LONDON--(BUSINESS WIRE)--The global hospital foodservice equipment market is expected to grow at a CAGR of just above 3% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global hospital foodservice equipment market for 2017-2021. By application, the market is segmented into primary cooking equipment, refrigeration, food preparation equipment, holding and serving, storage and handling, and ware-washing.
The global hospital foodservice equipment market size is expected to reach USD 9.63 billion by 2021. One of the key drivers responsible for the growth of the market is the expansions, upgrades, and renovations happening in hospital kitchens.
Hospitals strive to meet the growing healthcare needs of the constantly evolving community. They are focusing on increasing patient privacy and comfort, and the health of dieticians and kitchen staff by improving kitchen standards, thereby driving market growth.
Technavio’s research study segments the global hospital foodservice equipment market into the following regions:
- Americas
- APAC
- EMEA
Americas: largest hospital foodservice equipment market segment
“The hospital foodservice equipment market in the Americas is the largest regional segment, responsible for generating USD 3.2 billion in 2016. The boom in the hospital industry has created a favorable impact on the performance of the foodservice equipment market in the Americas,” says Manu Gupta, one of the lead analysts at Technavio.
North America is a prominent player in the hospital foodservice equipment market, creating demand for different kinds of equipment such as beverage dispensers, refrigerated vending machines, commercial freezers, and refrigerators. The high energy-efficiency and hygiene standards, combined with a surge in demand for environment-friendly equipment will drive the hospital foodservice equipment market in the region.
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APAC: fastest-growing hospital foodservice equipment market
APAC is forecast to be the fastest-growing hospital foodservice equipment market segment, growing at a CAGR of 3.71% through 2021. This high growth will be driven by an increase in demand for high-quality foodservice in the region, timely room delivery services, on-demand services. Many hospitals in the region are also automating the whole process, which will further create a demand for foodservice equipment.
EMEA: innovation in design driving growth of market segment
“The Council of Europe has passed a resolution underlining the right of all the patients to fulfill their nutritional requirements during the time of hospitalization. The delivery of adequate and appropriate nutrition to patients is driving the growth of the hospital foodservice equipment market in the region,” says Manu.
Technological innovations in design have positively influenced the hospital foodservice equipment market in EMEA. Companies in the region have made huge investments in the Salvagnini L5, which is a new, powerful, laser machinery that would help to streamline the manufacturing process.
The top vendors in the global hospital foodservice equipment market highlighted in the report are:
- Ali Group
- Cambro
- Standex International Corporation
- Middleby Corporation
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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