Market Trends of Global Medical Furniture Industry
This section covers the major market trends shaping the Medical Furniture Market according to our research experts:
The Medical Beds Segment is Expected to Hold a Major Market Share in the Medical Furniture Market.
Medical beds hold the major segment in the medical furniture market. A hospital bed is an important part of patient care as it may either help or affect the recovery process by ensuring the sleep quality of the patients. An article published in the Journal of Surgical Research in November 2020 titled 'A Closer Look Into Global Hospital Beds Capacity and Resource Shortages During the COVID-19 Pandemic' studied the global hospital bed (HB), acute care bed (ACB), and intensive care unit (ICU) bed capacity. The article showed that the global COVID-19 mortality rates are likely to be affected by a wide range of factors, including hospital resources, personnel, and bed capacity. Thus, the necessity for an adequate number of beds in the hospitals is expected to propel the growth of the bed segment in the studied market over the forecast period.
Another article titled 'State-wise estimates of current hospital beds, intensive care unit (ICU) beds and ventilators in India: Are we prepared for a surge in COVID-19 hospitalizations?' was presented in the journal of Center for Disease Dynamics, Economics & Policy in June 2020, evaluated the healthcare infrastructure of India to treat the COVID-19 cases. The article showed that the total number of hospital beds in India was 1.9 million, and the total number of ICU beds was around 95,000, while the nation needed around 270,000 ICU beds, which is over 2.8 times more than the number of ICU beds present, for the proper treatment of the affected people.
The United Kingdom National Health Services in September 2021 also indicated an increase in the number of critical care beds in the UK over the years. The number had risen from around 5,400 in the year 2011/12 to 5,900 by the year 2019/20. The COVID-19 pandemic also rapidly increased the demand for adult critical care beds, leaping from around 4,000 before the pandemic to almost 6,000 at the peaks of the pandemic. Thus, the rising need for hospital beds is expected to boost the growth of the medical furniture market in the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period.
The rise in the adoption of highly advanced techniques and systems in the manufacturing of medical furniture and the technological advancements made in the wheelchair segment is expected to boost the growth of the market in North America. The high awareness among the population of the availability of novel medical furniture models in the market contributes to the high market growth in the region.
The rising number of chronic disease cases in the North American region is adding to the growth of the medical furniture market. According to the GLOBOCAN 2020 report, the total number of people in the United States affected by cancer in 2020 accounts for around 2,281,658 cases. The number is estimated to rise to 3,123,452 cases by 2040. According to the National Diabetes Statistics Report updated in January 2022, around 37.3 million people have diabetes (11.3% of the United States population). Additionally, 96 million people aged 18 years or older have prediabetes (38.0% of the adult United States population). The National Kidney Foundation updates from July 2022, estimated that about 36 million adults in the United States had chronic kidney diseases in 2020. A report by the Center for Disease Prevention and Control in 2020 showed that around 15.7 million Americans are affected by Chronic lower respiratory Disease. The large population affected by chronic diseases and the increase in the necessity of medical furniture for the ease of diagnosis and treatment of such diseases is expected to propel the growth of the medical furniture market.
Also, the increasing prevalence of the geriatric population in the United States is expected to drive the demand for the Medical Furniture Market in this region. According to the World Bank data updated in June 2021, in 2020, about 16.9 percent of the American population was 65 years old or over; a figure which is expected to reach 22% by 2050. This is a significant increase from 1950, when only eight percent of the population was 65 or over. The rapid progression in the old age population in the region and the age-associated illness requiring hospitalization is expected to advance the expansion of the medical furniture market in North America.
Thus, the increasing necessity for medical furniture coupled with increasing investment in the health care department is known to propel the growth of the market in this region.
