The Global Hospital Bed Market – which grew from approximately US$ 3 Billion in 2017 to approximately US$ 4 billion in 2022 – is forecasted to grow further into approximately US$ 6 Billion opportunities by 2028, owing to the increasing severe diseases, infections, and cancers.
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Key Growth Drivers
- The hospital bed market is driven by surging chronic diseases such as cancer, diabetes, stroke, and other infectious viruses. According to World Health Organization, nearly 10 million deaths in 2020 were caused by cancer worldwide, the most common cases of cancer were lung, prostate, skin, stomach, colon, and rectum. Globally, more than two third of all death are occurred due to one or more of these five chronic diseases including heart disease, cancer, stroke, diabetes, and chronic obstructive pulmonary diseases. The increasing number of cases and deaths due to chronic diseases worldwide is likely to fuel the growth of the hospital bed market.
- Higher costs of advanced hospital beds are likely to hamper the growth of the market. GoodRx Health, an online health resource company stated that a new hospital bed can cost in the range of US$ 500 to more than US$ 5000, depending on the features. Manual hospital beds are less costly and have a hand crank to change their heights and angle. Full electric models are available for much higher prices.
- COVID-19 has helped in the growth of the hospital bed market. Individuals diagnosed with COVID-19, required emergency care and receive medication at a hospital, thus creating the need for hospital beds. More than half of the world’s intensive care units (ICUs) have been occupied by individuals diagnosed with COVID-19, which further prompted hospitals to add more hospital beds into their facilities to cater to the patients.
Key Trends by Market Segment:
By Type: Acute care segment held the largest market share of the Global Hospital Bed Market in 2021, owing to the increasing number of regular doctor consultations, and checkups.
- In acute care, the patient is treated for short-term or brief diseases, trauma, and recovery during the surgery. Acute care is provided by multiple clinical personnel using technical equipment, pharmaceuticals, and medical supplies.
- According to the Connecticut Public Health Association, an affiliated association of the American Public Health Association, stated that an acute care hospital is defined as a short-term hospital that has facilities, medical staff, and all necessary equipment.
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By Power: The electric power segment accounted for the largest market share in 2021, owing to the upgradation in hospital bed technology, and the rising prevalence of acute diseases.
- A fully electric bed has specialized features both for the comfort and well-being of the patients and for the convenience of health caregivers.
- Presence of leading companies operating in full electric hospital beds, like Hillroom, Paramount, Amico, and others, is expected to catalyze the expansion of this market.
By End-User: The hospital’s segment held the largest market share in 2021, owing to the rising healthcare expenditure, which further led to the construction and renovation of old hospitals.
- Hospital is the largest end-user in the hospital bed market, because of active government participation. Governments are now focusing on providing better healthcare facilities to patients.
- According to Organization for Economic Co-operation and Development (OECD), there were on average 4.4 average hospital beds per 1000 people in 2019. In Japan 12.8 beds per 1000 people, and Korea 12.4 beds per 1000 people. Rising healthcare facilities are likely to further increase the number of hospital beds in the forecasted year.
By Geography: North America accounted for the largest market share within the Global Hospital Bed Market in 2021, owing to rising concerns about health, and surging government initiatives and programs.
- In March 2020, the Centre for Medicare & Medicaid Services announced the Hospital Without Walls program, which provides broad regulatory flexibility that allowed hospitals to provide services in a location beyond their existing walls.
- Presence of leading companies manufacturing hospital bed products, like Stryker, Linet, Invacare Corporation, Medline Industries, and others, are expected to further boost the expansion of this market.
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Competitive Landscape:
The Global Hospital Bed Market is significantly competitive with ~200 players which include globally diversified players, majority of country-niche players and a significant number of regional players having their niche in bed manufacturing for hospitals, clinics, ambulatory, and others.
Country-niche players constitute ~55% of the competitors while global players constitute ~10%. Some of the major players in the market include Stryker, Hill-Rom Holdings, Inc., Getinge AB, Invacare Corporation, Paramount Bed Co Ltd, Medline Industries LP, and Linet Spol s.r.o, Stiegelmeyer GmbH & Co. KG, Malvestio Spa, Amico Corporation, and others.
Recent Developments Related to Major Players
- In June 2020, Stryker announced the opening of new research and development facility, Stryker’s Global Technology Centre (SGTC), at the International Tech Park, Gurgaon.
- In December 2021, Baxter, a global medtech company, announced the acquisition of Hillrom. The acquisition will strengthen the company’s vision for transforming healthcare and advancing patient care worldwide.
Conclusion
The global hospital bed market witnessed significant growth during the period 2017-2021, owing to the increasing number of accidents, chronic diseases, and an upsurge in the geriatric population. The growth rate is expected to remain significant during the forecast period. Though the market is significantly competitive with ~200 participants, the majority of regional players constitute a significant share.
Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.
Ken Research has recently published report titled, “Global Hospital Bed Market Size, Segments, Outlook, and Revenue Forecast 2022-2028” The Hospital Bed Market is segmented by type, power, and end-user. In addition, the report also covers market size and forecasts for the four regions in the Hospital Bed Market. The revenue used to size and forecast the market for each segment is US$ billion.
Market Taxonomy
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Invacare Corporation Paramount Bed Co Ltd
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For more information on the research report, refer to the below link:
Challenges in Growth of Hospital Bed Market
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