The increase in disposable income of people around the world have made them opt for better lifestyle, food habits, and get access to better medical facilities available. This, according to Fortune Business Insights’ new report is a major factor boosting the global patient room furniture market. The report is titled, “Patient Room Furniture Market Size, Share and Global Trend by Department (Day Care Department, Emergency Department, Acute Care, Rehabilitation Department, Intensive Care Unit, Others), by Type (Storage, Chairs, Beds, Others), by End User (Hospitals, Specialty Clinics, Ambulatory Surgery Centers, Long Term Care Centers, Others) and Geography Forecast till 2026”.
According to the report, the hospitals segment is dominating the market in 2018 and is anticipated to continue doing the same in the coming years. This is due to the rise in number of patient pool taking admission in hospitals for longer stay and avail required treatment.
Some of the companies operating in the global patient room furniture market include Anetic Aid, Herman Miller, Inc., Haworth Inc., DRE Medical, Steelcase Inc., Stryker, GPC Medical Ltd., Stance Healthcare Inc., Trinity Furniture, Knoll Inc., among others.
Increasing Cases of Hospital-acquired Infections to Boost Market
The environment in which a hospital patient stays matters a lot in his recovery. It not just includes regular check-ups and timely medications but also needs assistance of other hospital furnishings. Companies in the healthcare sector are now focusing on developing improved ways of existing furniture. This way, the ambiance in the hospital can also be enhanced and better care and comfort can be provided to the patients.
The number of accidents, cases of neurological disorders, and people suffering from chronic disorders such as heart, lungs, kidneys, and others is increasing by the day. This increasing number of inpatient admissions in medical settings is further boosting the global patient room furniture market. In addition to that, the increasing demand for advanced technology induced settings for gadgets such as smart switch, and others is expected to drive the market in the forecast period.
However, factors like high installation and maintenance cost may hamper the growth of the market in future. Nevertheless, the increasing number of hospital-acquired infections may act as factor bringing about lucrative growth opportunities in the long run.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Asia Pacific and the Middle East and Africa to Emerge as Regions with Highest Growth Potential Owing to Improving Healthcare Infrastructure
Geographically, Fortune Business Insights foresees the global patient room furniture market to be dominated by North America. This is owing to the high investment in medical infrastructure, coupled with the rising prevalence of chronic diseases such as diabetes, kidney problems, heart problems, and others that helps to increase the patient pool being admitted to hospitals annually.
On the other side, the demand for hospital furniture is expected to rise in the Middle East and Africa and Asia Pacific markets. This is owing to the improving medical and healthcare treatment facilities in developing nations such as China, and India and the rising investments in hospital facilities in Gulf countries.
Launch of Early Sense by Hill-Rom Services Expected to Intensify Market Competition
Major strategies adopted by vendors include strategic collaborations, merger and acquisitions, new furniture launch, and installation of technology in furniture. To cite and example, the company Hill-Rom Services launched a smart bed named Early Sense in December 2018. This smart bed is incorporated with Early Sense’s continuous monitoring system. This will help to lower the “code-blue”-related cardiac arrests by a percentage of 86% and mortality percentage by 83%. Such inventions, based on smart technology are anticipated to bring lucrative growth opportunities for the global market in the long run.
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245