Are you planning to build or restructure or venture into the hospital furniture market in India? Looking for information about the major healthcare players in Government and Private centers that are available in India? Are you looking to find out which part of the city is best to venture into or what all facilities are available and what should be planned for the new setup? In this article, Hospaccx Healthcare Consultancy has mapped all on major players in terms of the Hospital Furniture market scenario in India.
INTRODUCTION
Hospital furniture comprises hospital beds, examination tables, operation tables, medical carts, and trolleys & stretchers, among others. The rising number of hospitals in the country is one of the predominant factors leading to an increase in demand for hospital furniture, thereby propelling the market growth. Additionally, the rising focus on expanding healthcare facilities in semi-urban and rural areas to improve patient access to better healthcare infrastructure also augments the market growth in the country.
PROJECTION OF HOSPITAL FURNITURE MARKET SIZE IN INDIA
The Indian hospital furniture market size was valued at $318.7 million in 2022 & is projected to grow from $346.9 million in 2023 to $667.7 million by 2030.
HOSPITAL FURNITURE MARKET GROWTH DRIVERS FOR THE HOSPITAL FURNITURE MARKET IN INDIA
- Increasing Tie-ups and Use of Technology
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 a 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 aid doctors in complex surgical procedures. They are continuously trying to match the global standards for manufacturing these products.
- Government Initiatives Boosting the Sector
100% FDI allowed under automatic route for Greenfield and Brownfield healthcare projects. The government has allocated ₹ 800 crores (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 FOR HOSPITAL MARKET FURNITURE IN INDIA
- 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 a lack of investment in technology by domestic players. The inverted tax duty structure favors import over domestic manufacturing as import duty on component/materials is higher than on finished products.
- There is a lack of infrastructure facilities like micron epoxy coating facilities for hospital furniture products which affect local manufacturers to capture the market.
REGIONAL ANALYSIS OF THE INDIAN HOSPITAL FURNITURE MARKET
- North India: North India is the largest market for hospital furniture in India, primarily due to the presence of large hospitals and a higher number of government healthcare initiatives. The market is dominated by key players such as Godrej Interio, Mega Andam, and KKR Metal Components. The increasing demand for specialty furniture such as ICU beds and patient stretchers and the rising investments in the healthcare sector are driving market growth in this region.
- South India: South India is the second-largest market for hospital furniture in India, primarily due to the presence of large hospitals and a higher number of private healthcare initiatives. The market is dominated by key players such as SteelFur System, Bellus Furniture, and ATOZ Furniture. The increasing adoption of technology-enabled hospital furniture and the rising demand for patient-centric furniture are the major factors driving the market growth in this region.
- West India: West India is the third-largest market for hospital furniture in India, primarily due to the presence of large hospitals and a higher number of medical tourism facilities. The market is dominated by key players such as Goodwill Medico Systems, Surgitech India, and Meditek Engineers. The increasing demand for ergonomic and customizable furniture and the rising focus on patient comfort are driving the market growth in this region.
- East India: East India is the smallest market for hospital furniture in India, primarily due to the lack of healthcare infrastructure and low healthcare expenditure. However, the increasing investments in the healthcare sector and the rising government initiatives to improve healthcare facilities are expected to drive market growth in this region. Some of the key players in this region include Advance Engineering Works, Shree Siddhivinayak Fabricators, and Medinova.
KEY INDUSTRY PLAYERS
CONCLUSION
The hospital furniture market in India is experiencing significant growth and holds promising prospects. Factors such as the increasing demand for healthcare services, rising investments in healthcare infrastructure, and government initiatives to enhance healthcare facilities are driving the growth of the market. India’s growing population, coupled with a rising burden of diseases and a greater emphasis on healthcare quality, has fueled the demand for hospital furniture. Hospitals are increasingly focusing on providing comfortable and efficient furniture to enhance patient experience and improve healthcare outcomes.
The market is also witnessing a shift towards sustainable and environmentally friendly furniture solutions. Manufacturers are adopting eco-friendly materials and production processes to meet the growing demand for sustainable healthcare solutions.
Overall, the hospital furniture market in India is projected to continue its upward trajectory, driven by factors such as increasing healthcare investments, rising patient expectations, and advancements in furniture technology.
Above is the superficial and macro level study for in-depth market and financial feasibility studies or any other healthcare-related research needs, please feel free to reach out to us at +91-8655170700 or email us at hospaccx.india@gmail.com . Our team is equipped to provide comprehensive and detailed insights tailored to your specific requirements.
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