November 29, 2023
Hospital Beds Market

Hospital Beds Market Is Estimated To Witness High Growth Owing To Rising Incidences of Chronic Diseases and Increasing Healthcare Expenditure

The Hospital Beds Market is estimated to be valued at US$ 4,151.9 million in 2022 and is expected to exhibit a CAGR of 6.3% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Hospital Beds Market offers a wide range of products such as electric beds, manual beds, and semi-electric beds that are designed to provide comfort and convenience to patients in healthcare facilities. These beds are equipped with features such as adjustable height, side rails, and wheels for easy movement. Hospital beds find applications in various healthcare settings, including hospitals, clinics, and long-term care centers. They play a crucial role in accommodating patients and providing the necessary support and care throughout their treatment and recovery process.

Market Dynamics:

The Hospital Beds Market is driven by several factors, including the rising incidences of chronic diseases such as cancer, cardiovascular diseases, and respiratory disorders. The increasing geriatric population and the growing demand for advanced healthcare facilities are also contributing to the market growth. Additionally, the rising healthcare expenditure, favorable government initiatives to improve healthcare infrastructure, and advancements in medical technology are further boosting the demand for hospital beds.

Furthermore, the adoption of smart hospital beds equipped with advanced features such as remote monitoring systems, pressure redistribution mattresses, and adjustable heights is expected to drive market growth. These beds provide enhanced patient comfort and convenience while improving the efficiency of healthcare services. In conclusion, the Hospital Beds Market is expected to witness high growth due to the increasing demand for better healthcare facilities and the rising prevalence of chronic diseases.

Segment Analysis

The hospital beds market can be segmented based on type, power, end-user, and region.

In terms of type, the electric beds segment is dominating the market. This is due to the increasing adoption of technologically advanced beds that offer improved comfort and convenience for patients. Electric beds are equipped with features such as adjustable height, backrest, and leg rest, making them suitable for patients with mobility issues or those requiring constant position changes. Furthermore, the rising prevalence of chronic diseases and the growing elderly population have led to an increased demand for electric beds.

PEST Analysis

Political: The government regulations and policies pertaining to healthcare infrastructure and funding have a significant impact on the hospital beds market. Political stability and government support for healthcare initiatives can foster market growth.

Economic: The economic factors, such as healthcare expenditure, reimbursement policies, and disposable income, influence the demand for hospital beds. Higher healthcare spending and favorable reimbursement policies encourage the purchase of advanced hospital beds.

Social: The increasing awareness about healthcare facilities, rising prevalence of chronic diseases, and the aging population are the social factors that drive the demand for hospital beds. Additionally, the COVID-19 pandemic has further highlighted the importance of hospital beds and increased their demand.

Technological: Technological advancements, such as the integration of electronic controls and sensors, have revolutionized the hospital beds market. These advancements have improved patient comfort and safety, leading to a higher adoption of technologically advanced beds.

Key Takeaways

The global Hospital Beds Market Share  is expected to witness high growth, exhibiting a CAGR of 6.3% over the forecast period. This growth can be attributed to the increasing prevalence of chronic diseases, the rising geriatric population, and technological advancements in hospital beds.

Regionally, North America is the fastest-growing and dominating region in the market. This can be attributed to the well-established healthcare infrastructure, high healthcare expenditure, and the presence of key market players in the region. Additionally, the increasing focus on patient safety and comfort is driving the demand for advanced hospital beds in North America.

Key players operating in the hospital beds market include Stryker, Hill-Rom Holdings, Inc., Getinge AB, Invacare Corporation, Medline Industries, Inc., LINET., EarlySense, Max Healthcare, Eqova Healthcare, Compass Health Brands, Stiegelmeyer GmbH & Co. Kg, Antano Group S.R.L, Amico Corporation, and Midmark Corporation. These key players play a vital role in driving market growth through product innovations, collaborations, and strategic acquisitions.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it