How Is The India Hospital Furniture Market Positioned?
Overview: India is expected to rank amongst the top 3 healthcare markets in terms of incremental growth by end of 2020. The medical tourism industry size has doubled from USD 3.0 billion in 2017 to USD 6.2 billion in 2018. Better treatment along with cost advantage over its peers in the West and Asia offering high- quality medical services has been the major growth driver for the healthcare industry in India. The number of hospitals has increased from ~ in 2015 to ~ in 2020. These factors have boosted the hospital furniture market in India. The market is still dependent on imports from other countries mainly due to the excellent quality, use of technology and lower prices (China). In 2020, ~% of the country’s hospital furniture revenue was met through imports.
Market: The hospital furniture market has increased from ~ ₹ Crores in FY’2015 to ~ ₹ Crores in FY’2020 and witnessed a CAGR of ~% over these years. Advances in healthcare infrastructure in India have stimulated the hospital furniture industry growth in recent years. Government initiatives such as Ayushman Bharat Scheme and Make in India have led to rising healthcare establishments and increasing hospital furniture production in the country. Direct sale is the most preferred method for reaching out to the end users. Increasing focus on research & development and marketing activities, new product launches, partnerships were witnessed to be the driving factors in the industry.
India Hospital Furniture Market Segmentation
By Type of Products: 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 (~ beds in country in 2018 and replacement rate with newly added beds is ~%). Increase in number of healthcare establishments (~ in 2018), rising public healthcare expenditure (~ ₹ crore in FY’2018) and increasing number of surgeries along with acute care cases are the growth drivers of OT tables and OT lights industry.
The prices of domestically manufactured products is approx. ~ of the imported products. Motorized beds are costlier as they have common features such as adjustable height for the entire bed, the head, and the feet, adjustable side rails, and electronic buttons to operate both the bed and other nearby electronic devices. Prices of OT Tables and OT Lights depend upon the configurations but the average prices are around ~ ₹ Crores and ~ ₹ Crores respectively in FY’2020. Stretchers are less costly as they are used majorly for transporting patients.
By Organised and Unorganised Market: Around ~% revenue in the overall market is generated by the unorganized market. There are around ~ firms in the ecosystem contribution to the organized market revenue.
By End-Users: Hospitals contributed the majority revenue share in the end-user segment followed by clinics and diagnostic centers. Low share of govt. spending and strong demand trends has led to increasing investment by private players. Home healthcare companies are the fastest growing end-user segment for the hospital furniture manufacturers. The new digital players emerging across the value chain -providers, pharmacies and diagnostic centers will also disrupt the industry.
Competition Scenario in India Hospital Furniture Market
The industry is highly competitive with around ~ manufacturing firms present in the market. The industry is still dependent on imports owing to the use of excellent quality and patient friendly products. Moreover, the raw material and the parts are imported majorly from China basis the low cost of products. The market is highly fragmented with the leading local players namely Midmark, Steelcraft, Narang Medical, PMT Healthcare, GPC Medical capturing ~% of the market share in FY’2019. These players compete on the basis of parameters such as product pricing, distribution network, product quality, clientele, partnerships, product innovation, customer support and more.
India Hospital Furniture Market Future Outlook and Projections
The hospital furniture market in India is expected to grow at a CAGR of ~% on the basis of revenue over the forecast period FY’2020-FY’2025. The segmentation wise share is not expected to change during the forecasted period. The market is expected to rise at a decreasing rate in 2020 and sales are expected to remain low throughout the year owing the Covid-19 pandemic. Recovery is expected in the industry from the year FY’2022 onwards. Companies are expected to focus on wider distribution network including online marketplaces & e-commerce platforms and invest in research and development to come up with innovative solutions. The forecast period is also expected to witness collaboration & partnerships among players and with other stakeholders in the industry such as home healthcare companies, small local manufacturers, etc.
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)
By End Users
Clinics and Diagnostic Chains
Home Healthcare Companies
Hill-Rom Services Inc
Paramount Bed Holdings
Steelcraft Hospital Furniture Industries Pvt. Ltd. – Vissco Group
Midmark India Pvt. Ltd. (Janak Healthcare)
Qualisurge Surgicals (Bharat Surgical Co.)
ARVS (Cognate India)
Key Target Audience:-
Hospital Furniture Manufacturing Companies
Hospital Furniture Exporting Companies
Hospital Furniture Importing Companies
Original Equipment Manufacturers
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:-
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Ankur Gupta, Head Marketing & Communications