The Indian hospital furniture market is expected to reach $1 Bn by 2026. Will India Hospital Furniture market stand on this projected figure? : Ken Research
1. The demand for electric beds, ICU beds, and pediatric beds is expected to drive the growth of the hospital bed segment
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ICU Beds Electric is specialized hospital beds, which is designed for ICUs to take care of serious patients. The Head / Foot Boards are provided with safety switch and manually CPR Function. These ICU beds provide safety and comfort, both to the patients as well as medical professional. The operator can customize the height up to 95cm.
Hospital beds have captured major proportion of this industry’s revenue; the primary reason being large number of newly added and replaced manual and motorized beds in both older and newer healthcare facilities (1,370,000 beds in country in 2020 and replacement rate with newly added beds is at a higher positive percentage).
2.Healthcare Professionals Play an Increasingly Important Role in the Selection of Hospital Furniture
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Comfort and Use of Technology
- Tailored Products, 360° Rotational Wheelchairs, Infection Control and Fall Prevention Beds, Floor Locking System for Tables are the latest trends This is highly important while Determining the Choice of Hospital Furniture.
Price: Quality
- While tight budget constraints are one of the major factors in deciding the furniture products.
Distributor Network
- Wide presence of distributors across the country help the big hospital chains to procure furniture products from a single vendor. Hospitals prefer buying from exclusive distributors of a company to save on margins.
Tie-Ups or Major Clients Served
- Weightage given to vendors who are either existing partners of the clients or have history of providing products to major hospitals in India.
Customer Support and After Sale Services
- Hospitals prefer prompt customer support and after sale services from the vendors.
3.Government Schemes & Initiatives for Healthcare Industry in India
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- Government of India announced the creation of 150,000 Health and Wellness Centres (HWCs) by transforming the existing Sub Centres and Primary Health Centers.
- Pradhan Mantri Jan Arogya Yojana (PM-JAY) aims at providing a health cover of ₹ 5 lakhs per family per year for secondary and tertiary care hospitalization to over 74 crores poor and vulnerable families (approximately 50 crore beneficiaries) that form the bottom 40% of the Indian population.
- 100% FDI allowed under automatic route for Greenfield and Brownfield healthcare projects.
- Increase in tax holiday under section 80- IB for private healthcare providers in non-metros for minimum of 50 bedded hospitals.
- Income tax exemption for 15 years for domestically manufactured medical technology products.
- Under the Union Budget 2019-20, the government has allocated ₹ 800 crore
- ($110.9 Mn) for the upgradation of state government medical colleges (PG seats) at the district hospitals and ₹ 1,361 Cr ($188.6 Mn) for government medical colleges (UG seats) and government health institutions.
