Pune, India, Oct. 30, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Hospital Bed Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Usage, Application, End User, and Geography,” the hospital bed market is expected to grow from $3.21 billion in 2021 to $4.69 billion by 2028; it is estimated to grow at a CAGR of 5.7% from 2022 to 2028.
Stryker Corporation; Savion Industries; GF Health Products, Inc.; Invacare Corporation; Malvestio SpA; Hill-Rom Holdings, Inc. (Baxter); Span America (Savaria Corporation); STIEGELMEYER GMBH AND CO. KG; Paramount Bed Holdings Co., Ltd.; and Arjo are among the key companies operating in the hospital bed market. Leading players focus on expanding and diversifying their market presence and clientele, tapping prevailing business opportunities.
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Chronic disorders, including cancer, hepatitis, and cardiovascular diseases, cannot be completely cured by medications or prevented by vaccines. According to the World Health Organization (WHO), non-communicable diseases are a leading cause of mortality, accounting for ~70% of deaths globally. Such increasing prevalence of chronic diseases fuels the growth of the global hospital bed market. Further, key players in this market are developing innovative products for the global market. For instance, in 2020, Stryker Corporation launched the industry's first and only completed wireless bed, "ProCurity." The new product is designed to reduce in-hospital patient falls at all acuity levels, improve nurse workflow efficiency and safety, and lower hospitalization costs.
The COVID-19 pandemic has demonstrated the criticality of health in social and economic growth, reinforcing the need for greater health investments to secure people's well-being and build long-term health globally. In addition, the construction of several new hospitals triggered the development of new hospital beds. In 2020, the new Hospital Solidario COVID Austral, located on the Universidad Austral campus, was inaugurated for treating critically ill COVID-19 patients. Its 20 intensive care beds and 40 beds for intermediate care reinforced the 185-bed capacity of the Pilar public health system. In 2020, the government of Argentina initiated the construction of 12 modular hospitals to expand the capacity of its healthcare system amid the COVID-19 crisis. These hospitals will add 1,200 hospital beds, including ICU, isolation rooms, and other necessary equipment, to treat critical patients. In 2021, its government announced that it would finance half of the contracts offered to expand the hospital in Bariloche, Río Negro province, worth US$ 19 million, while the provincial government would fund the other half. The other half of the contracts include the construction of a building with a capacity for 120 beds and 6 operating theaters.
Based on type, the global hospital bed market is segmented into semi-electric, electric, and manual beds. The semi-electric segment held the largest market share in 2021; however, the electric bed segment is anticipated to register the highest CAGR of 6.2% during the forecast period. Based on usage, the global hospital bed market is segmented into acute care beds, long-term care beds, psychiatric care beds, and others. In 2021, the acute care beds segment held the largest market share; however, the long-term care beds segment is expected to record the highest CAGR during the forecast period owing to the increasing need for these beds with the growing number of surgical procedures. Based on end user, the global hospital bed market is segmented into hospitals & clinics, elderly care facilities, ambulatory surgical centers, and home care settings. The hospital & clinics segment is accounted for the largest share of the medical bed market in 2021. Based on application, the global hospital bed market is segmented into non-intensive beds and intensive care beds. In 2021, the non-intensive beds segment held a larger share of the market.
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Based on geography, the global hospital bed market is primarily segmented into North America, Europe, Asia Pacific, the Middle East and Africa (MEA), and South and Central America. The market in North America is further segmented into the US, Canada, and Mexico. The European market is sub segmented into Germany, the UK, France, Italy, Spain, and the Rest of Europe. The market in Asia Pacific is sub segmented into China, Japan, India, Australia, South Korea, and the Rest of APAC. The hospital bed market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of the MEA. The market in South and Central America is sub segmented into Brazil, Argentina, and the Rest of South and Central America.
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