PUBLISHER: The Business Research Company | PRODUCT CODE: 1428086
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428086
Hospital beds represent specialized beds specifically designed for utilization within healthcare facilities, such as hospitals or clinics, catering to patients in post-operative recovery, undergoing medical treatments, or managing chronic conditions. These beds prioritize comfort and safety for patients in medical care settings.
Primary variants of hospital beds include semi-electric beds, electric beds, and manual beds. Semi-electric beds combine both manual and electric functionalities, offering adjustability and convenience for both patients and healthcare providers. These beds find applications across acute care, long-term care, psychiatric care, and other medical services, catering to both non-intensive care and intensive care requirements. These beds are commonly utilized in hospitals, clinics, ambulatory services, and similar healthcare facilities.
The hospital beds research report is one of a series of new reports from The Business Research Company that provides hospital beds market statistics, including the hospital beds industry's global market size, regional shares, competitors with hospital beds market share, detailed hospital beds market segments, market trends and opportunities, and any further data you may need to thrive in the hospital beds industry. This hospital beds market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The hospital beds market size has grown strongly in recent years. It will grow from $4.14 billion in 2023 to $4.46 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The observed growth in the historical period can be primarily attributed to several key factors. These include the rising global aging population, an increased prevalence of chronic diseases among demographics, advancements in healthcare infrastructure, a surge in surgical procedures, hospital admissions, and substantial governmental investments in healthcare sectors. These collective elements significantly contributed to the growth and demand for hospital beds during that period.
The hospital beds market size is expected to see strong growth in the next few years. It will grow to $6 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. Anticipated growth in the forecast period can be linked to several key factors. These encompass an increasing emphasis on enhancing patient comfort and care standards, a continuous rise in global healthcare expenditure, the emergence and expansion of home healthcare services, a growing demand for specialized bariatric hospital beds, and the integration of smart technologies into hospital bed systems. Key trends expected during this period encompass the integration of telehealth services, a heightened focus on ensuring patient safety within healthcare settings, the substantial impact of a globally aging population, the introduction of modular and convertible bed solutions to cater to diverse patient needs, and a shift towards sustainable and environmentally friendly designs in hospital bed manufacturing. These factors collectively suggest a positive trajectory for the hospital bed market in the forecast period.
The upward trajectory in hospitalization rates is anticipated to drive the expansion of the hospital bed market. Hospitalization, involving the admission of patients to a healthcare facility for medical treatment, observation, or care, necessitates the use of hospital beds for patients undergoing treatment, recovery, and rest. Notably, in March 2023, data from the Ontario Agency for Health Protection and Promotion, a governmental health agency based in Canada, revealed that COVID-19 hospitalizations in 2022 reached 29,524, marking an increase from 22,559 in 2021. Moreover, the hospitalization rate per 100,000 people was higher in 2022 compared to the preceding year. Consequently, the surge in hospitalization rates is a key driver fostering the growth of the hospital bed market.
The escalating prevalence of chronic diseases is poised to fuel the expansion of the hospital bed market. Chronic diseases, characterized by prolonged health conditions that persist over an extended period and often progress gradually, necessitate the extensive use of hospital beds for managing and providing care to affected patients. In line with this, a January 2023 report from the National Library of Medicine, a US-based agency, projected a substantial 99.5% increase in the number of individuals aged 50 years and older with one or more chronic illnesses by 2050, reaching 142.66 million-up from 71.522 million in 2020 in the United States. Consequently, the mounting incidence of chronic diseases stands as a driving force behind the growth of the hospital bed market.
Prominent companies within the hospital bed market are introducing technologically advanced products, such as ICU bed upgrade platforms, as part of their strategic initiatives to maintain their market leadership. An ICU bed upgrade platform refers to a system or technology designed to enhance and improve intensive care unit (ICU) beds, potentially incorporating upgrades in features, functionality, or capabilities. Notably, in March 2023, Stryker, a leading US-based medical device company, unveiled SmartMedic, India's first ICU bed upgrade platform aimed at elevating patient care and ensuring caregiver safety. SmartMedic serves as a patient care platform that enhances the existing capabilities of ICU beds in hospitals. This innovative solution is designed to manage changes in patient weight, monitor patient turns from nurse stations, and facilitate the performance of X-rays on patients within the ICU without the need for relocation. The primary objective of SmartMedic is to minimize patient discomfort while delivering enhanced care.
Major players in the hospital bed market are also adopting a strategic collaboration approach to fortify their market presence and introduce innovative solutions to meet customer needs. Strategic collaborations involve purposeful and planned partnerships or alliances between entities, such as organizations, companies, or institutions, with the goal of achieving common objectives, leveraging respective strengths, sharing resources, and creating mutual benefits aligned with long-term strategies and objectives. For example, in August 2023, Pardo, a prominent US-based international manufacturer of hospital beds, collaborated with CIRCE, a Spain-based modern business estate with cutting-edge technology. Together, they developed a groundbreaking hospital bed model, the New Care V3 ACT, which achieves a total life cycle carbon dioxide reduction of 240 kg CO2eq. This reduction is equivalent to 5% of the annual emissions of an average Spaniard. The New Care V3 ACT hospital bed has become the reference model for their efforts in creating new ecodesign processes, resulting in a model that significantly lowers the carbon footprint of the bed throughout its entire life cycle. This reduction is comparable to 5% of the average annual emissions of a Spanish individual.
In December 2021, Baxter International Inc., a healthcare company headquartered in the United States, successfully acquired Hill-Rom Holdings, Inc. for a total of $12.5 billion. This strategic acquisition by Baxter aimed to enhance its product offerings for clients, patients, employees, and shareholders. Additionally, the acquisition facilitated Baxter in expanding its market presence into new geographical regions. Hill-Rom Holdings, Inc., based in the United States, specializes in manufacturing medical technology products, including smart hospital beds and various other medical specialties.
Major companies operating in the hospital beds market report are Apex Medical Corp, Sunrise Medical LLC, Invacare Corporation, Paramount Bed Co. Ltd., Midmark Corporation, Drive Medical, Joerns Healthcare LLC, Span-America Medical Systems, ArjoHuntleigh, Stiegelmeyer GmbH & Co. KG, Joh. Stiegelmeyer & Co. GmbH, Linet spol s.r.o, Amico Corporation, Nitrocare, Kanghui Medical Technology, Savion Industries, Guldmann AS, Haelvoet NV, Proma Reha Inc., Medline Industries LP, Stryker Corporation, Merivaara Corporation, Malvestio SpA, Hopefull Medical Equipment, StarMed Healthcare, Novak M d.o.o., Besco Medical Co. Ltd, Gendron Inc. , Royax SRO., Getinge AB.
Europe was the largest region in the hospital beds market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hospital beds market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the hospital beds market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The hospital beds market consists of sales of orthopedic beds, pediatric beds, examination room beds, rehabilitation beds, and medical trolleys. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Hospital Beds Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hospital beds market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hospital beds ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hospital beds market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.