NEW YORK, March 7, 2016 /PRNewswire/ -- The global hospital beds market was worth $5,239.1 million in 2014 and it is expected to grow at a CAGR of 4.5% during 2015-2020. General beds dominated the global market in 2014 with 40.1% share; whereas, among treatment, the acute care beds accounted for the highest share of 64.9% in market in the same year. The market is growing with high growth rate due to several factors, such as growing aging population, rising healthcare expenditure, increasing prevalence of chronic diseases and technological advancements in hospital beds. These beds are well equipped with certain features that allow patients to adjust the height as well as the head and foot sections of the bed. Furthermore, these features allow better positioning of patients, improved blood circulation of patients due to movement, ease of transfer, and safety in case of patients who are at a risk of falling out of the bed due to the presence of bed rails.
The hospital beds industry based on treatment has made huge growth in the recent years. The growing acceptance of acute care beds, critical care beds and long term beds have increased the demand for hospital beds. The critical care beds market is growing at an average annual growth rate of 4.4% during 2011-2014.
Increasing prevalence of chronic diseases, growth of aging population and rising healthcare expenditure drives the market of globally. Increase in chronic diseases leads to an increase in the number of hospitalization cases, fuelling the demand for hospital beds. In addition, rising healthcare expenditure worldwide leads to an improvement in the healthcare infrastructure resulting in construction and renovation of hospitals with installation of new hospital beds. Thus, this drives the global hospital beds market.
The technological advancements in hospital beds are further also escalating the market globally. Hospital beds with power mattresses for uninterrupted pressure redistribution with fitted electric motor improve blood circulation and helps preventing the formation of bed sores. These advanced features offered by these beds make them popular and leads to the growth of the market worldwide.
The key restraints associated with hospital beds market is their high cost. High cost of beds decreases the affordability of people in low income regions. Various hospital beds, such as electrical beds, birthing beds, bariatric beds, and critical care are extremely expensive, which makes them unaffordable for hospitals with limited budget allocated for healthcare. In developing countries, such as India, China, and Brazil, manual and semi-electrical beds are preferred compared to electric beds owing to their low price. High cost of hospital bed hampers the growth of the hospital beds market.
The key companies operating in the global hospital beds market include HILL-ROM HOLINGS, INC, ArjoHuntleigh, Stryker Corporation, Invacare Corporation, PARAMOUNT BED CO., LTD, Gendron, Inc., Medline Industries, Inc., Span-America Medical Systems, Inc., Savion Industries, Ltd, and Linet spol. s r.o.
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