LONDON, Sept. 03, 2018 (GLOBE NEWSWIRE) -- According to this latest publication from Meticulous Research®, the global hospital/medical beds market is expected to grow at a CAGR of 4.8% from 2018 to reach USD 3.14 billion by 2023. The growth of this market will be driven by factors such as growing number of healthcare facilities especially in developing nations, increasing elderly population coupled with growing prevalence of acute and chronic illness, and launch of technologically advanced beds providing utmost comfort and safety to the patient and caregivers. Moreover, emergence of smart beds and robotic beds and growing demand for beds for long-term care, further supports the growth of this market.
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The adoption of beds in the homecare segment is expected to witness a rapid growth in the forecast period owing to the fact that aging population prefer being treated at home and it also greatly reduces the cost of care. Moreover, advances in the latest technologies like electronics, mechanics, and combination of electronics with mechanics (mechatronics) is helping in the development of advanced medical equipment and devices including beds. These advancements enabled the inclusion of graphical interfaces, sensors, communication systems, and more to provide highly advanced beds suitable for homecare.
In the market by type of care, curative care commanded the largest share due to large number of patients being treated at healthcare facilities for various chronic and infectious diseases. There is a frequent outbreak of various infectious diseases (for instance - Zika, Ebola) which are increasing demand for curative treatment at healthcare facilities; adding to the requirement of beds for treatment of such patients.
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Geographically, Asia-Pacific will be the fastest growing regional market due to rising population base, growing income levels and improved access to healthcare, growing government focus on healthcare sector, and rising prevalence of various chronic diseases in the region.
The major players operating in the global medical/hospital beds market are Stryker Corporation, Hill-Rom Holding, Inc., Invacare Corporation, Getinge AB, Paramount Bed Holdings Co., Ltd., Medline Industries, Inc., Joh. Stiegelmeyer GmBH & Co. KG, Gendron, Inc., LINET Group SE, Joerns Healthcare LLC., Span-America Medical Systems, Inc., Savion Industries, and Malvestio Spa among others.
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