The global hospital beds market is poised for significant growth, with projections indicating a rise from US$3.66 billion in 2023 to US$4.83 billion by 2029. This growth, at a compound annual growth rate (CAGR) of 4.71%, is attributed to several factors, including the increasing prevalence of chronic diseases, technological advancements, and a growing aging population, according to the recent report of Arizton Advisory & Intelligence.
Market Overview and Segmentation
The hospital beds market encompasses a variety of products, including full-electric, semi-electric, and manual hospital beds. These products cater to different applications such as non-intensive care and intensive care beds, and different types of care including curative, long-term, rehabilitative, and others. Key end-users in this market include hospitals, home care settings, nursing homes, and other healthcare facilities.
In 2023, North America held a significant share of the global market, driven by a moderate increase in ICU admissions, the availability of advanced technology for remote patient monitoring, and the rise in the number of smart homes. Major companies like Invacare, Paramount Bed Holdings, Gendron, Medline Industries, Baxter (Hill-Rom Holdings), and Stryker have ramped up production to meet the growing demand for hospital beds in the region.
Market Drivers
Increasing demand in home care setting
The shift towards home healthcare services is a significant driver of the hospital beds market. Home healthcare offers a range of services for patients with illnesses or injuries, providing hospital-level care in the comfort of home. This trend is particularly pronounced among the elderly population and individuals with chronic diseases, leading to higher demand for hospital beds that offer long-term comfort and quality care.
Technological advancements
Hospital beds have seen considerable technological advancements, enhancing their functionality and patient comfort. Features like continuous monitoring, bed alarms, and bed movement capabilities on all axes have become standard. These innovations are driven by the need to improve patient outcomes and reduce the burden on healthcare staff. Vendors are focusing on improving design, efficiency, and safety, making hospital beds an integral part of modern healthcare settings.
High demand for ICU-compatible beds
The demand for ICU-compatible hospital beds is on the rise, driven by the increasing prevalence of chronic diseases and the growing number of road and industrial accidents. ICU beds are equipped with advanced features such as X-ray cassette holders and stepless pneumatic adjustments, which support healthcare staff in managing critical patients effectively. The growing number of ICU admissions is boosting the demand for these specialized beds.
Market trends
Growing popularity of full-electric beds
Full-electric hospital beds dominated the market in 2023, offering patients with reduced mobility greater freedom of movement. These beds are particularly in demand for patients suffering from chronic conditions, spinal injuries, and paralysis. Governments are revamping healthcare sectors, further driving the growth of the full-electric hospital beds market.
Non-intensive care applications
Non-intensive care beds accounted for a significant share of the market in 2023. These beds are widely used in curative care, long-term care, rehabilitation centers, home healthcare settings, and general wards. The rising demand for home healthcare services and geriatric care is boosting the demand for non-intensive care beds.
Regional insights
Europe
Europe held the largest market share in 2023, driven by a high prevalence of chronic diseases and improvements in healthcare infrastructure. Germany, in particular, has a significant market share due to its large patient pool, high investments in healthcare, and rising geriatric population.
Asia-Pacific (APAC)
APAC is projected to be the fastest-growing region during the forecast period. The growth is driven by economic improvements, rising living standards, and increasing prevalence of chronic and cardiovascular diseases. China is a major revenue contributor in this region due to its large pool of patients and adoption of technologically advanced hospital beds.
Competitive landscape
The global hospital beds market is highly fragmented, with major players like Stryker, Invacare, Paramount Bed Holdings, Gendron, and Baxter (Hill-Rom Holdings) leading the market. These companies have a broad geographical reach, diversified product portfolios, and a strong focus on innovation and research. New entrants also have significant growth opportunities, with many small med-tech companies introducing innovative products and technologies.
In conclusion, the global hospital beds market is set for robust growth, driven by technological advancements, an aging population, and the increasing prevalence of chronic diseases. With significant opportunities in home healthcare and ICU-compatible beds, the market is expected to evolve rapidly, offering better patient care and improved healthcare outcomes.
Source: Arizton Advisory & Intelligence
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