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THE MEDICAL/HOSPITAL BEDS MARKET SIZE TO CROSS $4 BILLION IN 2025, GROWING AT A CAGR OF OVER 6% DURING THE FORECAST PERIOD 2020-2025
Medical/Hospital Beds Market Size, Share, & Trends Analysis Report By Product (Full-Electric, Semi-electric, Manual), By Application (Intensive Care, Non-intensive), By Care(Curative, Long-terms, Rehabilitative, Psychiatric Care, Palliative Care, Others), By End-user (Hospitals, Home Healthcare Settings, Nursing Homes, Ambulatory Settings, Academic Institutes, Rehabilitation Centers), By Geography (North America, Europe, APAC, Latin America, Middle East & Africa) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2025
The outbreak of the COVID-19 pandemic has increased medical admissions across the world. It is growing at an alarming rate and 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. The US, France, Germany, Spain, and Italy with standard healthcare infrastructure are the worst hit with high infection and mortality rates.
The US 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.
Smart medical beds are integrated solutions for patient care, assistance, and monitoring, based on a wide-ranging, multidisciplinary design approach. They implement new technologies such as novel sensors and actuating solutions, graphical interfaces to provide quality care. It also does real-time monitoring, caregiver and patient assistance, automated functions and positions, and data logging.
- The hospital beds market size in Germany is likely to witness an incremental growth of $32 million. This growth is due to the large patient pool, high investments in healthcare infrastructure, and the growing geriatric population.
- The hospital beds market in India is expected to grow at a CAGR of over 10%. The growth is due to the high prevalence of chronic diseases and the growing elderly population.
- The ambulatory settings, academic institutes, and rehabilitation centers segment will grow at a CAGR of over 8%.
HOSPITAL BEDS MARKET SEGMENTATION
The research report includes detailed market segmentation by product, application, care, end-user, and geography.
INSIGHTS BY PRODUCT
The electrical hospital beds market is dominating and growing at a significant rate during the forecast period. The major reason for the growth of the segment is the outbreak of the COVID-19 pandemic. It is boosting the demand to treat critically ill patients.
Patients suffering from mobility challenges are increasingly using full-electrical beds. Also, the availability of quick assistance with smart features is driving the demand in medical emergency rooms. There is a surge in efforts to revamp the healthcare sector across the world. The development of increasing multi-specialty and private medical facilities is aiding the demand for full-electric models. They are equipped with advanced easy handling features.
The rise in chronic diseases is boosting the semi-electric segment. The increasing preference for home healthcare services for the elderly population is a key driver for the growth of manual beds. Home healthcare facilities use hospital type beds, aids in maintaining, promoting, and restoring the health of individuals.
INSIGHTS BY APPLICATION
The ICU beds are growing at a faster CAGR than non-intensive ones. The latter segment is likely to maintain its dominance during the forecast period. The rise in admissions in critical care settings/ICUs, healthcare facilities across the world are prioritizing to increase the number of ICU beds. This segment accounted for a 73% market share.
The world is struggling to respond to the COVID-19 pandemic. The virus has already pushed medical centers capacity to the breaking point in many countries. The availability of ICU beds varies substantially across countries, ranging from less than 1 to greater than 30 per 100,000 people.
The French market is one of the major end-users in the European intensive care market. This is on account of the growing elderly population and the increasing target patient population. Also, the smart hospital beds market size is witnessing an increase in the growing popularity of smart homes.
INSIGHTS BY CARE
The curative segment accounted for 78% of the market value in 2019. The increasing cancer prevalence is increasing hospital admissions, which in turn is boosting the demand for specialized products in curative settings. Curative care aims to cure the patient and not reduce pain, discomfort, or anxiety. Curative care includes the treatment for bacterial infections, radiation therapy for cancer, cast for a broken limb, dialysis treatment. They require specialized mattresses, thereby increasing the preference for smart and automated models.
The long-term care medical beds market is expected to grow at a CAGR of 7.68% during the period 2019–2025. The prevalence of chronic diseases worldwide is increasing the demand for this segment. They are experiencing high adoption in several elderly home settings and homecare centers, where patients require long-term treatment. Invacare Corporation’s hospital beds offer exclusive facilities for long-term care and home care settings.
INSIGHTS BY END-USERS
The availability of skilled healthcare professionals with knowledge and expertise in handling specialized hospital beds is driving the demand in the hospital segment. The home healthcare segment is experiencing growth due to the increasing elderly population, and other patient community that opts for home healthcare settings. The growing facility for the elderly population is boosting the demand for home healthcare systems.
The nursing home segment accounted for a share of 7% in the global hospital beds market. Most nursing homes offer medical services 24X7. The world is observing an increase in lifestyle-related diseases, which require continuous monitoring of daily activities.
INSIGHTS BY GEOGRAPHY
The market dominance of Europe is majorly due to the rising incidence of chronic diseases and the improvement in the healthcare infrastructure. The region is witnessing an increase in the average life expectancy rate and the prevalence of various diseases. This is contributing to the increase in hospital admissions.
China is the most prominent market in the APAC region. The country is the major revenue contributor due to the presence of patients that use technologically advanced facilities. In Asia, there are 291,444 COVID-19 cases as on April 12, 2020, which is leading to the increasing demand for admissions.
INSIGHTS BY VENDORS
The global hospital beds market share is moderately fragmented. Large corporations dominate the industry; however, there are significant growth opportunities for new entrants. The market offers tremendous growth opportunities for existing as well as emerging market players. The growth is due to the presence of a large pool of patients with chronic diseases. These companies have a wide reach, diversified product portfolio, and a strong focus on innovation and research activities.
Stryker Corporation's hospital bed market share is likely to increase during COVID-19. The company has taken a few measures/initiatives to enhance the supply chain and increase production capabilities. Hill-Rom Holdings innovative products are being used for providing healthcare services to more than 7 million patients every day.
Getinge Ab offers equipment and systems within healthcare and life sciences. This includes solutions for intensive care, cardiovascular procedures, operating rooms, and sterile processing. Medline Industries is focusing on offering a wide range of both in-house and other medical device companies’ products.
The global hospital beds market report includes in-depth coverage of the industry with growth rates, revenues & forecasts for the following segments:
- Intensive Care
- Psychiatric care
- Palliative Care
- Home Healthcare Settings
- Nursing Homes
- Ambulatory Settings
- Academic Institutes
- Rehabilitation Centers
- North America
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
KEY QUESTIONS ANSWERED:
- What is the medical/hospital beds market size and growth rate?
- Impact of COVID-19 on the demand of the Hospital/Medical beds market?
- Who are the major players operating, and what is their market share?
- How is the demand for Medical Beds in regions such as the US, France, Italy, Spain, etc,?
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