The global hospital bed market was valued at $3.4 billion in 2017, which is projected to reach $4.6 billion by 2023, progressing at a CAGR of 5.4% during the forecast period (2018–2023). The general type category for beds is expected to be the largest and grow fastest during the forecast period. This can be attributed to the fact that general beds are relatively cheaper in comparison to other specialty hospital beds, such as bariatric and pediatric beds.
Rising Preference for Home Healthcare Services Is a Key Trend in the Market
The major trend that is observed in the hospital bed market is rising preference for home healthcare services. The home healthcare services aid in promoting, maintaining, and restoring patient’s health, and minimizing the effects of disability and illness. This service is extremely beneficial for elderly people as they are susceptible to developing chronic diseases and require intensive care and remote monitoring. Furthermore, home healthcare services include nursing care, doctor visits, medical social services, and home blood collection, which, in turn, increase the demand for hospital beds.
Increasing Prevalence of Chronic Diseases Drives the Demand for Hospital Beds
High prevalence of chronic diseases has led to the increase in the number of hospitalizations. Cancer, hepatitis, chronic obstructive pulmonary disease (COPD), cardiovascular diseases, and viral diseases cannot be completely cured by medications and, therefore, require hospitalization of patients. According to the World Health Organization (WHO), non-communicable diseases were the leading cause of mortality, comprising 71% of all deaths in 2016. Furthermore, cardiovascular diseases are the leading cause of deaths, globally. Therefore, surge in the number of patients with chronic diseases and growing number of hospitalizations have led to the increasing demand for hospital beds, globally.
Segmentation Analysis of Hospital Bed Market
Geographical Analysis of Hospital Bed Market
Europe is expected to account for the largest share in the global hospital bed market by 2023, followed by North America. Together, Europe and North America are expected to account for 62.3% market share in 2023. This can be mainly attributed to the presence of established players, advancements in technologies, surging geriatric population, rising prevalence of chronic diseases, and increasing number of hospitals.
Other regions, such as APAC, LATAM, and MEA, also hold considerable share in the hospital bed market, on account of growing medical tourism, improving healthcare infrastructure, and increasing prevalence of chronic diseases.
Competitive Landscape of Hospital Bed Market
The hospital bed market is fragmented in nature, with the presence of small and big players, such as Getinge Group, Stryker Corporation, Hill-Rom Holdings Inc., Savion Industries, LINET spol. s r.o., Paramount Bed Holdings Co. Ltd., Gendron Inc., Medline Industries Inc., Savaria Corporation, and Invacare Corporation.
These players in the hospital bed market are adopting product launches as a key strategy to maintain their positions among competitors. For instance, in May 2017, Hill-Rom Holdings Inc. launched the Hill-Rom Envella air fluidized therapy bed, a solution for the wound care. The bed provides better healing environment for the prevention and treatment of advanced pressure injuries.
Browse report overview with detailed TOC on "Hospital Bed Market Research Report: by Type (General, Pediatric, Birthing, Bariatric, Pressure Relief), Power (Manual, Semi-electric, Electric), Treatment (Acute Care, Long-term Care, Critical Care), End User (Hospitals, Home Care Settings, Elderly Care Facilities)– Global Industry Demand, Share Analysis and Growth Forecast to 2023" at:https://www.psmarketresearch.com/market-analysis/hospital-beds-market
Similarly, in March 2017, LINET spol s.r.o. at the CeBIT17 event in Germany introduced an intensive care bed, Multicare, which improves risk management in acute healthcare environments and homecare. This bed is internet of things (IoT)-enabled and can be linked to remote caregivers. They can view the status of the patient from anywhere on their tablets, smartphones, or personal computers.