March 20, 2023 10:15 ET | Source: Market Research Future Market Research Future
New York, USA, March 20, 2023 (GLOBE NEWSWIRE) -- Hospital Beds Market Overview Care Bed
According to a Comprehensive Research Report by Market Research Future (MRFR), “Hospital Beds Market Information By Type, By Power, By End Users, And By Region– Market Forecast Till 2030”, the market size was valued at USD 3.1 billion in 2021 and is projected to grow from USD 3.33 Billion in 2022 to USD 5.52 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.50% during the forecast period (2022 - 2030).
Chronic disease prevalence is rising, and more hospitals and ambulatory care centers and older adults are the key market drivers enhancing the market growth. Hospital expansion and modernization are anticipated to enhance market growth for hospital beds. As a result, it was announced in October 2019 by the Texas Health and Human Services Department and Dell Medical School at The University of Texas at Austin that a new mental hospital will be built in Texas, United States. Those who struggle to get into or out of their beds due to certain medical issues should use hospital or medical beds.
Also, these beds have adjustable sizes, which makes it simpler for caregivers to manage the patient. The advantages of these beds include periodic repositioning to alleviate stiffness and joint pain after lying on the bed for extended periods of time and avoid the development of bedsores, particularly on the buttocks and heels. These beds also adapt to the heights and other conditions of the patients. The adjustable foot and height parts allow positions that may cause pain when using cushions or wedges. Hospital and medical beds include side rails to prevent falls off the bed.
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Hospital Beds Market Competitive Dynamics
Leading market companies are spending a lot of money on research and development in order to diversify their product lines, which will fuel additional market expansion for the hospital bed sector. Market participants are engaging in a variety of strategic activities to increase their global presence in conjunction with significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the hospital bed market must offer reasonably priced goods in order to expand and survive in a market that is getting more and more competitive.
The reasons driving the growth of this market include the rising older population, the prevalence of chronic diseases, the rise in hospitals, and the introduction of beds with cutting-edge technology. While the introduction of intelligent and robotic beds, rising demand for beds in home care settings, emerging nations, and expanding medical tourism are opening up new market potential.
Also, a rise in government initiatives to build cutting-edge healthcare facilities fuels market expansion. The expansion of the industry is also driven by an increase in the private hospital sector, medical tourism, and ambulatory surgical clinics. Medical tourism offers healthcare services at a lesser price, which helps people use medical services. Chronic diseases are becoming more common as the elderly population keeps expanding. Cancer, cardiovascular disease, obesity, and diabetes, which are common in the aging population and whose rising prevalence is projected to increase the number of hospital admissions, are responsible for the majority of deaths linked to chronic diseases.
Due to the high expense of healthcare in developed nations, patients are increasingly looking for alternatives that are more reasonably priced. The two main causes of national healthcare systems being severely taxed and limiting access to healthcare are the aging population in affluent countries and rising life expectancy. As a result, patients are choosing international healthcare options. Patients have access to a variety of services around the world thanks to hospital websites devoted to medical tourism and international accreditations for raising the bar for healthcare standards globally.
The need for medical equipment specialists to maintain hospital beds and the lack of technical expertise among healthcare professionals regarding technologically modern medical beds are obstacles to the market's expansion, nevertheless.
Due to the rising need for hospital beds, it is projected that the COVID-19 outbreak will benefit the market for hospital beds. It is advised that patients with COVID-19 be isolated to prevent infection transmission. Also, the majority of the nations established isolation centers with medical facilities, which helped the demand for hospital beds to expand. Advanced hospital beds with features like wheels, elevation, CPR capability, and nurse call systems are useful for very ill patients. COVID-19 has a major favorable impact on the market for hospital beds as a result. Aside from that, the COVID-19 pandemic raises demand for hospital beds for home care by fostering a preference for in-home care. As a result, it is projected that the market will expand following a pandemic.
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Based on category, the long-term care segment dominated the market in 2021. Due to the rise in the prevalence of chronic diseases and the increase in the population of geriatrics, it is projected that this trend will last throughout the forecast period. Nonetheless, the acute care category is predicted to experience significant growth over the course of the projection period due to a rise in the frequency of traffic accidents and rising healthcare expenses.
The electric bed category dominated the market in 2021 and is anticipated to do so once more during the anticipated period due to advancements in hospital beds and the prevalence of acute diseases. Nonetheless, the manual bed market is expected to experience considerable growth over the course of the forecast period due to the cost-effectiveness of manual beds and the increase in the number of older persons.
The hospital pharmacy category commanded the largest end-user market share for hospital beds as a result of a rise in hospitals and government initiatives to improve the healthcare infrastructure. For the course of the forecast, this tendency is expected to persist. However, the ambulatory surgical center sector is likely to have considerable expansion over the forecast period due to the increased popularity of ambulatory surgery centers and the rising prevalence of cancer.
Hospital Beds Market Regional Analysis
The market for hospital beds in North America, which had sales of USD 1.32 billion in 2021, is anticipated to increase at a substantial CAGR over the research period. Acute care and long-term care facilities in North America are using smart beds more frequently due to the growing demand for them.
In 2022, the hospital bed market is anticipated to be dominated by Europe. A growing geriatric population, an increase in the prevalence of chronic illnesses, and local technological developments all result in higher healthcare costs per person.
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Due to a growth in the incidence of chronic diseases, the presence of a sizable population base, and the presence of important competitors, Asia-Pacific captured the largest share of the worldwide hospital beds market in 2021 and is predicted to continue to do so during the forecast period. These factors consequently probably cause a surge in hospital admissions in the region, which causes a high demand for hospital beds there. Also, the Asia-Pacific region's hospital bed market in China had the biggest market share and was expanding at the fastest rate.
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