures continue to be the most successful long-term weightless option, and their effectiveness has grown dramatically over the past ten years.
According to the American Society for Metabolic and Bariatric Surgery (ASMBS), 228,000 Americans received weight loss surgery in 2017. Every year, over 580,000 people worldwide have bariatric surgery. Asia Pacific is expected to grow at the highest CAGR during the forecast period. Favorable government policies, such as reimbursements provided for hospital furnishings and other equipment, are attributed to the region’s growth. Due to the rising cases of communicable diseases and public awareness about infectious diseases acquired in hospitals, China has had the fastest growth in Asia Pacific. Japan has a robust healthcare system in terms of infrastructure, hospital beds, hospital supplies, and equipment, among other things, which has helped the total market to hold a substantial industry share.
Some of the prominent players in the Hospital furniture market include:
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Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global hospital furniture market.
Product
Application
Sales Channel
Material
End-use
By Region
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