Asia-Pacific Hospital Beds Market Overview
The Asia-Pacific hospital beds market size was $1.3 billion in 2015 and is forecasted to grow at a CAGR of 5.2% during the period 2016-2022. General beds have been witnessing the fastest growth, and are projected to grow at a CAGR of 5.6%, during the forecast period, among the various types of beds available in the market namely, birthing beds, pediatric beds, bariatric beds, pressure relief beds and others.
Some of the significant factors driving the hospital beds market in the region include, surge in the aging population, rising prevalence of chronic diseases, and improving hospital infrastructure.
Hospital beds are being utilized for various types of treatments such as acute care, critical care and long-term beds, acute care beds held the largest share of the hospital beds market in the region, in 2015.
Increase in diabetes causes numerous diseases to a human being such as cardiovascular diseases, nerve damage, kidney damage, skin conditions and others, due to which the patients need to be admitted in the hospital at times for monitoring and treatment. According to the Asian Diabetes Prevention Initiative, around 60% of diabetics in the world live in Asia. It is also expected that without intervention, both China and India combined are likely to have almost half a billion of population suffering from diabetes, by 2030.
Adding to above factors, increase in the R&D spending is also one of the various factors that drives the demand for hospital beds in the region. In China, the government encourages the players in the market to create their own technologies as well as channelize the same from outside countries. As a part of a 2016-2020 health five-year plan, China will add 89,000 new hospital beds in the country. In terms of hospitals beds it was seen that Taiwan had 32 acute mental health beds and 59 chronic mental health beds per 100,000 population respectively. This depicted an increase of 21% in the mental health beds from 2003 to 2013, as reported by the Commonwealth Fund in 2014.
Due to rising population and increasing prevalence of diseases the Indian government has been taking initiatives to set up new hospitals, which will increase the requirement of hospital beds in the country. For instance, National Rural Health Mission (NHM) has allocated a ₹26,690-crore budget to revitalize rural and urban health sectors. As on July 2017, 55 new medical colleges had been approved. Funds amounting to ₹4357.42 crore have been released to the state governments/UT administrations. A part of these funds will be allocated for hospital beds.
Some of the factors hampering the growth of the hospital beds market in the region are high cost of hospital beds, injuries associated with hospital beds and advancements in the pharmaceutical sector may also lead to significant reduction in hospital admission.
Asia-Pacific Hospital Beds Market – Competitive Landscape
Some of the key players operating in the Asia-Pacific hospital bed industry are Hill-Rom Holdings Inc., Stryker Corporation, Paramount Bed Co. Ltd., SEAHONENCE, INC., FRANCE BED HOLDINGS Co. Ltd., Guangdong Kareway Medical Technology Co. Ltd., Jiangsu Aegean Technology Co. Ltd., Midmark Corporation, Nanning Passion Medical Equipment Co. Ltd. and Carevel Medical Systems Private Limited.