Increasing Tie-ups and Use of Technology: The hospital furniture manufacturers are actively partnering with big hospital chains and home healthcare companies to gain an edge over competitors. Hospitals generally give weightage to vendors who are either existing partners or have history of providing products to major chains in India. Moreover, Indian manufacturers are rapidly investing in technology to provide patient friendly products as well as aiding the doctors in complex surgical procedures. They are continuously trying to match the global standards for manufacturing these products.
Government Initiatives Boosting the Sector: Government of India announced the creation of 150,000 Health and Wellness Centres (HWCs) by transforming the existing Sub Centres and Primary Health Centres under the Ayushman Bharat Scheme. 100% FDI allowed under automatic route for Greenfield and Brownfield healthcare projects. Under the Union Budget 2019-20, the government has allocated ₹ 800 crore (USD 110.9 million) for the upgradation of state government medical colleges (PG seats) at the district hospitals and ₹ 1,361 cr (USD 188.6 mn) for government medical colleges (UG seats) and government health institutions. Over USD 200 billion (~ ₹ 15 lakh crores) is expected to be spent on medical infrastructure by 2024.
Challenges in Hospital Furniture Industry: The hospital furniture industry in India is highly unorganized owing to the absence of a regulatory body. There are numerous small furniture manufacturers selling products across the country without any authorization from the government. The country is also largely dependent on imports for OT Tables, OT Lights and parts due to lack of investment in technology by domestic players. The inverted tax duty structure favors import than domestic manufacturing as import duty on component/material is higher than finished product. There is a lack of infrastructure facilities like micron epoxy coating facilities for hospital furniture products which affects local manufacturers to capture the market.
Impact of COVID-19 on India Hospital Furniture Market: COVID-19 has adversely impacted the hospital furniture manufacturers in India. The furniture production facilities are either closed or their capacity has been temporarily redirected to items crucial to either treating or limiting the spread of COVID-19. More than 500,000 surgeries have been cancelled in India and only essential treatment is being availed in a hospital. Owing to this, the mid and small sized hospitals have put their expansion plans on hold, thus affecting the future hospital furniture demand. On a positive note, companies are now selling their products online, thereby saving on the distributor’s margin. Moreover, they are exploring new opportunities such as tying up with a home healthcare company to increase their revenue share.
Analysts at Ken Research in their latest publication “India Hospital Furniture Market Outlook to 2025- By Type of Products (Hospital Beds, OT Tables, OT Lights, Strechers and Others), By Organised and Unorganised Market, By End Users (Hospitals, Clinics and Diagnostic Chains, Home Healthcare Companies)” observed that the hospital furniture industry has a great potential to grow supported by the government initiatives. The advanced technology and additional features implemented by manufacturers in hospital beds, increasing investment of capital funds toward the hospital infrastructure, improving healthcare amenities along with increasing spending in healthcare is expected to boost growth of hospital furniture market in the years to come. Increasing focus on research & development and marketing activities, new product launches, partnerships & collaborations are also expected to drive the industry in the future. The India Hospital Furniture Industry is expected to grow at a CAGR of 7.7% on the basis of revenue over the forecast period 2020-2025.
Key Segments Covered:-
By Type of Products
Hospital Beds (Manual and Motorized)
OT Tables (Local and Imported)
OT Lights (Local and Imported)
By Stretchers (Single Fold, Trolley Based and Hydraulic)
Others
By End Users
Hospitals
Clinics and Diagnostic Chains
Home Healthcare Companies
Companies Covered:-
Arjo Huntleigh
Hill-Rom Services Inc
Paramount Bed Holdings
Stryker Corporation
Narang Medical
Steelcraft Hospital Furniture Industries Pvt. Ltd. – Vissco Group
Midmark India Pvt. Ltd. (Janak Healthcare)
Getinge
GPC Medical
Qualisurge Surgicals (Bharat Surgical Co.)
ARVS (Cognate India)
PMT Healthcare
Key Target Audience:-
Hospital Furniture Manufacturing Companies
Hospital Furniture Exporting Companies
Hospital Furniture Importing Companies
Original Equipment Manufacturers
Consultancy Companies
Industry Associations
Regulatory Bodies
Time Period Captured in the Report:-
Historical Period – 2015-2020
Forecast Period – 2020-2025
For More Information on the research report, refer to below link:-
India Hospital Furniture Market
Related Reports:-
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249