Hospital beds are specially designed for patients to provide them with extra comfort, relief, and convenience during the time of hospitalization. Increasing prevalence of diseases, frequent outbreaks of pandemic such as corona, Ebola, and growing investments on healthcare facilities such as hospitals and clinics are the major factors driving demand for hospital beds ultimately leading to market growth.Hospital beds are indispensable components required at healthcare facilities, as most of the patients are not in mobile condition to receive the treatment, and rest is of utmost importance for them. Traditionally used beds are mostly manual and do not have any additional features. With the advancement of technology, electric smart beds came into existence that can easily track and monitor patients.
The hospital beds market expected to grow at a CAGR of 7.8% from 2020 to reach $5.23 billion by 2027. The growth in this market is mainly driven by increasing elderly population coupled with growing prevalence of chronic diseases, growing number of hospitals, impact of COVID-19 pandemic, and launch of technologically advanced beds. In addition, evolution of smart and robotic beds, growing demand for beds at homecare settings, emerging economies, and growing medical tourism provide significant opportunities for vendors across the globe. However, growing preference for minimally invasive surgeries and declining number of beds in public hospitals are restraining the growth of the market to some extent.
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COVID-19 – Driving Force for Hospital Beds Market
Current COVID-19 pandemic has increased the demand for advanced healthcare facilities and created a burden on healthcare industry in terms of prevention, isolation, and providing treatment to the infected patients. It started with a few deaths in Wuhan, China, with the earliest reported case on November 17th, 2019. Since then the exponential graph for the infected population has grown drastically in several other countries across the globe. Several highly infected countries such as the U.S., Italy, Spain, France, and the U.K. are experiencing shortfall for the healthcare supplies, including personal protective equipment, hospital beds, and ventilators, due to disrupted supply chain, economic loss, and reduced confidence on the quality of the imported supplies. As a result of this, there will be a huge demand for the medical/hospital beds in many countries all over the globe.
To tackle this situation government authorities from various countries are taking several initiatives and focusing on increasing local manufacturing capacity to overcome the shortfall for various healthcare supplies including hospital beds. Some of the recent initiatives are as below:
|Wuhan (China)||There are an additional 10 temporary hospitals reconstructed from gymnasium and exhibition centers, which are for mild patients. Moreover, in Wuhan include two new temporary hospitals with 2,600 beds, plus many makeshift hospitals to increase bed capacity. Bed capacity within Wuhan has increased to greater than 50,000.|
|Odisha (India)||The Odisha government on 26th March 2020 decided to set up two 500-bed hospitals to exclusively treat Covid-19 patients. The hospitals, being set up in partnership with Kalinga Institute of Medical Sciences and SUM Hospital, will be functional in a fortnight.|
|England (U.K.)||NHS entered into an agreement with private hospitals so as to provide extra 8,000 hospital beds across England to tackle COVID-19.|
|Italy||Hospital Wards that are used for other purposes such as operation, examination etc. can be modified and prepared for ICU purposes.|
|India||In April 2020, The India Railways has converted 20,000 old train carriages into isolation wards for patients suspected with the COVID-19 infection|
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The global medical/hospital beds market study of Meticulous Research® presents historical market data in terms of value & volume (2018 and 2019), estimated current data (2020), and forecasts for 2027 – medical/hospital beds market by product (medical/hospital beds, accessories), technology (powered (electric, semi-electric), manual), type of care (curative, long term, rehabilitative), and healthcare facility (critical care unit, bariatric care unit, long-term care unit, med surg care unit, pediatric care unit, maternal care unit, and home care facility). The study also evaluates industry competitors and analyzes the market at regional and country level.
Based on the product type, the medical/hospital beds segment accounted for the largest share of the overall market in 2019. However, the accessories segment is expected to grow at the fastest growth rate due to high demand for customized accessories for the presently installed beds; growing need to meet the gap between hospitalized patients & availability of accessories due to growing number of infectious diseases across the globe; and future demand generated out of installation of new beds.
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Based on technology, the powered beds segment commanded the largest share of the overall medical beds market in 2019. The segment is also expected to witness rapid growth during the forecast period. The growth in this segment is mainly due to growing adoption of electric & semi-electric beds which can offer various benefits such as position adjustment, presence of monitoring sensors, and fall detection features, among others. These subtypes (electric & semi-electric) of powered beds are expected to contribute to its rapid growth in the coming years.
Based on the type of care, the curative care segment commanded the largest share of the overall medical/healthcare market in 2019. Curative care attend patients with physical injuries and small surgeries; patients suffering from infectious diseases; and patients requiring continuous monitoring throughout recovery period. Greater adoption of medical beds for curative treatment of acute and chronic illnesses in hospitals is supporting the growth of this market segment. However, the long-term care segment is expected to grow with rapid CAGR during the forecast period.
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Based on healthcare facility, the critical care unit segment commanded the largest share of the overall medical/hospital beds market in 2019. However, the home care facility segment is growing at the fastest growth rate due to escalating healthcare cost at the hospitals, making patients shifting from hospitals to home; and greater preference for home care by the rapidly aging population across the globe.
This research report analyzes major geographies and provides comprehensive analysis for Europe (Russia, France, U.K., Germany, Italy, Spain, and Rest of Europe), North America (U.S., Canada), Asia-Pacific (India, China, Japan, and RoAPAC), Latin America (Mexico, Brazil, Argentina, RoLATAM), and the Middle East & Africa. Europe dominated the global medical/hospital beds market in 2019, followed by North America, and Asia Pacific. The factors such as well-established healthcare system in the region, greater adoption of advanced technologies, growing incidences & prevalence of infectious diseases, presence of large number of hospitals, growing aging population, and greater access to healthcare supported the largest share of Europe in the medical/hospital beds market.
The key players operating in the global medical/hospital beds market areStryker Corporation (U.S.), Hill-Rom Holdings, Inc. (U.S.), Getinge AB (Sweden), Invacare Corporation (U.S.),Joh. StiegelmeyerGmbH& Co. KG (Germany), Paramount Bed Holdings Co., Ltd. (Japan), LINET Group SE (Czech Republic), Medline Industries, Inc. (U.S.), Joerns Healthcare LLC. (U.S.), Gendron, Inc. (U.S.), Span-America Medical Systems, Inc. (U.S.), Savion Industries (Israel), and Malvestio Spa (Italy), among others.
Key questions answered in the report-
- Which are the high growth market segments in terms of product type, type of care, healthcare facility, technology, and region/countries?
- What was the historical market for hospital beds across the globe?
- What are the hospital beds market forecasts and estimates for the period 2019-2027?
- What are the major drivers, restraints, opportunities, and trends in the global hospital beds market?
- Who are the major players in the hospital beds market?
- How is the competitive landscape and who are the market leaders in the global hospital beds market?
- What are the recent developments in the global hospital beds market?
- What are the different strategies adopted by the major players in the global hospital beds market?
- What are the geographical trends and high growth regions/ countries?
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