Hospital Beds Market

Hospital Beds Market Size (2023 to 2028)

The global hospital beds market size is forecasted to be worth USD 4.50 billion by the end of 2028 from 3.22 Billion in 2023, showcasing a CAGR of 6.89% between 2023 to 2028.

Hospital beds are beds that are specially designed for use in hospitals and other healthcare settings. Curative (or acute) nursing beds, rehabilitative care beds, long-term care beds, and other hospital beds are examples of hospital beds. Hospital beds are the most key element of a hospital for treating patients. Since not all patients are mobile, hospital beds are used to treat them. These beds are specially built to provide both patients and caregivers with comfort and protection. Some beds are equipped with bars on both sides to prevent patients from collapsing. Hospital beds also aid in the patient transition from one location to another with little disruption to the patients. These beds are also used in home healthcare.

COVID 19 impact on the global hospital beds market:

In 2019, a coronavirus pandemic spread around the world, killing millions. The mortality rate is decreasing by the end of 2020, but it abruptly increases in 2021. This has an impact on healthcare systems, especially in terms of resources. The hospital bed market is one of the impacted economies that is booming due to the pandemic. Many patients suffer from respiratory disorders, necessitating intensive care and specialized healthcare facilities, resulting in increased hospitalization. The more patients with coronavirus infection there are, the more beds are required. Several firms have increased bed production to meet these demands, such as the Stryker cooperation, which produces 10,000 beds each week. Also, several organizations are collaborating to introduce new hospital beds that are more convenient in this scenario.

Even so, as the number of patients grows, so does the availability of beds. Many countries are experiencing a lack of beds, not just for covid -19 patients but also for non-covid -19 patients, affecting medical care. Globally, there are about 307 hospital beds available per 100,000 people in 183 countries. In India, a city with more than 20 million people had fewer than 100 critical care beds. By 2034, the need for 3.5 million beds, 3 million physicians, and 6 million nurses will be raised in India. The United States estimates a 16,323-bed deficiency. To meet this need, the government is launching projects such as India converted 20,000 old train carriages into isolation wards in 2020, which would alleviate the pressure on hospital beds to some degree. However, several corruption allegations involving beds have already been discovered. Many hospitals refuse bed availability and then bill extra for those in need.

MARKET DRIVERS:

The increased rate of hospitalization is the major driver for the global hospital beds market.

Increased hospitalizations rate and health coverage support have also contributed to the rise of the hospital bed industry. People's lives change as their lifestyles, and environmental circumstances change. People are becoming more concerned with their health due to the outbreak of diseases such as smallpox and swine flu. If someone becomes ill with even a minor fever, they seek medical attention as soon as possible to prevent any complications. As a result, the number of hospitalizations has increased from the previous decade. Besides, a variety of private and public sector organizations provide healthcare coverage to those who are hospitalized. In this insurance, the hospitalization bill is compensated. Some firms also make reimbursement for employers and their families mandatory. As a result, the number of hospitalizations rises, accelerating the growth of the global hospital beds growth.

Government support with huge healthcare investment is fuelling the development of the hospital beds market.

Increasing healthcare spending leads to improvement, which leads to a rise in demand. According to the National Health Expenditure Accounts (NHEA), healthcare expenditures in the United States would rise by up to 4.6 % to $3.8 trillion in 2019. They spent about $1.3 trillion for hospital care alone. As a result, there were around 1 million hospital beds available in the United States. While in 2019, Sweden spent around 11% of GDP and followed by Germany spend nearly 11.7% of GDP on healthcare. Hence, the total number of hospital beds per 100,000 inhabitants was 491, varying from 244 in Sweden to 813 in Germany.

The growing number of chronic cases and surgeries has also contributed to expanding the hospital beds market.

Chronic conditions necessitate long-term treatment, and certain patients, such as cancer patients, must stay in the hospital for an extended time. As a result of the beds used by these patients, the hospital demands additional beds for other patients. In the case of surgery, some patients are mobile, while others need full bed rest for a specific period. In some of these cases, the patient's family chooses home nursing facilities for long-term treatment and in surgery to ensure good hygiene and care. As a result, the need for hospital beds grows in recent years. Because the number of chronic illnesses and surgeries has increased in recent years and continues to rise, so requires hospital beds.

MARKET RESTRAINTS:

High investment for hospital beds decreases the demand for the global hospital beds market.

The high initial cost of hospital beds is limiting the market growth. In the low- and middle-income countries, patients avoid choosing hospital beds as this hospital bed is coming with huge investment. For ICU beds also the patient has to charge a huge amount per day. According to the Times of India, each patient is paid an average ICU bed fee ranging from Rs 10,000 to Rs 14,000 per day, or even more in certain cases. As a result, the demand for hospital beds declined.

REPORT COVERAGE:

This research report on the global Hospital Beds Market has been segmented and sub-segmented based on usage, power, end-users, and region.

Hospital Beds Market - By Usage:

• Acute care beds
• Long term care beds
• Psychiatric care beds
• Others (maternity, etc.)

Based on the usage, the acute care beds segment accounted for the largest market share in 2020 and is expected to grow at a healthy rate due to more accidents due to increasing traffic and population. It is primarily attributed to the greater adoption of medical/hospital beds to curative acute and chronic illnesses.

The Long-term beds segment held the second largest market share among all other segments in 2020 and is expected to grow faster. Long prevailing chronic illness is a significant factor in driving the growth of this market.

Hospital Beds Market - By Power:

• Electric Bed
• Semi-Electric Bed
• Manual Bed

Based on the end-user, the semi-electric bed had the largest market share among others in 2020 and is expected to grow at a reasonable rate during the forecast period. The growth can be attributed to technological advancement, more awareness about quality healthcare facilities.

The electric bed accounted for the second-largest market share in 2019 and is expected to grow at the fastest rate among all the other segments. The large share of these beds is primarily attributed to technological advancements, easy patient handling, and advanced powered beds. Governments and private companies invest more in providing quality healthcare to patients who will drive the market's growth.

The manual bed was the third-leading segment in 2019, and the growth is expected to decline during the forecast period. The main reason for the decreasing growth rate can be the increasing adoption of powered beds by health institutions. Lack of advanced features like powered beds is also a reason why manual beds are not preferred now.

Hospital Beds Market - By End-User:

• Hospitals
• Clinics
• Ambulatory services
• Others

Based on the end-user, the Hospital segment is expected to rule the global hospital beds market during the forecast period. As more hospitals get established, more beds will be needed to handle more patients. The hospitals now built are mostly multi-specialty hospitals and thus will be able to cater to more patients and drive the growth of the hospital bed market.

The Clinics segment is estimated to be the second-largest segment and is expected to grow at a prominent rate. As the population increases, there will be more illness among people; thus, there will be rising demand from clinics to treat this patient, thus boosting the hospital bed market. Although clinics' requirements for hospital beds are significantly less than hospitals, they can still match hospitals with a rising number of clinics.

The Ambulatory services segment is forecasted to grow at a reasonable rate from 2020 to 2025. The development of quality healthcare services is a significant factor responsible for the growth of this sub-segment.

Hospital Beds Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Regionally, Europe dominates the global hospital beds market owing to the high healthcare spending, favorable reimbursement policies, well-developed healthcare sector, and increasing government support. Countries like Germany and France have the most extensive healthcare budgets among all other countries, with approximately USD 321 billion and USD 237 billion dedicated to the healthcare budget. The Americas has the second-largest market, and the Asia Pacific follows. A well-developed healthcare system, huge geriatric population, and growing investment in healthcare research & development have paved the way for the American hospital beds market to expand. The Asia Pacific is the fastest growing world market for hospital beds.

The presence of a vast population base with a growing geriatric population, increasingly rising hospital numbers, and growing government funding for research & development has driven market growth. Also, the continuous development of the hospital system would fuel demand over the forecast period. The Middle East & Africa showed a limited increase due to low healthcare spending and limited technologies' availability. The Middle East region holds a significant share in the regional market.

KEY MARKET PARTICIPANTS:

Companies like Invacare Corporation, Paramount Bed Holdings Co. Ltd., Gendron Inc., Medline Industries Inc., LINET spol. S r.o., Savaria Corporation, Savion Industries, Hill-Rom Holdings Inc., Stryker Corporation, and Getinge Group are a few of the promising companies in the global hospital beds market.

These players are focused on product launch in order the promote their brand. For example, On 04 February 2021, Stryker, one of the world's leading medical technology companies, launched a completely wireless hospital bed, ProCuity™, that helps reduces in-hospital patient falls at all acuteness levels and advance workflow competencies and care.

While some players do merger and acquisition activities to gain more market share in the hospital beds industry. For example, on 21 December 2020, StratMed has announced partnerships with hospitals like Apex Group of Hospitals, Cloudnine, Birthplace, NRI Medical College and Hospitals, Charak Hospitals, and Alexis Hospitals to bring down the healthcare supply chain costs.