Industry Insights by Area of Use (Acute Care, Critical Care, and Long-Term Care), by Type (General, Bariatric, Pediatric, Pressure Relief, Birthing, and Others), by Power (Manual, Electric, and Semi-Electric), and by End-User (Hospitals, Elderly Care Facilities, and Home Care Settings)
NEW YORK, June 25, 2019 (GLOBE NEWSWIRE) -- The global hospital bed market is expected to grow at a CAGR of 4.9% during the forecast period with its market size predicted to reach USD 3.7 billion by 2024. Increasing prevalence of chronic diseases, technological advancement in hospital beds, rise in cases of lifestyle diseases, growing geriatric population, the increasing capacity of beds in private hospitals are the major factors leading to the high demand of hospital beds in the global market.
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Hospital beds or medical beds are medical equipment intended and well equipped for bedridden patients or patients who require care, to provide relief and assistance to the patient. It allows better positioning of patients, ease of transfer, improved blood circulation, and safety of patients at risk of falling out of the bed. The global hospital bed market is growing at a significant rate, due to escalating funds in healthcare infrastructural development, and mounting occurrence of chronic diseases.
Internal prevalence of chronic diseases to drive the global hospital beds market
Increasing healthcare infrastructural development, expanding the geriatric population, rising healthcare expenditure, development of private healthcare facilities, and development of advanced hospital bed solutions are the primary growth drivers for the hospital bed market, globally. The prevalence of chronic diseases is increasing aross the globe increasing the number of hospital stays. This creates demand for the number of hospital beds in the hospitals. For instance, according to GLOBOCAN globally, approximately 14.1 million new cancer cases were diagnosed and there were 8.2 million cancer deaths in 2012. In addition, according to the World Health Organization (WHO), globally in 2015 approximately 8.8 million people died due to cancer. Moreover, approximately 70% of the deaths from cancer occur in low and middle-income countries.
Explore key industry insights in 64 tables and 42 figures from the 147 pages of report, “Global Hospital Beds Market Analysis and Forecast to 2024 - Industry Insights by Area of Use (Acute Care, Critical Care, and Long-Term Care), by Type (General, Bariatric, Pediatric, Pressure Relief, Birthing, and Others), by Power (Manual, Electric, and Semi-Electric), and by End-User (Hospitals, Elderly Care Facilities, and Home Care Settings), by Geography (U.S., Canada, Mexico, Germany France, U.K., Italy, Spain, Russia, Japan, China, India, Australia, South Korea,, Brazil, South Africa, U.A.E., Saudi Arabia)”
Manal beds to hold the larger share in the global market
On the basis of power, the market is subdivided into manual, electric, and semi-electric beds. Among the different types of power, the manual beds are estimated to account for the largest share in the hospital bed market in 2018 and are expected to grow at the fastest rate during the forecast period as these beds are cost-effective and easily available.
On the basis of the type the market is subdivided into general, bariatric, pediatric, pressure relief, birthing, and other medical beds. Among all types, the general beds are estimated to account the largest share in the hospital bed market in 2018 and are expected to grow at the fastest rate during the forecast period owing to its low cost.
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Based on the area of use, the hospital bed market is segmented into acute care, psychiatric and bariatric care, long-term care, and others. The demand for hospital beds in long-term care is high and is expected to witness the fastest CAGR during the forecast period. The leap is attributed to the increase in cases of patients requiring long-term care.
The hospitals held the largest share for hospital bed market by an end user, in 2018. The factors leading to the large share of hospitals are the increasing number of private hospitals with a large capacity for hospital beds. However, the market is expected to witness the fastest CAGR at elderly care facilities during the forecast period. Apart from the hospitals and at home care settings, another end user for hospital bed includes elderly care.
Europe to remain the largest market for hospital beds
Geographically, Europe is the largest hospital bed market as in the region the geriatric population is increasing. In addition, the mounting occurrence of chronic and lifestyle associated diseases, developing healthcare infrastructure are also up surging growth of the European hospital bed market.
Asia-Pacific is observed to witness the fastest growth in the hospital bed market, due to the mounting occurrence of chronic diseases. In addition, escalating medical tourism, refining healthcare infrastructure, and expanding geriatric population are also creating a positive impact on the hospital bed industry growth in the region.
Key players invest in the development of technologically advanced electric and semi0electric beds
Key players in the hospital bed market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In January 2017, Getinge Group, introduced Total Lift Bed from VitalGo Systems to expand its portfolio of patient mobility products in the U.S. Stiegelmeyer GmbH & Co. Kg, Stryker Corporation, Medline Industries, Inc., Invacare Corporation, Paramount Bed Holdings Co., Ltd., Hill-Rom Holdings, Inc., Merivaara Corp., Getinge AB, Midmark Corporation, Linet Spol. S.R.O and Antano Group S.R.L are the key players offering hospital bed.
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