Global hospital bed market is forecasted to attain a size of $4.6 billion by 2023
LONDON, Oct. 11, 2018 /PRNewswire/ -- Hospital Bed Market by Type (General, Birthing, Pediatric, Bariatric, Pressure Relief), by Power (Manual, Semi-Electric, Electric), by Treatment (Acute Care, Critical Care, Long-Term Care), by End User (Hospitals, Home Care Settings, Elderly Care Facilities), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, Japan, China, India, Brazil, Mexico, Saudi Arabia) - Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023
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Global hospital bed market is forecasted to attain a size of $4.6 billion by 2023, according to P&S Market Research.
The market is mainly driven by the increasing prevalence of chronic diseases, growing healthcare expenditure, surging aging population, and development of advanced hospital bed solutions.
Insights into market segments
Based on the type of bed, the hospital bed market has been categorized into general, pediatric, birthing, bariatric, pressure relief, and others. Of all types, the fastest growth during the forecast period in the global market is expected from general beds, with 5.8% CAGR, due to their low cost as compared to other beds.
On the basis of power, the hospital bed market has been categorized into manual, semi-electric, and electric beds. The manual bed category dominated this market during the historical period, with 49.1% contribution in 2017. Due to their economic viability, manual beds are highly preferred by the end users.
Based on treatment, the market has been categorized into acute care, critical care, and long-term care beds. During the forecast period, the hospital bed market for critical care is expected to grow the fastest among all types, with a CAGR of 6.0%. This growth is attributed to the fact that critical-care beds allow lateral tilting of patients, which helps in blood circulation and prevents ulcer formation, and also enables x-ray scanning on bed by pressure redistribution. In addition, these beds provide support to staff due to the presence of multifunctional touch screen pads.
In terms of end user, the hospital bed market has been categorized into hospitals, home care settings, and elderly care facilities. Of these, hospitals held the largest share in the market, with 82.7% contribution in 2017. This is attributed to the rising number of patient population being treated for various diseases in hospitals.
Hospital bed market to witness fastest growth in APAC
During the forecast period, the hospital bed market is projected to witness the fastest growth in Asia-Pacific (APAC), at a CAGR of 6.4%. This growth is supplemented by the growing medical tourism, increasing prevalence of chronic diseases, rising aging population, and continuously improving healthcare infrastructure in the region. Increasing chronic diseases along with aging population lead to a high chance of hospitalization, which further drives the market growth. According to the International Diabetes Federation (IDF), around 84 million people in South East Asia were diagnosed with diabetes in 2017, and the number is projected to increase to 156 million by 2045.
The tremendous improvement in healthcare infrastructure is boosting medical tourism in emerging economies, thereby increasing the demand for hospital beds in the region. Malaysia, Singapore, India, and Thailand have emerged as lucrative destinations for medical tourism, which further propels the growth of the hospital bed industry in APAC.
Market players are focusing on product portfolio expansion through acquisitions
The companies operating in the hospital bed industry are acquiring related businesses of other companies for market expansion. For instance, in May 2017, Savaria Corporation acquired Span-America Medical Systems Inc., a manufacturer of therapeutic support surfaces and other related products, for approximately $80.2 million. This acquisition was aimed at providing Savaria Corporation with additional product line, new distribution channel, and increased presence in the U.S. market.
Some of the other key players (than those mentioned above) in the hospital bed industry include Invacare Corporation, Paramount Bed Holdings Co. Ltd., Gendron Inc., Medline Industries Inc., LINET spol. s r.o., Hill-Rom Holdings Inc., Savion Industries, Stryker Corporation, and Getinge Group.
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