Global Hospital Bed Market – Analysis and Forecast (2019-2024)
The global hospital bed market is expected to grow at a CAGR of 4.9% during the forecast period with its market size predicted to reach USD 3.7 billion by 2024. The global hospital bed market is anticipated to be driven by the factors such as the increasing prevalence of chronic diseases, technological advancements, the rise in cases of lifestyle diseases, growing geriatric population, and developing healthcare infrastructure. Different type of medical beds such as general beds, bariatric beds, pediatric beds, and birthing beds are majorly contributing to the hospital bed market size, globally. Global Hospital Bed Market HighlightHospital beds or medical beds are medical equipment intended and well equipped for bedridden patients or patients who require care, to provide relief and assistance to the patient. It allows better positioning of patients, ease of transfer, improved blood circulation, and safety of patients at risk of falling out of the bed. The global hospital bed market is growing at a significant rate, due to escalating funds in healthcare infrastructural development, and mounting occurrence of chronic diseases. Market Segmentation Insight by Area of Use On the basis of treatment, the market is subdivided into acute care, critical care, and long-term care. Of all the treatment type, critical care hospital bed market is expected to grow at the fastest rate during the forecast period. Whereas the demand for acute care beds is estimated to be the largest in 2018. Insight by Type On the basis of the type the market is subdivided into general, bariatric, pediatric, pressure relief, birthing, and other medical beds. Among all types, the general beds are estimated to account the largest share in the hospital bed market in 2018 and are expected to grow at the fastest rate during the forecast period owing to its low cost. Insight by Power On the basis of power, the market is subdivided into manual, electric, and semi-electric beds. Among the different types of power, the manual beds are estimated to account for the largest share in the hospital bed market in 2018 and are expected to grow at the fastest rate during the forecast period as these beds are cost-effective and easily available. Insight by End-User The market is also segmented based on end users into hospitals, elderly care facilities, and home care settings. Among all end users, the hospitals are estimated to account for the largest contribution to the hospital bed market size in 2018 due to an escalating number of in-patient treatments in hospitals. Moreover, the elderly care facilities are expected to account for the fastest growing demand for medical beds due to the mounting government encouragement to reduce the length of stay in the hospital, and greater usage by geriatric population. Industry Dynamics Growth Drivers Increasing healthcare infrastructural development, the mounting occurrence of chronic diseases, expanding the geriatric population, rising healthcare expenditure, development of private healthcare facilities, and development of advanced hospital bed solutions are the primary growth drivers for the hospital bed market, globally. For instance, according to GLOBOCAN globally, approximately 14.1 million new cancer cases were diagnosed and there were 8.2 million cancer deaths in 2012. In addition, according to the World Health Organization (WHO), globally in 2015 approximately 8.8 million people died due to cancer. Moreover, approximately 70% of the deaths from cancer occur in low and middle-income countries. The mounting inclination of home care and technological advancement in ICU beds are also facilitating the growth of the hospital bed market. Challenges The decreasing number of beds in public hospitals, elevated price of hospital beds, and serious instances related to hospital beds are the major challenges for the growth of hospital bed market. Industry Ecosystem Globally, the manufacturing companies trying to enter the hospital bed market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition. Geographic Overview Geographically, Europe is the largest hospital bed market as in the region the geriatric population is increasing. In addition, the mounting occurrence of chronic and lifestyle associated diseases, developing healthcare infrastructure are also up surging growth of the European hospital bed market. Asia-Pacific is observed to witness the fastest growth in the hospital bed market, due to the mounting occurrence of chronic diseases. In addition, escalating medical tourism, refining healthcare infrastructure, and expanding geriatric population are also creating a positive impact on the hospital bed industry growth in the region. Competitive Insight Key players in the hospital bed market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In January 2017, Getinge Group, introduced Total Lift Bed from VitalGo Systems to expand its portfolio of patient mobility products in the U.S. Stiegelmeyer GmbH & Co. Kg, Stryker Corporation, Medline Industries, Inc., Invacare Corporation, Paramount Bed Holdings Co., Ltd., Hill-Rom Holdings, Inc., Merivaara Corp., Getinge AB, Midmark Corporation, Linet Spol. S.R.O and Antano Group S.R.L are the key players offering hospital bed.
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