Internet-of-things (IoT)-enabled hospital beds offer various features, such as controlling the temperature of the mattress, maintaining the height and position of the bed, and enabling patient to make or receive call by connecting with smartphone. Furthermore, various hospital beds equipped with advanced features, such as alternating current (AC)-powered beds to adjust the height and surface level of the bed, and beds with hydraulic adjustability, are also available in the market. Due to these factors, the global hospital bed market is expected to grow from $3,712.1 million in 2019 to $8,276.7 million in 2030, at a CAGR of 7.5% during the forecast period (2020–2030).
Acute Category Accounts for Largest Share
The global hospital bed market based on the type of treatment is categorized into acute, long-term, and critical. Of these, the acute category held the largest share in the market in 2019. These beds are extensively used in hospitals and are kept in emergency wards for patients who need immediate attention and care. The growing accident cases and increased hospitalization to cure diseases, are further projected to drive the market in this category over the upcoming years.
The hospital bed market on the basis of power is classified into manual, semi-electric, and electric. Of these, the electric bed category is expected to witness the highest growth rate during the forecast period. This can be mainly ascribed to the technological advancements and growing product launches by manufacturers. Moreover, as these beds are automated and are equipped with a motor used for the adjustment of head, foot, and height of the bed, demand for these beds is expected to rise during the forecast period.
Globally, the European region held the largest share in the market in 2019. Some of the major factors driving the growth of the European hospital bed market are the high prevalence of chronic diseases, increasing healthcare expenditure, and advancements in technology. According to the European Cardiovascular Disease Statistics 2017 report by the European Heart Network (EHN), cardiovascular diseases (CVDs) caused 3.9 million deaths in Europe in 2017. Thus, the growing prevalence of CVDs requires surgery and hospitalization of patients at some point in their care management, which further increases the demand for hospital beds in the region.
The hospital bed market has seen significant growth due to rising number of COVID-19 patients across the world, which has increased the demand for hospital beds globally. Moreover, organizations across the globe have increased their manufacturing capacities to meet the demand for hospital beds worldwide.
Key Players Creating Lucrative Business Opportunities with Strategic Mergers and Acquisitions
Players in the hospital bed market are consistently focusing on strategic business mergers and acquisitions to remain competitive. For example, in June 2020, GF Health Products Inc. acquired all assets of Gendron Inc. The objective of the acquisition is to enhance the market potential of GF Health’s existing brands, such as Lumex, Hausted, and Intensa, by the inclusion of Gendron product portfolios.
In June 2017, Savaria Corporation acquired Medical Systems Inc., a manufacturer of therapeutic support surfaces and other related products. The amount of transaction was approximately $29 per share. This acquisition added new product line and improved distribution channel to the company and expanded Savaria’s presence in the U.S. market.
Some of the major players operating in the hospital bed market are Invacare Corporation, Paramount Bed Holdings Co. Ltd., Gendron Inc., Medline Industries Inc., LINET spol. S.r.o., Savaria Corporation, Savion Industries Ltd., Hill-Rom Holdings Inc., Stryker Corporation, and Getinge Group.