The global hospital beds market size is expected to grow at a CAGR of over 6% during the period 2019-2025.
With the outbreak of the COVID-19 pandemic, hospital admissions across the world are growing at an alarming rate, which is fueling the demand for hospital beds. The pandemic has affected more than 200 countries, with around 2 million infected across the globe. The number is growing at a rapid rate. Developed countries such as the US, France, Germany, Spain, and Italy with standard healthcare infrastructure are the worst hit with high infection and mortality rates.
The hospital bed US market is witnessing a scarcity of beds due to the increase in coronavirus cases, which have increased admissions in the region. As the infection is highly contagious, patients need to be kept in isolation medical wards that are increasing the demand for medical beds. As the destruction caused by the virus has been growing unabatedly since its eruption, healthcare facilities are using advanced medical facilities for critically ill patients to monitors vital signs, provide mobility and comfort to the patient population, which is expected to drive the demand for hospital beds during the forecast period.
The electrical hospital beds market is dominating and growing at a significant rate during the forecast period. One of the major reasons for the growth of the segment is the outbreak of the COVID-19 pandemic, which is boosting the demand to treat critically ill patients. Patients suffering from mobility challenges are increasingly using full-electrical hospital beds.
Also, the availability of quick assistance with smart features is driving the demand in medical emergency rooms. While there is a surge in efforts to revamp the healthcare sector across the world, the development of increasing multi-specialty and private hospitals is aiding the demand for full-electric models as they are equipped with advanced easy handling features.
Market Opportunities & Trends
Increasing Demand For Hospital Beds In Home Care Settings
Growing Demand For Hospital Beds In Low & Middle Income Countries
Sudden Surge In Demand For Hospital Beds From COVID-19 Affected Countries
New Growth Opportunities From Smart & Robotic Medical Beds
Market Growth Enablers
Favorable Patient Demographics Coupled With Increase In Patient Admissions
Technological Advancements In Hospital Beds
Favorable Government Initiatives & Establishment Of New Hospitals
High Demand For ICU Compatible Hospital Beds
High Cost Of Hospital Beds
Increasing Demand For Refurbished Hospital Beds
Declining Number Of Hospital Beds In Developed Countries
INSIGHTS BY VENDORS
The global hospital beds market is moderately fragmented. Large corporations dominate the industry; however, there are significant growth opportunities for new entrants. Several investigational and small med-tech companies are entering the industry with their innovative products and technology.
The market offers tremendous growth opportunities for existing as well as emerging market players due to the presence of a large pool of patients with chronic diseases. These hospital bed companies have a wide geographical reach, diversified product portfolio, and a strong focus on innovation and research activities. Stryker hospital bed market share is likely to increase as the company has taken a few measures/initiatives to enhance the supply chain and increase production capabilities due to the outbreak of COVID-19.