Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Health Furniture Market Overview
A number of furniture and equipment are being used in hospitals, clinics and in other healthcare applications. The wide range of furniture products is available to meet every requirement in healthcare industry.
Market Size and Forecast
Global health furniture market is envisioned to witness a robust growth during the forecast period. Global market of health furniture is likely to grow at a considerable compound annual growth rate (CAGR) during the forecast period i.e. 2017-2024.Further, the market is thriving on the back of rapid enhancements in healthcare infrastructure across all regions. Rapid emergence of new hospitals and other healthcare facilities are believed to be the driving factors behind the growth of global health furniture market in upcoming years.
Regionally, global heath furniture market is segmented into five major regions North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America health furniture market dominated overall health furniture market in 2016. This growth in North America region can be attributed to presence of large number of hospital and advanced healthcare infrastructure in this region. According to American Hospital Association, the total number of registered hospitals in United States reached 5,534 in 2015.
Apart from North America region, Asia Pacific is likely to emerge as fastest growing market for health furniture by the end of forecast period. Healthcare sector in Asian countries is booming and growing at tremendous pace due to presence of large base of patients and government initiatives and support to strengthen healthcare infrastructure in this region. According to India Brand Equity Foundation, the government in India is looking forward to increase health budget to 2.5% of GDP by 2025. Further, rapid emergence of new hospitals is also expected to bolster the growth of Asian health furniture market over the forecast period.
Metal segment by furniture material is anticipated to thrive at notable CAGR over the forecast period over to forecast period. The demand for metal furniture is likely to be driven by factors such as high product life and high strength of metal furniture.CLICK TO DOWNLOAD FREE SAMPLE
Additionally, patient rooms segment by application is anticipated to grow at significant pace owing to increasing penetration of diseases and rising number of patients in hospitals across the globe. A number of furniture used in patient’s room such as bed, chair, bedside tables, recliners and others.
Market Segmentation
Our in-depth analysis has segmented global health furniture market into the following segments:
By Region
Global Health Furniture market is further classified on the basis of region as follows:
Growth Drivers & Challenges
The global heath furniture market is primarily driven by a number of factors such as rapid emergence of new hospitals and other growing health facilities such as clinics, outpatient care centers, and specialized care centers.
Further, increasing urbanization and improving healthcare infrastructure are envisioned to drive the demand for healthcare furniture in upcoming years. Additionally, increasing geriatric population across the globe and rising occurrence of various diseases are key factors which are outracing the demand for health furniture across the globe.
However, high cost of some experimental furniture is anticipated to adversely affect the growth of health furniture market in future.
Key Players
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The global Health Furniture market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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