"Growing Demand for Healthcare Services Drives Growth in India's Medical Furniture Market"

The medical furniture market in India is a growing segment of the healthcare industry. It includes a range of products such as hospital beds, stretchers, chairs, tables, and cabinets, among others. The market is driven by factors such as increasing healthcare spending, rising demand for healthcare services, and a growing number of hospitals and clinics in the country.

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. India medical furniture market is expected to drive positively during the forecast period due to rising number of chronic diseases along with increasing number of hospitals and clinics.

The hospital beds segment holds a significant share of the medical furniture market in India. With the COVID-19 pandemic, there has been a surge in demand for hospital beds, especially for ICU and isolation beds. The demand for other medical furniture products such as patient chairs, examination tables, and cabinets is also expected to grow due to the increasing number of hospitals and clinics in the country.

Market by Regions

Southern region captured majority of revenues in India medical furniture market as Kerala has emerged as the top-ranking state in terms of overall health performance among states. Chennai tops the list for medical tourism in India and has been termed India's health capital. Multi and super-specialty hospitals across the city bring in an estimated 150 international patients every day. On the other hand, states such as Bihar, Odisha, Chhattisgarh and Jharkhand lag behind and rank lowest in hospital beds and infrastructure.

Market by Product Type

Hospital beds acquired largest revenue share in the market owing to their high price and government objective to increase number of beds by atleast 30% in the coming years to ensure equitable access to healthcare facilities. India’s hospital bed density is less than half the global average of 3 hospital beds per 1,000 population, implying that an estimated 2.2 million beds will be required over the next 15 years in the country.

Overall, the medical furniture market in India is expected to continue its growth trajectory in the coming years, driven by factors such as increasing healthcare spending, a growing number of hospitals and clinics, and rising demand for healthcare services.