Hospital Beds Market Research, 2031
The global hospital beds market was valued at $3.39 billion in 2021, and is projected to reach $7.15 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031. Hospital beds are used for patients. They provide comfort to patients and convenience for healthcare workers. Hospital beds are specially designed mainly having features such as that can be adjusted especially to raise the head end, foot end, or middle as required.
The growth of the global Hospital Beds Market Size is majorly driven by the increase in incidences of road accidents and rise in number of surgical operations. For instance, according to U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA), in 2020, estimated 38,680 people died in motor vehicle traffic crashes. In addition, increase in awareness about advanced surgical procedures and rise in healthcare expenditures of peoples contributes in the Hospital Beds Market Growth.
Furthermore, upsurge in number of geriatric population drives the growth of Hospital Beds Market Size. For instance, as per the report by Eurostat, the statistical office of the European Union, in 2021, more than 20.8 % of the EU population was aged 65 and over. The old age people are more prone to chronic diseases and infections for which surgeries are suggested. In addition, geriatric population can get bone fracture easily owing to low bone density and weak ability to regenerate bones. Thus, increase in geriatric population drives the demand for hospital beds.
Moreover, advancements in hospital beds, product launch, and product approvals contributes in the growth of Hospital Beds Industry. In February 2021, Stryker, one of the world's leading medical technology companies, announced launch of a completely wireless hospital bed, ProCuity. The ProCuity bed series was designed to help reduce in-hospital patient falls at all acuity levels and improve nurse workflow efficiencies and safety. ProCuity can connect seamlessly to nurse call systems without the use of cables or wires.
Furthermore, increase in prevalence of chronic diseases such as cancer, hypertension and diabetes drives the growth of market. For instance, according to world health organization (WHO), cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Thus, increase in prevalence of chronic diseases drives the growth of market.
In addition, growth in number of hospitals, increase in access to health care facilities globally, and surge in health care expenditure drive the growth of market. For instance, according to American Medical Association (AMA), health spending in the U.S. increased by 9.7% in 2020 to $4.1 trillion or $12,530 per capita. Moreover, rise in the government initiatives to provide advanced healthcare facilities propels the growth of market. In addition, increase in private hospital sectors, medical tourism and ambulatory surgical clinics drives the growth of market. The medical tourism provides healthcare services at lower cost which contributes in the adoption of medical services.
Furthermore, the COVID-19 pandemic boosts the demand for hospital beds. During COVID-19, there is huge demand of hospital beds owing to increasing number of hospitalized patients, isolation centers and other COVID-19 facilities. For instance, in October 2020, according to report of food and drug administration (FDA), Due to the COVID-19 public health emergency, there may be an increased demand for hospital beds, stretchers, and mattresses to expand health care capacity in local hospitals, and health care systems through temporary expansion sites. In addition, COVID-19 pandemic influence awareness about healthcare and home based treatment. The positive impact of COVID-19 and rise in demand for home based treatment are anticipated to drive the growth of market.
The key players operating in the global hospital beds market Amico Corporation, Antano Group S.R.L., Baxter Corporation, Burke Bariatric Inc, Drive Medical, Graham Field, Getinge AB, Invacare Corporation, Linet SPOL S.R.O., Medline Industries Inc, Med-Mizer Inc, Midmark Corporation, Novum Medical Technology, Paramount Bed Holdings, Savaria Corporation, Stiegelmeyer GMBH & Co and Stryker Corporation
The hospital beds market is segmented into End User, Technology and Application.
By technology segment, the market is divided into powered beds and manual beds. The powered beds are further subcategorized as electric beds and semi electric beds. By application segment, market is classified into acute care, long-term care, and others. By end user segment, the market is categorized into hospitals, ambulatory surgical centers, and others.
By region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Arabia, South Africa, and LAMEA).
By end users, the hospitals pharmacy segment dominated the Hospital Beds Market Share in 2021, and this trend is expected to continue during the forecast period, owing to rise in number of hospitals and government initiatives to improve healthcare infrastructure. However, the ambulatory surgical centers segment is expected to witness considerable growth during the forecast period, due to growing popularity of ambulatory surgical centers and increase in prevalence of cancer.
Depending on technology, powered beds segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to advancements in hospital beds and prevalence of acute diseases. However, the manual beds segment is expected to witness considerable growth during the forecast period, due to cost effectiveness of manual beds and increase in geriatric population.
Based on application, the long-term care segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to surge in prevalence of chronic diseases and rise in geriatric population. However, the acute care segment is expected to witness considerable growth during the forecast period, due to increase in incidence of road accidents and increasing healthcare expenditures.
Depending on the region, Asia-Pacific garnered the major share in the hospital beds market in 2021, and is expected to dominate the global market during the forecast period, increase in prevalence of chronic diseases, presence of high population base and presence of key players. However, Europe is expected to register the significant growth, owing to a rise in incidence of road accidents, well developed healthcare infrastructure, and rise in healthcare infrastructure.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hospital beds market analysis from 2021 to 2031 to identify the prevailing Hospital Beds Market Opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Hospital Beds Market Forecast segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global hospital beds market trends, key players, market segments, application areas, and market growth strategies.
Hospital Beds Market Report Highlights
By End User
Key Market Players
Stryker Corporation, Baxter Corporation, Burke Bariatric Inc, Medline Industries Inc, Invacare Corporation, Stiegelmeyer GMBH & Co, Getinge AB, Antano Group S.R.L., Drive Medical, Savaria Corporation, Med-Mizer Inc, Amico Corporation, Linet SPOL S.R.O., Midmark Corporation, Paramount Bed Holdings, Novum Medical Products, Graham Field
This section provides the opinions of the top level CXOs in the hospital beds market. According to the CXOs, hospital beds provide comfort for patients as well as convenience for healthcare workers and caretakers.
Based on application of beds various types hospital beds are available such as regular beds, pediatrics beds, respiratory beds, ICU beds, bariatric beds, birthing beds and pressure relief beds. These types of beds have various features as per the requirement of condition and convenience of both the patients and healthcare workers.
The factors such as increase in prevalence of chronic diseases, advancements in hospital beds, and surge in geriatric population drive the growth of hospital beds market. In addition, COVID-19 pandemic and rise in healthcare expenditures of patients are expected to contribute to the growth of the hospital beds market.
Asia-Pacific is expected to witness the highest growth, in terms of revenue, owing to rise in incidences of chronic diseases, the presence of key players for manufacturing & developing of advanced hospital beds, and high population base in the region.
However, the high cost of advanced hospital beds and underdeveloped health care infrastructure in developing countries can hamper market growth.