Medical Bed Market to exceed USD 4 billion by 2024; according to a new research report by Global Market Insights, Inc. Rising geriatric patient base across the globe susceptible to physical disabilities acts as a major growth rendering driver for the market. As per WHO, around 70 million people of all ages are suffering from physical disability which accelerates the demand for medical beds across the globe. Favorable government support and increasing efforts to enhance the healthcare facilities and offer advance care to patients in the developing countries will augment industry growth. For instance, government measures through Healthcare Transformation Plan (HTP) to renovate hospital infrastructure, build diagnostics centers, clinics and hospitals in the coming five years in Iran will spur market size.
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Increasing prevalence of chronic disorders such as stroke, diabetes, cancer which leads to rise in number of hospital admissions is another growth rendering driver. Moreover, increasing private hospitals and healthcare facilities provided to patients in the emerging countries will favor industry expansion. Declining volume of public hospital beds and high cost associated with bariatric and ICU medical beds will hamper business growth.
Long-term care beds will witness significant growth in 2016 followed by bariatric beds over the coming years. Safety features offered by long-term care beds due to low-height bed frames will reduce the risk of patient falls and entrapment. Furthermore, it will also minimize the caregiver back injuries fuelling its utilization specially in the homecare and nursing homes. Bariatric beds will generate huge demand in the coming years due to rising diabetes prevalence coupled with increasing obesity patients requiring bariatric surgeries propelling industry size.
Electric beds will fetch higher revenue share over the coming years owing to factors like enhancement of resident mobility as well as decrease in staff’s manual handling, ability of disabled patients to operate the adjustable features of the electric bed propelling industry size. Rising number of patients requiring critical care due to increasing chronic ailments such as neurovascular disease, cardiac disorders, bone and joint disorders will fuel intensive care beds revenue growth in the future.
Reduced length of stay at hospitals, higher comfort levels, personal independence and faster recovery are major factors driving the homecare settings market growth. Home health care being less expensive, more convenient, and can be as effective as care given in hospital will favor business growth. Spain medical bed market should witness robust growth over the forecast period. Increasing elderly patient base suffering from chronic ailments requiring prolonged care along with growing demand for critical patient care will fuel regional growth. Furthermore, presence of local manufacturers offering wide range of bed frames used in various healthcare settings will augment revenue growth in the future.
India medical bed market should grow at lucrative rate due to presence of large patient pool with chronic disorders coupled with growing obesity levels generating huge demand for specialty beds in the future. Favorable government initiatives in India to set up new hospitals, along with encouraging majority of private entities to increase investment for improving and developing healthcare infrastructure in the country will escalate regional growth.
Some of the key industry players operating in global medical bed market are Hill-Rom, Stryker, Invacare, Getinge and Paramount Bed. The industry players are investing in R&D to develop novel products to provide effective treatment options for chronic diseases. For instance, in January 2017, Getinge launched Total Lift Bed for ICU patients allowing them to stand, assisting in early mobility and improving patient outcomes.