July 24, 2024

The rapid increase in geriatric population is anticipated to openup the new avenues for Powered And Manual Hospital Beds Market

The Powered And Manual Hospital Beds Market is estimated to be valued at US$ 3.58 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Powered and manual hospital beds are primarily used for patients requiring long term medical care. Powered beds offer extra convenience and control to patients and caregivers as they can adjust height, position and inclination with minimal effort using remote controllers. Manual beds on the other hand are more affordable and do not require electricity. The global market is dominated by bed models that can adjust positions for patients effectively.

Market Dynamics:

Rising prevalence of chronic diseases: Chronic diseases such as cancer, diabetes, heart diseases etc. have seen significant rise globally owing to aging population and changing lifestyles. Treatment of chronic diseases often requires long hospital stays which is the major factor driving demand for hospital beds from healthcare facilities. According to WHO, chronic diseases accounted for over 70% deaths worldwide in 2020.

Growing elderly population: As per United Nations report, there were over 727 million people aged 65 years and above globally in 2020. The elderly population is a major consumer of long term medical care and hospital services which is augmenting need for hospital beds. Demand is further expected to grow significantly with over doubling of elderly to 1.5 billion globally by 2050. Rapid technological advancements: Key players are engaged in new product launches integrated with smart technologies such as adjustable positions, wireless remote controls, bed exits alarm etc. Manufacturers are also developing modular surfaces and specialty beds such as bariatric and pediatric beds to meet specific healthcare needs.

Segment Analysis

The powered hospital beds segment is dominating the powered and manual hospital beds market, with a share of over 60%. Powered beds offer enhanced patient care and safety along with adjustable positions and features suitable for various medical conditions. They allow easy mobilization of patients and reduce workload of nurses and caregivers.

PEST Analysis

Political: Regulations regarding patients’ safety and prevention of hospital acquired infections are driving demand for advanced hospital beds.

Economic: Rising healthcare spending globally is fueling market growth. However, budget constraints in some countries may hamper adoption of premium beds.

Social: Growing elderly population and prevalence of chronic diseases are major drivers.

Technological: Introduction of smart beds with integrated features like digital documentation and remote monitoring is a key trend.

Key Takeaways

The global Powered And Manual Hospital Beds Market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing prevalence of chronic diseases and rising elderly population globally. North America dominates the market currently owing to rapid technological advancements and supportive healthcare infrastructure in the region. Key players operating in the powered and manual hospital beds market are Hill-Rom Holdings, Inc., Carevel Medical Systems Private Limited, Getinge AB, Invacare Corporation, Stryker Corporation Linet spol S.r.o, Paramount Bed Co. Ltd., Meditech (India) pvt ltd, Linet Group SE.

Regional analysis

The North American region dominates the powered and manual hospital beds market currently owing to advanced healthcare facilities along with rapid adoption of technologically advanced beds. The Asia Pacific region is anticipated to emerge as the fastest growing market during the forecast period due to rising healthcare expenditures, growing geriatric population and improving access to healthcare in countries like China and India.

Key players

Key players operating in the powered and manual hospital beds market are Hill-Rom Holdings, Inc., Carevel Medical Systems Private Limited, Getinge AB, Invacare Corporation, Stryker Corporation Linet spol S.r.o, Paramount Bed Co. Ltd., Meditech (India) pvt ltd, Linet Group SE. Hill-Rom is one of the leading players in the market with a wide range of products. Getinge provides innovative medical technologies and services for hospitals across the globe.

*Note:

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