India Medical Furniture Market Synopsis
India medical furniture market experienced a significant growth in the previous years owing to rise in chronic diseases, rising middle class expenditure and burgeoning medical tourism in India. The market continued to witness growth during 2020 as the number of patients requiring advanced medical furniture and intensive care increased considerably in several states such that national capital led to a 35% increase in the demand for beds in hospitals. The covid-19 pandemic has not only presented challenges but also several opportunities for businesses in India to grow.
According to 6Wresearch, India Medical Furniture Market size is projected to grow at a CAGR of 8.9% during 2022-2028. India medical furniture market is in the growing stage of industry life cycle as the healthcare market is rapidly witnessing growth in the country such that the healthcare industry size is estimated to reach Rs 27.7 lakh crore by 2022.Also, rapid urbanization, increasing geriatric population, disposable income and increasing per capita income that is expected to reach $2.48 thousand in 2024, is also contributing significantly to the market growth.
Challenges of the Market:
Challenges faced by the medical furniture market in India could include:
- Quality Standards and Regulation: Ensuring that medical furniture meets international quality standards and adheres to stringent regulations can be a challenge. Maintaining quality while keeping costs competitive remains a balancing act.
- Competition: The market is competitive, with both local and international players vying for market share. This can lead to pricing pressures and the need for continuous innovation to stay ahead.
- Logistics and Distribution: Efficient logistics and distribution networks are crucial for the timely delivery of medical furniture. This becomes challenging, especially in remote or underserved areas.
- Evolving Customer Preferences: As healthcare services evolve, customer preferences for more specialized, customizable, and innovative furniture solutions change. Keeping up with these preferences while maintaining cost-effectiveness is a challenge.
- Sustainability and Environmental Concerns: With an increasing focus on sustainability, there is a growing need for eco-friendly, recyclable, and energy-efficient furniture solutions in the healthcare sector.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Historical Data Starting from 2018 to 2028.
- Base Year: 2021
- Forecast Data until 2028.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Drivers of the Market:
The market for medical furniture in India has been experiencing growth due to several factors, including:
- Healthcare Infrastructure Development: With an increasing focus on improving healthcare infrastructure across the country, there's a growing demand for well-equipped medical facilities. Hospitals, clinics, and other healthcare institutions are expanding and upgrading, requiring more modern and specialized medical furniture.
- Rising Healthcare Expenditure: As India's economy grows, there's an associated increase in healthcare spending, allowing healthcare providers to invest in better quality medical furniture that offers enhanced patient comfort and care.
- Technological Advancements: Advances in medical technology have led to the development of more specialized and technologically integrated furniture, such as electrically adjustable beds, specialized examination tables, and ergonomic chairs designed for various medical procedures.
- Increasing Patient Comfort and Care: There's a growing emphasis on patient comfort and care within healthcare facilities. This has led to a demand for furniture that enhances patient comfort, provides better support, and improves the overall healthcare experience.
- Government Initiatives: Various government initiatives and policies aimed at improving healthcare facilities and services in both urban and rural areas have propelled the demand for better medical furniture.
Key Highlights of the Report
- India Medical Furniture Market Overview
- India Medical Furniture Market Revenue Ranking, By Companies
- Competitive Benchmarking
- Historical Data and Forecast of India Medical Furniture Market Revenues, By Product Type, for the Period 2018-2028F
- India Medical Furniture Market Outlook
- Historical Data and Forecast of India Medical Furniture Market Revenues, By Hospital Beds, for the Period 2018-2028F
- India Medical Furniture Market Forecast
- Historical Data and Forecast of India Medical Furniture Market Revenues, By Regions, for the Period 2018-2028F
- Market Drivers and Restraints
- Historical Data and Forecast of India Medical Furniture Market Revenues, By Applications, for the Period 2018-2028F
- Impact Analysis of COVID-19
- Historical Data and Forecast of India Medical Furniture Market Revenues for the Period 2018-2028F
- India Medical Furniture Market Trends
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