Dublin, June 24, 2024 (GLOBE NEWSWIRE) -- The "Global Medical Bed Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global medical bed market is projected to grow at a CAGR of 5.14% during the forecast period to reach US$4.925 billion by 2029, up from US$3.474 billion in 2022.
One of the biggest growth drivers for hospital beds is the aging population. According to the United Nations, the global population of individuals aged 65 and above is rapidly increasing, with the percentage expected to rise from 10% in 2022 to 16% in 2050.
By 2050, the number of individuals aged 65 or above will be twice the number of children under 5 and almost equivalent to the number of children under 12 years. Moreover, the growing elderly populace and lifestyle-caused disorders that require the utilization of medical beds for way better treatment and convenience are anticipated to drive industry extension over the projected period.
With the growing aging population, chronic illnesses and their related hospitalizations are becoming more common, expanding the demand for hospital beds. According to the National Center for Chronic Disease Prevention and Health Promotion, chronic disease, and mental health conditions fetched $4.1 trillion in yearly healthcare costs as of March 2023. Demand for medical beds is anticipated to extend as a result of changing socioeconomics and illness patterns, as well as the increased pressure on healthcare administrations and related services.
Technological advancement is expected to fuel the global medical bed market growth.
The requirement for medical beds is bound to extend as the healthcare division develops and extends around the world. The rate of increase in the medical bed industry has quickened because of innovative technological advancements, progressed healthcare foundations, and increasing research and development within the healthcare division in developing nations. Therapeutic equipment that's specialized and especially employed for a therapeutic reason has gained popularity in recent decades, and this drift is being executed within the medical bed trade as well.
Over the anticipated period, the industry is anticipated to see an increase in the advancement of specialized medical beds. The government's gigantic investment in healthcare is additionally making a difference in the market's development. For instance, in June 2022, IFC partnered with Egyptians for Health Care Services to develop CapitalMed, a medical hub on the outskirts of Cairo. The hubenhancedEgypt's healthcare system and was anticipated to include 19 specialized institutes in addition to a general hospital. An outpatient facility, a virtual care hospital, and a multispecialty hospital with more than 300 beds are all part of the first phase, which wasscheduled to open in 2023. The center alsocontained70 operating rooms, 700 acute care units, and nearly 4,000 beds when it wasfinished.
Moreover, specialized technological advancements, therapeutic bed selection, and an increment in the number of hospitals are likely to drive industry expansion through the projected period. In any case, the number of medical beds, as well as the contracting number of beds in open clinics, are anticipated to obstruct the market's growth.
The North American market is anticipated to dominate the market share.
The industry expansion in North America can be credited to the region's well-established healthcare foundation, rising diabetes predominance, and the nearness of critical medical bed market competitors. In expansion, the rising recurrence of cancer and other persistent infections within the region is anticipated to drive market growth in the coming years.
The "NHE Fact Sheet" from the Centers for Medicare & Medicaid Services statedthat in 2022, National Health Insurance (NHI) increased 4.1% to $4.5 trillion, or 17.3% of the US GDP. While Medicaid expenditure rose by 9.6% to $805.7 billion, Medicare spending jumped by 5.9% to $944.3 billion. Spending on private health insurance rose by 5.9% to$1.28 trillion.
Due to rising per capita healthcare investing, a developing elderly population, rising recurrence of chronic illnesses, and innovative changes within the region, North America is additionally anticipated to develop significantly amid the estimated period. The expanding number of hospital medical beds introduced in nations has been a pivotal component in North America's expansion within the global medical bed market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 103 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $3.47 Billion |
| Forecasted Market Value (USD) by 2029 | $4.93 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Companies Featured
- Hill-Rom Services Inc.
- Stryker Corporation
- Invacare Corporation
- PARAMOUNT BED CO., LTD.
- Medline Industries, Inc.
- Joh. Stiegelmeyer GmbH & Co. KG
- Gendron Inc.
- ARJO
- Joerns Healthcare LLC.
- Linet
Key Market Segments:
By Type
- Manual
- Semi-Electric
- Full Electric
- Specialty Hospital Beds
By Usage
- Long term Care
- Acute Care
- Maternity
- Others
By Application
- Non-Intensive Care
- Intensive Care
By End-User
- Hospitals
- Homecare
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- United Kingdom
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Others
For more information about this report visit https://www.researchandmarkets.com/r/v1cxry
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