Hospital Bed Market Overview
The global hospital bed market generated $3.4 billion revenue in 2017 and is projected to witness a CAGR of 5.4% during 2018–2023. Increasing prevalence of chronic diseases, growing healthcare expenditure, surging aging population, and technological advancements in hospital beds are the key factors driving the market growth.
GLOBAL HOSPITAL BED MARKET SPLIT, BY POWER, $M (2017)
The various type of beds available in the market include, general, pediatric, birthing, bariatric, pressure relief, and others. Of these, general beds held the largest share in the market, with 38.7% contribution in 2017. This is attributed to rising adoption of general beds globally, as they are economically priced when compared to other beds.
Based on power, the hospital bed market has been categorized into manual, semi-electric, and electric beds. Of these, the fastest growth during the forecast period is expected from manual beds, with a CAGR of 5.9%, due to the low cost and easy availability of these as compared to other beds.
On the basis of treatment, the market has been categorized into acute care, critical care, and long-term care beds. Of these, acute care is expected to continue holding the largest share in the hospital bed market during the forecast period, attributed to their increasing demand in accident and emergency wards.
Based on end user, the hospital bed market has been categorized into hospitals, home care settings, and elderly care facilities. The demand for home care settings is expected to witness CAGR of 6.3% in the market during the forecast period, due to their higher use by the aging population in order to avoid long-term hospitalization.
Geographically, Europe held the largest share in the hospital bed industry, with 33.4% contribution in 2017. The market growth in the region can mainly be attributed to the growing number of hospitals, increasing prevalence of chronic diseases, and rising aging population. In addition, the increasing incidence of hospitalization, technological advancement in hospital beds, and growing healthcare expenditure are also driving the market growth in the region.
Hospital Bed Market Dynamics
Growing reliance on home healthcare services is a prominent trend observed in the hospital bed market. Due to the increasing prevalence of chronic diseases and growing aging population, preference for home healthcare facilities has been increasing. Home healthcare services primarily include nursing care, physical therapy, occupational speech language therapy, and medical social services. Various home health agencies are providing these services including personal care services for patients at home. According to the Center for Disease Control and Prevention (CDC), there were 12,400 home health agencies in the U.S. in 2014. Rising number of home healthcare providers and their offerings has shifted patients’ interest towards home healthcare services.
Increasing prevalence of chronic diseases, growing healthcare expenditure, surging aging population, and technological advancements are the major factors driving the growth of the hospital bed market. Increasing life expectancy and fall in birth rates are the major factors behind the growing aging population. According to the United Nations Department of Economic and Social Affairs (UN-DESA) report on the global aging population, the population of people aged 60 years or above is growing at high rate; It increased from 382 million in 1980 to 962 million in 2017 and is expected to reach 2.1 billion by the end of 2050.
The elderly population requires extensive care, as it is more prone to illnesses, especially chronic diseases such as diabetes mellitus, multiple sclerosis, and rheumatoid arthritis; thus, leading to increase in demand for better diagnosis and therapies. In addition, the aged people require extra care as they are more susceptible to accidents, trauma, injuries due to fractures, and falls, that often leads to hospitalization, thereby fueling the demand for hospital beds.
The advanced features offered by hospital beds such as being AC-powered, hydraulic adjustability, and powered patient rotation beds also support the growth of the hospital bed industry worldwide.
Hospital Bed Market - Competitive Landscape
Key players in the hospital bed market are actively engaged in the research and development for advanced hospital beds to improve patient safety. For instance, in April 2018, LINET spol.S.r.o. introduced the TOM 2 pediatric bed and MiMi cot for newborns. The product was presented in professional conference of the Royal College of Pediatric and Child Health (RCPCH) in Britain.
In May 2017, Hill-Rom Holdings Inc. launched the Hill-Rom Envella Air Fluidized Therapy Bed, a solution for wound care patients. The bed provides better healing environment for the prevention and treatment of advanced pressure injuries.
Some of the other key players in the hospital bed industry are Invacare Corporation, Paramount Bed Holdings Co. Ltd., Gendron Inc., Medline Industries Inc., Savaria Corporation, Savion Industries, Stryker Corporation, and Getinge Group.