Global Medical Bed Market Size, Share, Opportunities, COVID-19 Impact, And Trends 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, Home Care, Others), And By Geography - Forecasts From 2022 To 2027
- Published : Jun 2022
- Report Code : KSI061612146
- Pages : 103
The global medical bed market is projected to grow at a CAGR of 5.04% during the forecast period to reach US$4.432 billion by 2027, from US$3.141 billion in 2020. Because household beds are not properly maintained, medical beds are built for patients who require good infection control, hygiene, and cleanliness. Medical beds are adjustable in height and give a variety of benefits to patients, including convenience and comfort while receiving treatment. Depending on the treatment, medical beds can be customised for a variety of patients. Along with patients, hospital beds can benefit caregivers by allowing them to maintain optimum sanitation and hygiene. The number of medical beds is used to determine the capacity and size of a hospital. Medical beds are divided into three categories: manual, electric, specialty, and semi-electric.
The prevalence of chronic diseases among the world's rising population, the ageing population, and technological advancement are expected to fuel the growth of the global medical bed market.
One of the biggest growth drivers for hospital beds is the ageing population. According to the World Population Ageing Report, the global geriatric population might grow to 16 percent of the total population by 2050, up from 89.3 percent in 2020. Furthermore, the expanding elderly population and lifestyle disorders that necessitate the use of medical beds for better treatment and comfort are expected to drive market expansion over the forecast period. As the population ages, chronic diseases and their associated hospitalizations become more common, increasing the demand for hospital beds. Chronic disease costs $3.5 trillion in annual health care costs, according to the National Center for Chronic Disease Prevention and Health Promotion. According to the Arthritis Foundation, 55 million people have been diagnosed with arthritis. Moreover, as per the International Osteoporosis Foundation, osteoporosis afflicted 220 million women globally in 2019. Demand for beds is predicted to increase as a result of changing demographics and disease trends, as well as the resulting pressure on healthcare services.
The need for medical beds is bound to increase as the healthcare sector grows and expands around the world. The rate of expansion of the medical bed market has accelerated because of technological improvements, improved healthcare infrastructure, and increasing research and development in the healthcare sector in emerging countries. Medical equipment that is specialised and particular to a medical purpose has gained popularity in recent years, and this trend is being implemented in the medical bed business as well. Over the projected period, the industry is expected to see an increase in the development of specialised medical beds. The government's massive spending in healthcare is also helping the market's growth. According to the National Health Expenditure Accounts (NHEA), healthcare spending in the United States increased by up to 4.6 percent in 2019 to $3.8 trillion.The cost of hospital care alone was reported to be $1.3 trillion. Furthermore, technical advancements, medical bed adoption, and an increase in the number of hospitals are likely to drive market growth throughout the forecast period. However, the high cost of medical beds, as well as the shrinking number of beds in public hospitals, are expected to hamper the market’s expansion.
By region, North America and Europe are expected to hold a significant share in the global medical bed market during the forecast period.
The market growth in North America can be attributed to the region's well-established healthcare infrastructure, rising diabetes prevalence, and the presence of important market competitors. In addition, the rising frequency of cancer and other chronic diseases in the region is expected to drive market expansion. According to the National Institute of Health, the United States saw 1,762,450 new cancer cases in 2019.
Due to rising per capita healthcare spending, a growing senior population, rising frequency of chronic diseases, and technological improvements in the region, Europe is also expected to grow substantially during the forecast period. According to the European Commission, the number of long-term care beds has increased in Romania and Austria. The increasing number of hospital beds installed in these countries has been a crucial element in Europe's growth in the worldwide market.
The Asia-Pacific market is expected to record fast growth because of the region's rising healthcare infrastructure and the growing number of hospitals with advanced hospital supplies. According to the IDF, 11.3 percent of Southeast Asia's entire population, or 87.6 million people, was diagnosed with diabetes in 2019, with the figure expected to rise to 12.6 percent by 2045. As a result, there's a strong probability that the region's hospitalisation rate will rise, increasing the demand for medical beds.
The global medical bed market has benefited from the COVID-19 pandemic. The increased demand for these beds is primarily due to the growing number of COVID-19 patients around the world. In addition, companies are releasing new products to fulfil global demand. Stryker Corporation, for example, offered emergency relief beds in April 2020 to accommodate the need for hospital beds during the COVID-19 pandemic. Hill-Rom, likewise, said in March 2020 that it would triple the manufacturing of critical care goods, such as ICU and med-surg unit smart hospital beds, in order to facilitate COVID-19 response. The strategic move will broaden the company's consumer base and boost its industry position.
Global Medical Bed Market Scope:
|Market size value in 2020||US$3.141 billion|
|Market size value in 2027||US$4.432 billion|
|Growth Rate||CAGR of 5.04% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Usage, Application, End-User And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||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|
|Customization scope||Free report customization with purchase|
Key Market Segments
Specialty Hospital Beds
Long term Care
Middle East and Africa
Frequently Asked Questions (FAQs)
Q1. What will be the medical bed market size by 2027?
A1. The global medical bed market is projected to reach a total market size of US$4.432 billion by 2027.
Q2. What is the size of the global medical bed market?
A2. Medical Bed Market was valued at US$3.141 billion in 2020.
Q3. What are the growth prospects for the medical bed market?
A3. The medical bed market is projected to grow at a CAGR of 5.04% over the forecast period.
Q4. What factors are anticipated to drive the medical bed market growth?
A4. The prevalence of chronic diseases among the world's rising population, the aging population, and technological advancement are expected to fuel the growth of the global medical bed market.
Q5. Which region holds the largest market share in the medical bed market?
A5. North America and Europe are expected to hold a significant share in the global medical bed market during the forecast period.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. GLOBAL MEDICAL BED MARKET, BY TYPE
5.4. Full Electric
5.5. Specialty Hospital Beds
6. GLOBAL MEDICAL BED MARKET, BY USAGE
6.2. Long term Care
6.3. Acute Care
7. GLOBAL MEDICAL BED MARKET, BY APPLICATION
7.2. Non-Intensive Care
7.3. Intensive Care
8. GLOBAL MEDICAL BED MARKET, BY END-USER
8.3. Home Care
9. GLOBAL MEDICAL BED MARKET, BY GEOGRAPHY
9.2. North America
9.2.1. United States
9.3. South America
9.4.3. United Kingdom
9.5. Middle East and Africa
9.5.1. Saudi Arabia
9.6. Asia Pacific
9.6.3. South Korea
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrative
10.3. Mergers, Acquisition, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. COMPANY PROFILES
11.1. Hill-Rom Services Inc.
11.2. Stryker Corporation
11.3. Invacare Corporation
11.4. PARAMOUNT BED CO., LTD.
11.5. Medline Industries, Inc.
11.6. Joh. Stiegelmeyer GmbH & Co. KG
11.7. Gendron Inc.
11.9. Joerns Healthcare LLC.
Hill-Rom Services Inc.
PARAMOUNT BED CO., LTD.
Medline Industries, Inc.
Joh. Stiegelmeyer GmbH & Co. KG
Joerns Healthcare LLC.
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