Region : Global | Format: PDF | Report ID: BRI101650 | SKU ID: 20890280
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The global hospital bed market size is anticipated to be USD 2419.7 million in 2021 and is projected to touch USD 5490.41 million by 2031, at a CAGR of 5.1% during the forecast period.
Hospital beds as the name suggest are ordinary beds for patients. However, the dawn of the century and technological intervention has upgraded from the traditional to automatic smart beds with smart features to provide comfort and better diagnosis.
Globalization opened new prospects and modernized human civilization. However, with the contemporary choices, there is an inexcusable threat of rising healthcare disease prompted by poor eating habits and high consumption of alcohol, Tobacco etc. As hospitalization increases, the need for high-quality resources rises. The ongoing healthcare phase will positively affect the hospital beds market size in the forthcoming year.
The global COVID-19 pandemic has been unprecedented and staggering, with the hospital bed market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
The pandemic was an eye-opener and it exposed the weak healthcare infrastructure in a time of adversity. As the virus started to infect a large number of people worldwide, there was an unprecedented demand for hospital beds. The authorities were struggling to cater to the rising demands as there was a global shortage of healthcare resources. According to the U.S. Centers for Disease Control and Prevention (CDC), bed occupancy saw a strategic rise from 416,064 in April 2020 to 543,132 in July 2020. The urgency of the situation led to the government launching initiatives to accelerate the manufacture of technologically advanced hospital beds. The surge in healthcare investment triggered by th pandemic situation resulted in the high growth of the hospital beds market during the pandemic times. As the world is adapting to the post-covid environment, however, the demands remain the same.
"Technological Developments to Boost the Market Demand"
Healthcare has improved a lot and continues to be driven by technology. The people growing insistence on luxury healthcare is boosting the growth of the hospital beds market. It is not limited to conventional manual beds. Electric hospital beds are becoming popular in the prevalence of the acute disease. These beds are technologically manufactured and provide comfort to the patient. It improves sleep and doesn't need any assistance. The escalation in chronic disease and hospital admission positively affects the hospital bed market share. The key players are experimenting to improve efficiency and incorporating high-tech automation to deliver better results.
According to type, the market can be segmented into manual hospital beds, electric hospital beds and smart beds. The Electric bed is expected to lead this segment in the forecasted year.
Based on application, the market can be divided into hospitals, families, nursing homes and others. The hospital is anticipated to lead this segment.
"High Cost of the Product to Hamper the Market Growth "
The majority of government hospitals in developing and underdeveloped countries are equipped with conventional hospital beds. The lack of funds and investment prevents the installation of semi-automatic and electrical hospital beds. The middle-class people's accessibility to high-tech hospital beds is limited in public hospitals. On the flip side, the expensive nature of private hospitals restricts the accessibility to a large section of the people. The poor maintenance of the health care units and decreasing number of hospital beds in public care is a major restraining factors in the growth of the hospital bed market.
"Rise in the Home Healthcareto Accelerate the Hospital Beds Market Growth"
The outbreak of COVID-19 enforced physical distance. The doctors had to take precautions against the virus at the same time treating the patients. As COVID reached, the pandemic stage and millions of people were affected every day, home care treatment became popular, as there were hospitals that could not accommodate a large number of patients at a time.
As the lifestyle, affordability and accessibility of healthcare improved, the consumers are willing to invest in setting up hospital beds at home to ensure quality treatment without compromising on the technological aspect. The upsurge in the home care healthcare set-up will drive the hospital bed market size in the forecasted year.
"Rise in Chronic Disease to Propel Market Demand"
The escalation in chronic disease worldwide is a major concern among people. The major factor contributing to the rise is the drastic changes in the contemporary lifestyle. The survey indicates that every age group people are at risk of chronic disease. The reports published by World Health Organization (W.H.O) convey that the most common reason for global death is ischemic heart disease, stroke, chronic obstructive pulmonary disease (COPD), and lower respiratory infections.
The number of people being hospitalized for chronic disease has been suppressed in the last decade numbers. As lifestyle infections are rapidly increasing, all the nations are preparing to build a strong foundation and ensure healthcare resources. Furthermore, underdeveloped countries owing to their poor financial position and lack of infrastructure reported low immunity levels among the citizens. The increase in surgeries also drives the need for efficient hospital beds. Moreover, negligence during the pandemic times is another reason for the upsurge in chronic cases. Semi-automatic and electric hospital beds are witnessed to see an upward trend in the healthcare market.
"Europe to Dominate the Market due to the Increase in Healthcare Investment"
The pandemic triggered the restructuring of the existing healthcare system in Europe. The government increased the investment and private organizations contributed to the establishment of a technologically advanced healthcare unit. The presence of major key players in the region helped in the fast-paced development of this sector. The increase in the population has driven the hospital beds market share in Europe.
North America is substantially contributed to the market growth of hospital beds. The region is known for its advanced technology and high scale investments. The availability of cutting technology and production units will contribute to the growth of the hospital bed market in this region.
"Market Players Focus on New Product Launches to Strengthen Market Position"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
The global hospital bed market is expected to reach USD 5490.41 million by 2031.
The hospital bed market is expected to exhibit a CAGR of 5.1% by 2031.
The rise in home healthcare and the rise in chronic disease are the driving factors in the hospital bed market.
Paramount Bed, Hill-Rom, and Stryker are the key company operating in the hospital bed market.
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