Hospital Bed Market Research Report
Around the world, cases of cardiovascular diseases (CVDs), cancer, diabetes. And an array of other chronic and acute diseases are increasing. This is expected to drive the global hospital bed market from $3,712.1 million in 2019 to $8,276.7 million by 2030. At a 7.5% CAGR between 2020 and 2030. All these diseases and a lot of other health issues result in hospitalization. With the number of hospitalized patients increasing rapidly.
Besides the growing hospitalization rate, the rapid technological advancements and innovations in the healthcare industry are also fueling the rise in the sales of hospital beds across the world. Many hospital bed manufacturing companies are increasingly focusing on developing hospital beds integrated with advanced technologies such as the internet of things (IoT). In addition to this, they are manufacturing beds having power mattresses, that provide greater comfort than the conventionally used beds by redistributing pressure.
Apart from the aforementioned factors, the increasing healthcare expenditure in both developing and developed nations is also contributing to the booming sales of hospital beds. Due to these factors, the global hospital bed market is predicted to exhibit rapid expansion in the future years. There are multiple types of hospital beds used throughout the world namely bariatric, birthing, pediatric, pressure relief, and general beds. Out of these, the usage of the general beds was observed to be the highest in the past. Mainly because of their affordable prices as compared to the other beds.
When power is taken into consideration, the hospital bed market is categorized into electric. Semi-electric, and manual. Amongst these, the manual bed category will demonstrate the fastest and the highest growth in the market in the forthcoming years. As per the forecast of the market research firm, P&S Intelligence. This is ascribed to the lower maintenance costs of the manual beds than the semi-electric and electric beds. The market is also divided on the basis of end user into home care settings, hospital, and elderly care facilities.
Out of these end users, the utilization of the hospital beds is predicted to rise at the fastest rate in the home care settings during the coming years. This is attributed to the rising preference for home medical services amongst the people. Geographically, the European hospital bed market is predicted to register the highest growth in the upcoming years. This is due to the existence of numerous established hospital bed manufacturing companies, rapid technological advancements in the healthcare industry, growing geriatric population, and the increasing incidence of chronic diseases in the region.
Hence, it can be said with surety that the market will record rapid growth in the future years, on account of the rising incidence of chronic diseases, the increasing population of elderly people, and the rising hospitalization rates in several countries around the world.
Hospital Bed Market Segmentation Analysis
The general category, based on type, will continue making the largest revenue contribution to the hospital bed market throughout the next decade. These beds are less costly than pediatric, bariatric, and other types of specialty beds. Additionally, general beds are widely used in nursing homes, clinics, hospitals, and other medical institutions.
In the past, the acute division, under segmentation by treatment, held the largest share in the hospital bed market. The demand for beds for acute treatments is rising massively. On account of the increasing cases of cough & cold, as well as accidents and other trauma cases, which need immediate attention.
The hospital bed market is projected to witness the highest CAGR, of 11.2%, in the electric division, based on power. Driven by technological advancements, bed manufacturers are introducing enhanced products. With their numerous adjustments, including height and head and foot rests, powered by electricity.
The home care settings category, under the end user segment, would experience the fastest growth in the hospital bed market in the coming years. On account of the increasing geriatric population and number of chronic disease patients. Who majorly require long-term palliative treatment and monitoring, the demand for hospital beds for home use is surging.
Product Launches Letting Market Players Increase Their Earnings
In order to augment their revenue, players in the hospital bed market are launching new products, which are designed to:
- Make COVID-19 patients comfortable
- Ease the symptoms of people with wounds
- Better manage risk in homecare and acute care settings
- Offer caregivers the patient’s status anywhere, with the help of IoT
- Improve patient safety