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Valued at $3.4 billion in 2017, the global hospital bed market is projected to generate $4.6 billion revenue by 2023, witnessing a CAGR of 5.4% during the forecast period (2018–2023).
The APAC hospital bed market is expected to witness the fastest growth during the forecast period. Factors driving the market in the region include growing medical tourism industry, increasing prevalence of chronic diseases, surging geriatric population, and continuously improving healthcare infrastructure. According to the International Diabetes Federation (IDF), approximately 82 million people in Southeast Asia were diagnosed with diabetes in 2017, and the number is projected to reach up to 151 million by 2045. Therefore, the hospitalization rate is expected to increase during the forecast period, thereby, boosting the demand for hospital beds.
Dynamics of Hospital Bed Market
Rising preference for home healthcare services is a key trend witnessed in the hospital bed market. Since, the aged people are prone to developing chronic diseases and require intensive care at home, a significant increase in the preference for home healthcare facilities is observed. The home healthcare facilities aid in maintaining, promoting, and restoring the health of individuals. The homecare settings can be facilitated with physical therapy, doctor visits, nursing care, home blood collection, occupational speech language therapy, and geriatric counseling. Moreover, the Center for Disease Control and Prevention (CDC) reported that there were 12,400 home health agencies in the U.S. in 2014. Therefore, the high demand for home healthcare services is intriguing the manufacturers to produce hospital beds for homecare.
Technological advancements play pivotal role in the growth of the hospital bed market, globally. Several market players are focused on manufacturing hospital beds, enabled with internet of things (IoT) and power mattresses, which help in the redistribution of pressure, thereby, improving the blood circulation in bed-ridden patients. For instance, Hill-Rom AccuMax Quantum VPC pressure redistribution mattress by Hill-Rom Holdings and PressureGuard Custom Care Convertible mattress by Span-America Medical Systems Inc. are some of the major innovations in the hospital beds.
Hospital Bed Market Segmentation Analysis
The general type category for hospital beds held the largest share in 2017. This is attributed to the fact that general hospital beds are economically priced and are relatively cheaper in comparison to other specialty hospital beds.
The acute category in terms of treatment dominated the hospital bed market in 2017. These beds are extensively used in hospitals and are kept in emergency wards for the patients who need immediate attention.
The manual category under power segment is expected to grow fastest, witnessing a CAGR of 5.9%, during the forecast period. This is due to the economic nature of manual beds as compared to electric and semi-electric beds. Moreover, manual beds require less maintenance and are widely used in hospitals, nursing homes, and home care settings.
The home care settings category is likely to witness fastest growth in the end user segment in the hospital bed market, registering a CAGR of 6.3%, during the forecast period. This can be due to the rise in geriatric population and increasing prevalence of chronic diseases.
Geographical Analysis of Hospital Bed Market
Europe held the largest share, of 33.4%, in the hospital bed market in 2017. This is primarily attributed to the increasing per capita healthcare spending, surging geriatric population, rising prevalence of chronic diseases, and growing technological advancements in the region. According to the European Hospital and Healthcare Federation, in 2014, there were average 2.9 hospitals for 100,000 inhabitants in Europe, ranging from 1.4 in Slovenia to 9.8 in Cyprus. Moreover, there were average 521 hospital beds for 100,000 inhabitants, ranging from about 254 in Sweden to 826 in Germany.
Also, the prevalence of chronic diseases in Europe is on the rise. According to IDF, there were approximately 58 million individuals in Europe with diabetes. Moreover, this number is expected to increase up to 66.7 million by 2045. Therefore, growing number of cases of chronic diseases is likely to impact hospitalization rate in the region, thereby, increasing the demand for hospital beds.
During the forecast period, the APAC hospital bed market is projected to witness the fastest growth, owing to the improving healthcare infrastructure and growing medical tourism in the region. Moreover, Japan was the largest contributor to the APAC market in 2017, due to surging geriatric population, along with rapid economic development in the country.
Competitive Landscape of Hospital Bed Market
The global hospital bed market is fragmented in nature, due to the presence of several big and small players. These include Invacare Corporation, Paramount Bed Holdings Co. Ltd., Gendron Inc., Medline Industries Inc., LINET spol. s r.o., Savaria Corporation, Savion Industries, Hill-Rom Holdings Inc., Stryker Corporation, and Getinge Group.
Recent Strategic Developments of Hospital Bed Market Players
Major players operating in the hospital bed market are actively engaged in mergers and acquisitions, product launches, and several other business activities to gain a competitive edge. For instance, in June 2017, Savaria Corporation acquired Span-America Medical Systems Inc., a manufacturer of therapeutic support surfaces and other related products. The amount of transaction was approximately $29.0 per share. This acquisition added new product line to Savaria Corporation’s product portfolios and expanded its presence in the U.S. market.
In May 2017, Hill-Rom Holdings Inc. launched the Hill-Rom Envella air fluidized therapy bed for the wound care. The bed provides better healing environment for the prevention and treatment of advanced pressure injuries.
Hospital Bed Market Size Breakdown by Segment
The hospital bed market report offers comprehensive market segmentation analysis along with market estimation for the period 2013–2023.
Based on Type
Based on Treatment
Based on Power
Based on End User
Key Questions Addressed in the Report