Medical Furniture Market

The article discusses the increasing demand for medical, surgical, and veterinary furniture worldwide, with a forecasted growth in market volume and value from 2022 to 2030. It highlights key statistics such as consumption trends, production figures, import and export data, and top countries driving the market. The analysis provides insights into market dynamics, growth rates, and pricing trends to offer a comprehensive overview of the global medical furniture market.

Market Forecast

Driven by increasing demand for medical, surgical or veterinary furniture worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.9% for the period from 2022 to 2030, which is projected to bring the market volume to 1.1B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.4% for the period from 2022 to 2030, which is projected to bring the market value to $23.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Medical, Surgical Or Veterinary Furniture

In 2022, approx. 783M units of medical, surgical or veterinary furniture were consumed worldwide; falling by -5.6% against the previous year. The total consumption volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption hit record highs at 861M units in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global medical furniture market value contracted modestly to $15.2B in 2022, with a decrease of -2.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Over the period under review, the global market reached the maximum level at $16.6B in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (170M units), Turkey (121M units) and the United States (92M units), together accounting for 49% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Turkey (with a CAGR of +21.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest medical furniture markets worldwide were China ($2.7B), India ($2.1B) and the United States ($1.7B), with a combined 43% share of the global market. Japan, Turkey, Mexico, France, Germany, the UK, Russia, Indonesia, Iran and Poland lagged somewhat behind, together comprising a further 37%.

Among the main consuming countries, Turkey, with a CAGR of +17.9%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of medical furniture per capita consumption was registered in Turkey (1,417 units per 1000 persons), followed by France (352 units per 1000 persons), Poland (347 units per 1000 persons) and the United States (274 units per 1000 persons), while the world average per capita consumption of medical furniture was estimated at 1.3 units per 1000 persons.

In Turkey, medical furniture per capita consumption expanded at an average annual rate of +19.6% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: France (-0.3% per year) and Poland (+10.1% per year).

Production

World Production of Medical, Surgical Or Veterinary Furniture

In 2022, global medical furniture production shrank to 711M units, waning by -7.5% compared with the previous year's figure. The total output volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 with an increase of 19%. Global production peaked at 884M units in 2019; however, from 2020 to 2022, production failed to regain momentum.

In value terms, medical furniture production declined to $14.2B in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 17% against the previous year. Global production peaked at $17.1B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (209M units), Turkey (130M units) and India (63M units), together comprising 57% of global production.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +21.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Medical, Surgical Or Veterinary Furniture

In 2022, approx. 237M units of medical, surgical or veterinary furniture were imported worldwide; increasing by 6.5% compared with the previous year. In general, total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +81.9% against 2012 indices. The pace of growth was the most pronounced in 2020 when imports increased by 25% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, medical furniture imports amounted to $4.8B in 2022. The total import value increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when imports increased by 17%. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports By Country

The United States represented the key importer of medical, surgical or veterinary furniture in the world, with the volume of imports finishing at 85M units, which was near 36% of total imports in 2022. Germany (17M units) ranks second in terms of the total imports with a 7.1% share, followed by the UK (5.5%). France (7.8M units), Canada (7M units), the Netherlands (5.6M units), Russia (5.5M units), Italy (4.8M units), Malaysia (4M units), Australia (3.9M units), Poland (3.7M units) and Spain (3.6M units) took a little share of total imports.

Imports into the United States increased at an average annual rate of +12.5% from 2012 to 2022. At the same time, Malaysia (+26.1%), Spain (+11.8%), the UK (+7.9%), Italy (+6.2%), Poland (+6.1%), Germany (+4.9%), the Netherlands (+4.6%) and Canada (+3.3%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in the world, with a CAGR of +26.1% from 2012-2022. Russia, Australia and France experienced a relatively flat trend pattern. While the share of the United States (+16 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Russia (-1.8 p.p.) and France (-3.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($1.2B) constitutes the largest market for imported medical, surgical or veterinary furniture worldwide, comprising 26% of global imports. The second position in the ranking was taken by Germany ($293M), with a 6.1% share of global imports. It was followed by the UK, with a 5.7% share.

In the United States, medical furniture imports increased at an average annual rate of +3.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+7.6% per year) and the UK (+10.8% per year).

Import Prices By Country

The average medical furniture import price stood at $20 per unit in 2022, shrinking by -2.1% against the previous year. Overall, the import price saw a perceptible reduction. The most prominent rate of growth was recorded in 2018 when the average import price increased by 7.9%. Global import price peaked at $26 per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Netherlands ($39 per unit), while Malaysia ($6.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+8.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Medical, Surgical Or Veterinary Furniture

In 2022, after two years of decline, there was growth in overseas shipments of medical, surgical or veterinary furniture, when their volume increased by 1.7% to 165M units. The total export volume increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2014 when exports increased by 7.4% against the previous year. Over the period under review, the global exports attained the maximum at 187M units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, medical furniture exports rose notably to $4.5B in 2022. The total export value increased at an average annual rate of +3.6% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 18% against the previous year. The global exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports By Country

In 2022, China (41M units), distantly followed by Poland (17M units), Germany (13M units), the United States (12M units), Turkey (9.5M units) and the Czech Republic (9.3M units) represented the key exporters of medical, surgical or veterinary furniture, together creating 61% of total exports. Taiwan (Chinese) (7M units), France (5.9M units), Canada (5.9M units), the Netherlands (5.2M units), Mexico (3.8M units), Spain (3.7M units) and the UK (3.6M units) followed a long way behind the leaders.

Exports from China decreased at an average annual rate of -2.1% from 2012 to 2022. At the same time, Turkey (+16.1%), Spain (+11.6%), the Netherlands (+5.9%), Poland (+5.1%), France (+5.0%), the Czech Republic (+4.9%), Taiwan (Chinese) (+3.2%), Canada (+3.0%) and Germany (+1.3%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +16.1% from 2012-2022. The UK experienced a relatively flat trend pattern. By contrast, Mexico (-2.5%) and the United States (-3.9%) illustrated a downward trend over the same period. Turkey (+4.3 p.p.), Poland (+3.1 p.p.) and the Czech Republic (+1.7 p.p.) significantly strengthened its position in terms of the global exports, while the United States and China saw its share reduced by -5% and -9.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest medical furniture supplying countries worldwide were China ($933M), the United States ($655M) and Germany ($582M), together accounting for 48% of global exports. Poland, the Netherlands, Taiwan (Chinese), the Czech Republic, Canada, France, the UK, Turkey, Mexico and Spain lagged somewhat behind, together accounting for a further 35%.

In terms of the main exporting countries, Turkey, with a CAGR of +13.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average medical furniture export price amounted to $27 per unit, growing by 3.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The pace of growth appeared the most rapid in 2020 an increase of 19% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($55 per unit), while Turkey ($11 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+10.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform